Samsung Confirms It's Now Making Cryptocurrency Mining Chips
02 February 2018, 11:36 | Myrtle Hill
Computer chips reason for Samsung's record profit
The company will expand on the current chip products with its shift towards manufacturing processors for the crypto mining industry, Samsung said.
Having surpassed California-based Intel, once the leading computer chips manufacturer, the South Korean tech giant is clearly set to cash in to the maximum possible extent on the world going insane about blockchain-based technologies. These processors are specifically designed for a single computational task, as opposed to the multi-purpose processors we now use in our phones and computers. The more such investments are made, the more confidence people have in cryptocurrencies and just like with fiat currencies, the greater the value thereof since the demand for them also increases. Yes, this hardware will help you with mining for cryptocurrencies like Bitcoin and Ethereum. This has led to miners moving on from using standard integrated graphics cards to GPUs designed for gaming, and now to specially built ASICs. The move is aimed at boosting the firm's profits.
Samsung declined to comment on who its main customers are for cryptocurrency mining chips.
A spokesperson for Samsung told Korean paper The Bell that the project is "in the beginning stage so the proportion of profits from the overall foundry business is small yet". Samsung said it expects its Foundry arm to be "number two" in the business.
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This news comes after Samsung overtook Intel to become world's biggest seller of chipsets. Currently, China's Bitmain and Canaan Creative dominate this space, with both companies partnering with Taiwanese chip maker TSMC.
In 2013, a New-York-based entrepreneur began selling processors custom-designed for bitcoin mining, promising better performance and lower energy use than graphic processing unit (GPU).
Samsung earned 15.15 trillion won (US$14.15 billion) in operating profit with its revenue standing at 65.98 trillion won in the fourth quarter a year ago.
He predicts sales from cryptocurrency mining chips will account for less than 1% of Samsung's total revenue this year.
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