Bitfury Group has developed a new, more efficient bitcoin mining chip, the firm announced Wednesday.

The Bitfury Clarke application-specific integrated circuit (ASIC) chip "offers the strongest performance among bitcoin mining chips and is unparalleled in efficiency," the company claims in a blog post.

The new chip, according to the firm, is customized for the SHA256 algorithm, boasts power efficiency up to 55 mW/GH and a hashrate up to 120 GH/s. It has 8,154 rolled hashing cores, fully integrated controllable clock generation and an integrated power-on-reset circuit.

In a statement, CEO Valery Vavilov said that the company "is looking at all factors, including silicon packaging, chip efficiency, optimal power distribution, cooling designs and speed of development when designing our mining hardware."

He added:

According to the description, the ASIC can switch quickly between tasks, so that "the chip uses one task buffer for SHA256 calculations," while the other can be filled by a "task-write" command.

The company is already looking to integrate its new chip into its own mining products, the blog post notes.

Bitfury already operates mining farms in Canada, Norway, Iceland and the Republic of Georgia. The new Clarke chip is being installed in these facilities as well, the firm indicated.

Bitcoin image via Shutterstock