Samsung produces Bitcoin mining chips

South Korean technology group Samsung is said to be starting the production of ASIC-series Bitcoin mining chips, the company hinted in its Q1 2022 financial report.

Samsung produces Bitcoin mining chips

Samsung announced yesterday that it is preparing to launch a new generation of Bitcoin mining chips that have the potential to "reform the chip industry." Accordingly, the new chip will be only 3 nm in size, capable of extremely low power consumption, saving up to 30% of power, increasing mining speed by 15% along with 33% higher encryption efficiency.

The company also revealed that it had its first customer, PanSemi, a Chinese ASIC unit and that Qualcomm also "exploded" the order. Qualcomm, Samsung's biggest customer, requested a 4nm chip, but the order was canceled due to Samsung's inability to fulfill the request.

Notably, the 3nm chip is positioned to strengthen the Bitcoin mining industry with an overall SHA256 hash rate. The chip is based on Gate All Around (GAAFET) technology, which is different from the usual FinFET process used to make 7nm and 5nm chips. Overall, GAAFET reduces the silicon size resulting in better performance, and the testing process has generally achieved considerable effort and is ready for mass production. 

The hash rate on the Bitcoin network has increased in recent months despite the significant correction of the cryptocurrency market. According to Feingold, the hash rate stabilized in June at around 215 EH/s after hitting a record high of 220 EH/s in May.

Samsung is not the first to enter the Bitcoin mining field. Intel also officially launched the new generation Bitcoin mining chip "Intel Blockscale ASIC", focusing on environmental sustainability. According to the company, each chip can be combined into a single mining unit, increasing the maximum number of 256 integrated chips per chain.

Since the beginning of the year, Samsung has been continuously determined and going deeper into the field of cryptocurrency in various fields from Web3, to NFT or metaverse. The proof is that the corporation has built a virtual store in Decentraland (MANA), which has become one of the main promotional venues for the recent Galaxy S22 product launch event; Partnering with Nifty Gateway to develop the industry's first smart TV NFT platform; Launching the Discord channel set the ambition to conquer Web3 or most recently, the release of the Samsung Wallet digital wallet application, the platform that the company claims contains everything necessary for digital life.