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 $350PHP 20,540INR 29,662EUR 333CNY 2,547 to $400PHP 23,474INR 33,900EUR 381CNY 2,911 million in revenue from crypto miners.

Source: TechCrunch
Via: Quartz