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Samsung enters the Bitcoin mining industry as it begins producing a 3nm ASIC chip: Report

Samsung, one of the largest smartphone companies, enters the Bitcoin mining industry with its new ASIC chip. There are strong rumors that they are manufacturing a 3-nm ASIC chip. Samsung is reportedly making them for an IC firm in China, but there are speculations of the company designing these chips for BTC miners. If it turns out to be true, then they could easily become the largest Bitcoin mining rig manufacturers. It is also going to streamline the industry.

Samsung’s 3 nm ASIC Chip

Bitcoin mining requires specialized hardware and cannot be done using graphic cards used for ETH mining. This is why BTC miners use ASIC chips which stand for “application-specific integrated circuits” designed specifically for that purpose. Based on reports from Finbold, Samsung is designing the same kind of chip on a 3 nm process which is going to be very efficient. There are also reports that the smartphone company’s first buyer will be Microbt. Since Samsung is one of the largest chip manufacturers in the world, they could pull it off.

Samsung enters the Bitcoin mining industry

Image Source: Anysilicon

There are some recent developments that also support these rumors. In the latest earnings call of Samsung, the company hinted at new chips that will be coming in 2022. They have also shown interest in NFTs and have released TVs with built-in support for the same. We should also note that Intel and TSMC have entered the Bitcoin mining chip business. While Intel did it recently, TSMC has been in the business for multiple years now.

What could it mean for BTC mining?

Bitcoin mining is an energy-intensive process, and the primary cost for miners apart from hardware is electricity. Recently, Compass Mining even lost one of its facilities after being unable to clear its dues on time. The main reason for this is the falling price of Bitcoin. So, if Samsung builds a 3nm chip, it will be very power efficient and will cost a lot less for miners in the long term. However, the critical part would be if Samsung is able to make ample profits from these chips so as to not give up on their new venture.

What are your thoughts as reports suggest that Samsung enters the Bitcoin mining industry with a new ASIC chip? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: FTX didn’t acquire Celsius Network due to its poor finances.



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