Samsung reveals it will be manufacturing ASIC chips used to mine Cryptocurrency

In recent news, Samsung has revealed its plans to manufacture ASIC chips which are used to mine cryptocurrencies.

2017 saw an impressive interest in cryptocurrencies around the world. Currently Samsung manufactures, high-capacity memory chips for GPUs conventionally used to handle graphics on computers but also deployed for mining purposes.

Reportedly Samsung has collaborated with an unknown Chinese distribution partner of which there are no official reports from Samsung. A spokesperson from Samsung confirmed that the company intends to manufacture ASIC chips soon without providing any further details.

“Samsung’s foundry business is currently engaged in the manufacturing of cryptocurrency mining chips. However we are unable to disclose further details regarding our customers.”

If Samsung enters in to world of ASIC chips, the industry is said to face heavy competition. Currently the ASIC chips market is ruled by China’s Bitmain and Canaan Creative, both of which work with Taiwanese giant TSMC. Last year’s investments in cryptocurrency is said to have added $350-$400 million to TSMC’s ) quarterly revenues.
 

 

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