Chip

Bitcoin

April

Billion

<a href="https://news.samsung.com/global/" data-wpel-link="external" target="_blank" rel="nofollow external noreferrer">Samsung</a> is set to expand its semiconductor manufacturing capabilities in Texas with a $6.4 billion grant from the U.S. government. 
This funding, provided under the 2022 Chips and Science Act, underscores a significant effort to strengthen domestic chip production, particularly for the automotive, aerospace, and defense sectors. 
These sectors are considered crucial for national security, as per unnamed administration sources in a Reuters report from April 15. 
Commerce Secretary Gina Raimondo highlighted the grant’s role in enhancing U.S. competitiveness in various facets of semiconductor production. 
“These grants will allow the U.S. to once again lead the world, not just in semiconductor design, which is where we do now lead, but also in manufacturing, advanced packaging, and research and development,” Raimondo stated. 
In addition to federal funding, Samsung plans to inject an additional $45 billion into its Texas operations by the end of 2030. 
This ambitious expansion will include two new production facilities—one for research and another for packaging—alongside its existing semiconductor plant in Austin. 
READ MORE: <a href="https://www.cryptointelligence.co.uk/victims-of-6-2-billion-chinese-fraud-scheme-seek-uk-help-to-recover-4-3-billion-in-seized-bitcoin/" data-wpel-link="internal">Victims of $6.2 Billion Chinese Fraud Scheme Seek UK Help to Recover $4.3 Billion in Seized Bitcoin</a> 
This development coincides with OpenAI, the creator of ChatGPT, announcing its intent to manufacture its own AI-specific chips, potentially with financial backing from the UAE’s state-backed group, MGX. 
The semiconductor industry is currently grappling with a significant chip shortage, which is poised to impact various sectors, notably cryptocurrency mining. 
The shortage comes at a critical time, with the Bitcoin mining industry facing the impending Bitcoin halving event. 
Riot Platforms, a Bitcoin mining company, reported in its 2023 annual report that the limited supply of chips poses one of the twelve major risks to its profitability. 
“The ongoing global supply chain crisis, coupled with increased demand for computer chips, has created a shortfall of semiconductors,” the report noted. 
Moreover, U.S.-based Bitcoin miner CleanSpark has expressed concerns about potential disruptions in cryptocurrency hardware and the difficulties in acquiring new equipment, as stated in its 10-K filing. 
This underscores the broader impacts of the chip shortage on industries reliant on high-tech components. 
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Samsung Secures $6.4 Billion in U.S. Grants to Expand Texas Chip Manufacturing Amid Global Semiconductor Shortage

Crypto Intelligence

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