Samsung Enters the Bitcoin Mining ASIC Manufacturing Business

Korean electronics giant Samsung is the latest chip manufacturer to enter the bitcoin mining hardware market. The company’s foundry has reportedly already began producing ASIC chips for a Chinese client earlier this month.

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Samsung Bitcoin Chips

Samsung Enters the Bitcoin Mining ASIC Manufacturing BusinessSamsung Electronics (KRX: 005930), the flagship company of the Korea-based multinational conglomerate Samsung Group, has entered the bitcoin mining business according to reports from the country. It has earlier signed a contract with a Chinese bitcoin mining hardware maker to supply it with chips, and already started mass production in January.

According to the reports Samsung Electronics completed the process for the development of semiconductor ASIC (Application Specific Integrated Circuit) for bitcoin mining last year. A Samsung Electronics spokesperson told Korea’s The Bell that, “We are in the middle of a foundry business that is being supplied to a virtual money mining company in China”.

The market for ASIC miners has been booming along with the massive 2017 price rally, and hardware manufacturers such as Bitmain used their strong profits to sway the semiconductor foundries to produce chips for them over traditional clients. It was recently revealed that the world’s largest dedicated semiconductor foundry, TSMC, expects that the bitcoin mining sector will continue to grow this year, possibly offsetting for weak iPhone X sales for Apple’s primary chip supplier.

GPU Mining

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