New chips for artificial intelligence have been a rising trend. But now, there might be a new chip for Bitcoin mining.

‍What’s happening:‍

• Singapore based Bitcoin mining company Bitdeer Technologies (NASDAQ: BTDR) has announced they have successfully tested a new chip for Bitcoin mining rigs that could lower power consumption and increase the overall efficiency of Bitcoin mining
  

Why it matters:‍

• As the Bitcoin halving nears closer, there has been significant concern that Bitcoin mining companies may struggle to maintain current levels of profitability as the rewards of mining Bitcoin decreases
  
• If successful, Bitdeer’s new chip could unleash a new paradigm for the power consumption of Bitcoin mining hardware
  

Going deeper:‍

• The SEAL01 chip designed and developed by Bitdeer uses an advanced 4-nanometer process technology that they collaborated on with a semiconductor company
  
• Bitdeer plans to make their new chip an integral part of their new SEALMINER A1 Bitcoin mining machines
  

Yes, but:‍

• While this may be a potential breakthrough for Bitcoin mining rigs, Bitdeer has yet to test this new technology at scale
  
• Many Bitcoin mining companies are dealing with the upcoming halving by finding sources of low cost, carbon neutral power to reduce their operating expenses and increase overall mining efficiency

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