Home » Tech

Samsung Electronics mass producing ASIC chips for cryptocurrency mining

02 February, 2018, 11:37 | Author: Abraham Jackson
  • Surging Samsung Electronics Takes Intel's Chipmaking Crown

Samsung is keen to capitalise on the cryptocurrency boom.

Samsung Electronics has started producing chips called application-specific integrated circuits (ASICs) last month, according to local media. Its foray into mining-specific hardware, which are much more efficient that GPUs, suggests that it's ready to play a bigger role in the booming cryptocurrency industry. Yes, this hardware will help you with mining for cryptocurrencies like Bitcoin and Ethereum. GPUs are used to handle graphics on computers as well as being deployed for mining purposes.

Samsung declined to comment on who its main customers are for cryptocurrency mining chips.

Samsung reported a record profit of US$32.9 billion in 2017, after more than doubling its profit on-year in the fourth quarter alone. Bitcoin is now trading near $10,000, almost 10 times its price this time a year ago.

Right now, it's unclear how exactly Samsung will be going about this, but reports from Korean media suggests that the company will be working with Taiwanese firm TSMC.

Google Flights will use machine learning to predict flight delays
Google says it can also cite reasons for those delays, such as the weather or the plane arriving at the gate later than scheduled. As VentureBeat points out, airlines have started pushing "basic economy" seating since Delta kicked off the trend in 2012.

McCabe Stepped Down Amid Pressure From Wray
Mr Comey had been overseeing the bureau's investigation into alleged Russian interference in the 2016 presidential election. News reported he had enough accumulated leave to step down earlier, while CBS News reported he was forced out.

Russians Brave Icy Temperatures to Protest Putin and Election
As a police announcement intoned that walkways had to be kept clear, protesters shouted, "Putin's War", "Protest" and "Boycott". A video stream on Sunday morning from the opposition leader's headquarters showed police entering the office.

A spokesperson for Samsung told Korean paper The Bell that the project is "in the beginning stage so the proportion of profits from the overall foundry business is small yet". At the time of writing, Bitcoin trades near $9,300.

During the company's Q4 2017 financial results, where it was announced that Samsung beat Intel to become the leading semiconductor manufacturing business in the world, it was also revealed that the company would start mass producing chipsets that would be strictly created to mine.

Mining is the process by which transactions are verified and added to the public ledger, known as the blockchain, and also the means through which new cryptocurrencies are released.

Earlier this month, Samsung had said it would likely report a record quarterly profit of US$14.1 billion, but the guidance fell short of consensus estimate at the time, sending shares down as investors anxious if this indicated that the memory chip boom could be ending sooner rather than later.

Recommended:



Popular

French coastguard searches for Quiksilver boss missing at sea
Local authorities say that they don't know if the Quiksilver CEO was on his own when he took off in his boat. In a statement, the World Surf League noted the "deeply concerning reports " about Agnes' disappearance.

Australian Government Embarrassed by Release of Thousands of Sensitive Documents
Numerous documents detail the behind-the-scenes minutia of various administrations. It also did not reveal the nature, nor the content of the missing NSC documents.

Do You Own Twenty-First Century Fox, Inc. (NASDAQ:FOXA) Shares?
It turned negative, as 26 investors sold IT shares while 114 reduced holdings. 14 funds opened positions while 31 raised stakes. The stock is now moving above its 20-Day Simple Moving Average of 6.61% with a 50-Day Simple Moving Average of 14.11 percent.

Ecumenical Patriarch declares backing for Turkey campaign in Syria
Syrian government official Ghassan al-Qalaa told the gathering: "I call you upon in the name of millions of Syrian to have mercy upon our country".

Blake Griffin traded to Pistons
However, in the 40 games he played with Detroit , he averaged 15 points, 2.4 rebounds, and 2.1 assists on 31.7 minutes of action. ESPN's Adrian Wojnarowski was the first to report the trade, which had not yet been officially announced as of Monday night.

McIlroy falls just short as China's Li Haotong claims Dubai Desert Classic
Jason Scrivener was the highest finishing Australian, claiming a share of sixth. I didn't really leave it in the best spots to be aggressive with my putts.

Jury convicts man in shooting death of ex-NFL player Joe McKnight
The confrontation ended at an intersection, where McKnight exited his vehicle , approached Gasser's passenger window and was shot. Gasser's defense team claimed McKnight aggressively pursued Gasser, but witness testimony disputed such a claim.

Antonio Conte is "very happy" with current Chelsea squad
As I said before, I think I'm repeating every three days, I will be very happy to continue to work with my players. " Morata , Courtois are out", Conte said when asked about Chelsea's injury situation.

USA stocks close mixed after earnings reports
Fourth-quarter gross domestic product increased at a 2.6 per cent annual rate, the Commerce Department reported. For the week, Brent posted a almost 2.7 per cent gain, while USA crude was up 4.3 per cent for the week.

Trump to seek $25 bln for border wall, open to 'Dreamer' citizenship
That proposal immediately provoked the ire of Democrats, who have been battling Republicans and Trump for weeks over immigration. Negotiations will be tough. "The President is headed in the right direction here", tweeted Sen.

Latest

Tendencies