Samsung starts production of chips for bitcoin mining

The global technology giant Samsung has announced the start of chip production using a new 3-nanometer (nm) technology. The chips can be used for cryptocurrency mining. According to Samsung representatives, 3-nanometer chips will be smaller, more powerful, and more efficient than 5-nanometer chips. The new chips will reduce energy consumption by up to 45% and increase performance by up to 23%.

According to South Korean media, one of the first customers to purchase Samsung’s 3nm chips will be a Chinese company specializing in bitcoin mining (mining is officially banned in the country).

Apparently, Samsung has noticed the decline in mining profitability due to rising electricity prices and decided to act decisively in this direction. Thus, in June alone, the cost of video cards decreased by 14% — mining directly depends on the value of cryptocurrencies in dollars, as miners pay electricity bills and other current expenses in fiat. And the decline in cryptocurrency prices negatively affects the income of miners, who see no other solution than selling video cards. Samsung representatives expect their new chips to make a difference.