Samsung’s now working on ASIC chips for cryptocurrency mining

Samsung has confirmed that it has started making application-specific integrated circuits (ASICs) chips which are used to mine Bitcoin, Ether, and other cryptocurrencies.

According to TechCrunch, Samsung is “currently engaged in the manufacturing of cryptocurrrency mining chips”. However, the tech giant refused to provide more details.

There’s a report in Korea that says Samsung has collaborated with an unnamed Chinese distribution partner. With Samsung entering the crypto-mining sphere, it will rival with Beijing-based Bitmain which supplies 70% of the world’s bitcon ASICs. Bitmain also has a contract with TSMC, a Taiwanese chipmaker. TSMC earns $350 to $400 million in revenue from crypto miners.

Source: TechCrunch
Via: Quartz