Intel has reportedly decided to discontinue its crypto mining chip series, called Blockscale, just a year after it was launched.

The company plans to stop accepting orders for the series by 20 October 2023 and cease shipment by 20 April next year.

According to Reuters, the volatility in the cryptocurrency market has hurt chipmakers, including Nvidia, whose graphics cards were widely used by crypto miners.

“As we prioritise our investments in IDM 2.0, we have end-of-lifed the Intel Blockscale 1000 Series ASIC while we continue to support our Blockscale customers,” said an Intel spokesperson.

Intel also said it would continue to “monitor market opportunities” in the cryptocurrency industry.

The move is part of Intel’s IDM 2.0 strategy to increase its manufacturing capacity by outsourcing its chip-making to outside customers.

Intel and Arm sign agreement to enable low-power compute SoC designs