BIT Mining Limited has announced a collaboration with semiconductor company Chain Reaction to develop next-generation systems for bitcoin mining. According to a press release, the collaboration aims to leverage Chain Reaction’s ‘EL3CTRUM ASIC’ solution to create hardware that delivers industry-leading performance with low power consumption.
The press release states that Chain Reaction specializes in designing hardware for blockchain, privacy, high-performance computing (HPC) and the cloud. With a team experienced in analog and circuit design, the company has successfully produced 30 ASIC tapeouts for high-volume manufacturing. The recently launched EL3CTRUM ASIC by Chain Reaction is described as a “groundbreaking blockchain chip that serves as the foundation for sustainable, high-performance blockchain technologies.”
Alon Webman, CEO of Chain Reaction, explained what the partnership hopes to yield, saying that “Chain Reaction’s bleeding-edge ASICs will enable BIT Mining to build next-gen systems to advance the Bitcoin mining industry towards faster, more power efficient computing.”
“We believe through this collaboration we can leverage our individual strengths to provide the mining community systems that enhance long-term benefits and capabilities,” Xianfeng Yang, CEO of BIT Mining reiterated. “With the crypto mining industry continuing to evolve, BIT Mining looks to develop systems that are more efficient, accessible, and sustainable.”
The systems developed through this collaboration are expected to launch later this year.