BIT Mining and Chain Reaction Form Collaboration for Bitcoin Hashing Systems

Rhea-AI Summary

BIT Mining has announced a collaboration with Chain Reaction to produce next-generation systems for bitcoin mining. The systems, based on Chain Reaction's EL3CTRUM ASIC solution, are expected to launch later this year. This partnership aims to deliver industry-leading performance with low power consumption.

Positive

• BIT Mining is collaborating with Chain Reaction to develop next-generation systems for bitcoin mining based on EL3CTRUM ASICs. This could lead to faster and more power-efficient computing in the Bitcoin mining industry.

Negative

• None.

BIT Mining is Designing Systems for Next-Generation of Miners Based on Chain Reaction's Cutting-Edge EL3CTRUM ASICs

AKRON, Ohio, May 19, 2023 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a leading 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 is the market leader 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 a groundbreaking blockchain chip that serves as the foundation for sustainable, high-performance blockchain technologies.

"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," said Alon Webman, CEO of Chain Reaction.

"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," said Xianfeng Yang, CEO of BIT Mining.

About BIT Mining Limited

BIT Mining (NYSE: BTCM) 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 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. The Company also owns a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing, enabling the Company's self-efficiency through vertical integration with its supply chain.

For more information, visit https://btcm.group/ or contact ir@btcm.group

About Chain Reaction

Chain Reaction is engineering the future of disruptive blockchain and privacy technologies. The company accelerates compute performance, enabling organizations to adopt and scale solutions to the world's most complex problems. Partnering with cloud and data centers, Chain Reaction transforms compute infrastructure with custom ASICs and systems that optimize for low-power, high-performance compute. Purpose-built and custom-designed, its solutions power the next generation of secure, scalable, and green computing to help protect people, privacy, and the planet.

For more information, visit www.chain-reaction.io or contact info@chain-reaction.io

Media Contacts
chainreaction@fusionpr.com

Safe Harbor Statements

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "target", "going forward", "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

For more information:
BIT Mining Limited
ir@btcm.group
ir.btcm.group
www.btcm.group

Piacente Financial Communications
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com

View original content:https://www.prnewswire.com/news-releases/bit-mining-and-chain-reaction-form-collaboration-for-bitcoin-hashing-systems-301829444.html

SOURCE BIT Mining Limited

FAQ

What is BIT Mining collaborating on?

BIT Mining is collaborating with Chain Reaction to produce next-generation systems for bitcoin mining.

What is the expected launch date for the systems?

The systems are expected to launch later this year.

What is the goal of the collaboration?

The goal of the collaboration is to deliver industry-leading performance with low power consumption in the Bitcoin mining industry.

Who is the CEO of Chain Reaction?

The CEO of Chain Reaction is Alon Webman.

Who is the CEO of BIT Mining?

The CEO of BIT Mining is Xianfeng Yang.