Monday, 10 December, 2018

Samsung Will Start Making ASIC Chips For Cryptocurrency Mining!

Samsung made loads a money Samsung Will Start Making ASIC Chips For Cryptocurrency Mining!
Nellie Chapman | 01 February, 2018, 12:38

These chips will be custom designed.

This comes in the wake of the booming cryptocurrency market, where to mine them in an optimal manner, users have shifted from standard graphic cards to specifically built ASICs.

Announcing its fourth-quarter earnings results on January 31, Samsung said potential risks from a certain client are not that much of a concern since it has diversified its customers. With big companies banking on cryptocurrencies, South Korean tech giant Samsung is the latest to join the bandwagon.

It now leads the business in making high-capacity memory chips for computers. "We are making progress with our foundry business that supplies to a virtual money mining company in China", said Samsung in the interview. However, we are unable to disclose further details regarding our customers. Bitcoin mining requires high-speed, energy-efficient hardware.

As the valuation of cryptocurrencies has shot up, so has the demand for these sorts of chips.

New Bitcoins can only be created by the process of mining, where the networked computers solve a complicated math problem, which, at the same time powers the Bitcoin's payment network. Initially, almost anyone could mine Bitcoin using his/her home computer. Later, a Samsung spokesperson confirmed with TechCrunch that the company is "currently engaged in the manufacturing of cryptocurrency mining chips", but refused to provide more details.

According to Samsung, fourth-quarter earnings were driven by the components business, with the largest contribution coming from the memory business that manufactures DRAM and NAND, as orders for high-performance memory products for servers and mobile storage were reportedly strong.

Samsung also sees a bump in its revenue in the near future due to this new development considering how much of a craze cryptocurrency mining has become.

Local investment agencies forecast on February 1 that Apple's disappointing iPhone X sales would weigh down on Samsung Electronics' display business.