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Home»BLOCKCHAIN NEWS»Samsung secures $6.4 billion in grant from U.S. government to expand chip manufacturing in Texas
BLOCKCHAIN NEWS

Samsung secures $6.4 billion in grant from U.S. government to expand chip manufacturing in Texas

By Crypto FlexsApril 15, 20244 Mins Read
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Samsung secures .4 billion in grant from U.S. government to expand chip manufacturing in Texas
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South Korean manufacturing giant Samsung has secured $6.4 billion worth of grants from the U.S. government to expand its chip manufacturing facility in Texas. Funding under the Chip and Science Act of 2022 aims to increase chip production for the automotive, aerospace and defense industries and strengthen national security, according to an April 15 report by Reuters.

“(The grant) will allow the United States to once again lead the world not only in (semiconductor design) where we currently lead, but also in manufacturing, advanced packaging, and research and development.”

In addition to government subsidies, Samsung plans to invest an additional $45 billion in expanding its Texas chip manufacturing facility by the end of 2030. The move comes at a time when a global chip shortage continues to impact a variety of industries, including the fast-growing semiconductor industry. Artificial intelligence (AI) sector.

OpenAI, creator of the popular AI chatbot ChatGPT, is reportedly planning to produce its own semiconductor chips for AI applications. The company may receive funding from UAE state-owned group MGX to support its efforts, which highlights the growing demand for specialized chips in the AI ​​industry.

Chip shortages have become a pressing concern for the Bitcoin mining industry, especially as the upcoming Bitcoin halving approaches. Bitcoin mining company Riot Platforms outlined 12 ongoing risks to Bitcoin mining profitability in its 2023 annual report, with chip supply shortages being the most significant. The report also said that the ongoing global supply chain due to increased demand for chips has led to semiconductor shortages.

Likewise, US Bitcoin miner CleanSpark mentioned potential “cryptocurrency hardware disruptions” and difficulties in procuring new hardware in its 2023 10-K filing. A chip shortage could impact the profitability and growth of Bitcoin mining operations as miners rely on specialized hardware for maintenance. their competitive advantage.

As governments and private companies like Samsung work to address chip shortages through increased domestic manufacturing and significant investments, the Bitcoin mining industry will have to navigate challenges posed by limited semiconductor supplies. The upcoming Bitcoin halving, expected to occur this week, could further exacerbate the pressure on mining companies to secure the hardware they need to remain profitable in an increasingly competitive environment.

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