Samsung To Make Its Cryptocurrency

Samsung To Make Its Cryptocurrency

Samsung To Make Its Cryptocurrency

Right now ASIC miners are incredibly expensive and the fact that they can often only mine coins from a specific chain makes them far less attractive to those looking to get their hands on some sweet sweet crypto. The company is making the chips for an unidentified Chinese mining company to mine cryptocurrencies.

Mining computers like this one use specialized chips to run complex equations used to authenticate cryptocurrency transactions.

The spike in prices of bitcoin and other cryptocurrencies over the past year has driven up interest in mining them. This created a trend on the market where miners started to move from normal integrated graphics cards to using GPUs designed for gaming. It also surprised many on Wall Street as Samsung has ignored calls from investors to split their shares.

Also, according to statistics, Samsung has outperformed Intel to claim the status of the biggest manufacturer of cryptocurrency mining chips.

Announcing its fourth-quarter earnings results on January 31, Samsung said potential risks from a certain client are not that much of a concern since it has diversified its customers.

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".

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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. Currently, China's Bitmain and Canaan Creative dominate this space, with both companies partnering with Taiwanese chip maker TSMC.

The company's involvement in mining can lead up to serious competition for the existing industry leaders.

The South Korean company has surpassed Intel and has been the world's largest manufacturer of processors since past year.

The ASIC, which Samsung Electronics began mass production, is an on-demand semiconductor designed in a way optimised for bitcoin mining.

The executive also added that Samsung's display business "will not be affected much a certain customer".

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