BIT Mining Limited (NYSE: BTCM), a technology-driven cryptocurrency mining company, today announced that it has entered into a collaboration with Chain Reaction, a semiconductor company focused on disruptive blockchain and privacy hardware, to produce next-generation systems for bitcoin mining.
The systems, expected “to launch later this year, will be based on Chain Reaction’s EL3CTRUM ASIC solution.”
BIT Mining claims it is one of “the market leaders in next generation architecture and mass production of high-performance, low power systems for the cryptocurrency mining industry.”
Together, BIT Mining and Chain Reaction are “poised to leverage their expertise and knowledge to develop and create a new generation of hardware that will deliver industry leading performance with relatively low power consumption.”
Chain Reaction designs hardware “for blockchain, privacy, HPC and the cloud.”
The company has “a core team with decades of experience in analog and circuit design, and an impressive history of 30 successful ASIC tapeouts that went directly to high volume manufacturing.”
Their recently launched EL3CTRUM ASIC is described as “a groundbreaking blockchain chip that serves as the foundation for sustainable, high-performance blockchain technologies.”
Alon Webman, CEO of Chain Reaction, said:
“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.”
Xianfeng Yang, CEO of BIT Mining, said:
“We are excited to work side by side with Chain Reaction, a leader in blockchain infrastructure. We believe through this collaboration we can leverage our individual strengths to provide the mining community systems that enhance long-term benefits and capabilities. With the crypto mining industry continuing to evolve, BIT Mining looks to develop systems that are more efficient, accessible, and sustainable.”
As noted in the update, BIT Mining claims it is “a leading technology-driven cryptocurrency mining company, with a long-term strategy to create value across the cryptocurrency industry.”
Its business “covers cryptocurrency mining, mining pool, data center operation and mining machine manufacturing.”
The company claims that it “owns the world’s top blockchain browser BTC.com and the comprehensive mining pool business operated under BTC.com, providing multi-currency mining services including BTC, ETC and LTC.”