#spondoolies-tech

Spondoolies-Tech and Genesis Team Up for Cloud Mining Service

02 February 2015 | Stan Higgins | Coindesk.com

Bitcoin mining hardware firm Spondoolies-Tech is partnering with Bermuda-based Genesis Mining on a new cloud mining offering.

According to the two companies, Spondoolies will provide the hardware to back the virtual contracts sold, while Genesis will operate the machines out of their existing data centers. New hardware shipments from Spondoolies’ facilities for the cloud mining service will be conditional on demand from customers.

Spondoolies-Tech Promises More Power-Efficient Mining

By Danny Bradbury, Coindesk.com

An Israeli company launched a bitcoin mining system this week that promises to eventually double existing power efficiencies. Spondoolies-Tech is touting mining rigs that will offer up to 2.1TH/sec per kilowatt of energy today by the summer.

The company has designed an ASIC chip that it says can achieve a similar performance to the design currently used by ASIC mining manufacturers such as Cointerra. The difference, says Spondoolies-Tech cofounder Guy Corem, is the process node; Cointerra uses a 28nm (nanometer) ASIC chip design, whereas Spondoolies-Tech uses a 40nm design.

The process node in a computer chip is the resolution of the components on the chip. Smaller numbers mean a higher resolution, and hence more microscopic transistors in a certain area. This has two benefits: it increases the speed that the transistors can operate at, and it also lowers the power consumption.