Samsung is Producing Chips that are Designed for Cryptocurrency Mining

Samsung is entering the Crypto Mining field with ASICs chips

Samsung has started producing chips designed for cryptocurrency mining, known as Application-Specific Integrated Circuits (ASICs).

Samsung is entering the Crypto Mining field with ASICs chips

Samsung has started producing chips designed for cryptocurrency mining, known as application-specific integrated circuits (ASICs).

Samsung announced:

“In the first quarter, earnings are expected to rise on the ramp-up of 2nd generation 10nm process products for this year’s flagship smartphones and growing demand for cryptocurrency mining chips.”

It is a confirmation of previous reports that Samsung has entered the crypto-mining field. According to the news, the company will produce ASICs in its own foundry in a deal with Taiwanese chipmaker TSMC.

Later, a Samsung official with TechCrunch that the firm is “currently engaged in the manufacturing of cryptocurrency mining chips,” but refused to provide more information.

Samsung’s move into the crypto-mining world that will create serious competition to the existing leaders in the industry, Beijing-based Bitmain is one of the competitors which supplies 70% of the world’s bitcoin ASICs. Bitmain also manages around 30% of all the processing power of the global bitcoin network through the two mining pools it operates.

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