Samsung to Produce Mining Chips

February 1, 2018

Technological colossus Samsung enters crypto world.

As Korean The Bell reported earlier this week, South Korean corporation together with Taiwan manufacturer TSMC is going to design Application-Specific Integrated Circuits (ASIC). The partnership may promote competition to Chinese monopoly companies.

Chinese mining giant Bitmain has been holding mining monopoly for quite long. The company would create ASIC chips that revolutionized mining industry. ASIC are highly efficient at processing SHA256 algorithm used for transaction confirmation in Bitcoin blockchain.

Samsung entering crypto systems development industry carries a number of consequences for developmental community. This indicates global company coming into crypto space. Samsung has already gained reputation as one of world’s leading manufacturers producing high quality electronic goods and its ASIC chips are likely to be high-power and -capacity.

As reported, mass production has started in January 2018 while Samsung claimed to be developing GPU processors which focus on altcoin mining algorithms. The last one is a pretty good news for Ethereum miners.

Samsung officials have announced their target market is primarily Chinese one, so it is still unclear when the rest of the world gains access to this technology.

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