Samsung secures $6.4B grant to expand Texas chip manufacturing: Report

Zoltan Vardai13 hours agoSamsung secures $6.4B grant to expand Texas chip manufacturing: ReportThe South Korean manufacturing conglomerate also plans to invest up to $45 billion in expanding its Texas facility by the end of the decade.5347 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksSamsung will receive $6.4 billion worth of grants from the United States government to expand its chip manufacturing in Texas.

The South Korean manufacturing conglomerate secured the grants in a broader effort to expand chip manufacturing in the United States.

The funding will come from the 2022 Chips and Science Act, which aims to boost chip production for the automotive, aerospace and defense industries. The aim is to bolster national security, unnamed administration officials told Reuters, according to an April 15 report.

The grants will support two production facilities, including a research center and a packaging facility, while also allowing Samsung to expand its semiconductor manufacturing facility in Austin, Texas, said Commerce Secretary Gina Raimondo.“[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.”

Samsung will reportedly invest another $45 billion in the expansion of its Texas chip manufacturing facility by the end of 2030.

The news comes a month after reports of ChatGPT creator OpenAI planning to produce its own semiconductor chips for its artificial intelligence (AI) applications. OpenAI may be receiving funding from the United Arab Emirates state-backed group MGX.

Related:"China is about to start bidding" — Will Hong Kong Bitcoin ETFs spark the halving rally?

Chip shortage remains the most pressing concern for miners ahead of the Bitcoin (BTC) halving.

Beyond the emergence of potential climate-focused regulation, chip shortages remain the biggest risk for Bitcoin mining firms ahead of this week’s upcoming Bitcoin halving.

Bitcoin mining firm Riot Platforms outlined 12 continued risks for Bitcoin mining profitability in its 2023 annual report. The shortage of chip supply was among the most pressing concerns, which could impact its mining operations over the long term. According to the report:“The ongoing global supply chain crisis, coupled with increased demand for computer chips, has created a shortfall of semiconductors.” 

In 2023, U.S. Bitcoin miner CleanSpark cited potential “cryptocurrency hardware disruption” and possible difficulties obtaining new hardware in its 10-K filing.Mining Bitcoin at home — Is it time to start?. Source: Cointelegraph

Related:10 days until halving: Bitcoin mining profitability won’t necessarily fall# Business# Texas# Samsung# AI# OpenAIAdd reaction