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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.

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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.

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