Samsung Confirms It Is Manufacturing ASIC Chips for Cryptocurrency Mining

Computer chips reason for Samsung's record profit
Samsung is making special chips specifically for cryptocurrency mining

02 February, 2018

Samsung's decision to make the chips, known as application-specific integrated circuits - or ASICs - is likely to ramp up pressure on the competition.

Samsung is keen to capitalise on the cryptocurrency boom.

Having surpassed California-based Intel, once the leading computer chips manufacturer, the South Korean tech giant is clearly set to cash in to the maximum possible extent on the world going insane about blockchain-based technologies. These new chips are usually created to carry a single task - in this example, mining. Yes, this hardware will help you with mining for cryptocurrencies like Bitcoin and Ethereum.

The possible advantage of running a Samsung chipset for the objective of cryptocurrency mining will be that since these chips are made on the 10nm architecture, they will be very efficient, heat up less and consume less power.

The company says that a specific devision within its semiconductor business called Foundry will head up the project.

As well as becoming the world's most prolific chip manufacturer, Samsung is forecasting high demand for its upcoming Galaxy S9 flagship smartphone, due to be unveiled at the end of February.

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Local investment agencies forecast on February 1 that Apple's disappointing iPhone X sales would weigh down on Samsung Electronics' display business.

The size of Samsung's semiconductor plant could give the firm an automatic advantage, according to analysts.

The market for ASIC miners has already been booming, and there was a big price rally in 2017. The validation of these transactions involves solving some complex mathematical problems in order to prove the authenticity and legitimacy of a transaction. At the time of writing, Bitcoin trades near $9,300.

Samsung recently surged ahead of Intel as the world's largest chipmaker by revenue, despite the latter's record revenue posting for 2017.

Samsung is also getting in on the cryptocurrency business just like everyone else.

Samsung's chip-making division is diving into the lucrative space of cryptocurrency mining.

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