BTCM partners with Chain Reaction to develop power-efficient bitcoin-mining hardware

BIT Mining ( NYSE: BTCM ) has teamed up with Chain Reaction, a blockchain-focused semiconductor company, to produce faster and more power-efficient systems for bitcoin ( BTC-USD ) mining, it said Friday. The relatively low-power-consuming systems, expected to be launched later in 2023, will be based on Chain Reaction's EL3CTRUM ASIC, a blockchain chip that serves as the basis for sustainable, high-performance blockchain technologies. "We believe through this collaboration we can leverage our individual strengths to provide the mining community systems that enhance long-term benefits and capabilities," said BIT Mining CEO Xianfeng Yang. "With the crypto mining industry continuing to evolve, BIT Mining looks to develop systems that are more efficient, accessible, and sustainable," he added. More on BIT Mining BIT Mining launches litecoin/dogecoin mining machine BIT Mining accounting policy for crypto assets not in compliance with FASB standards BIT Mining In Cash Conservation Mode As Harsh Crypto Winter Rages On