Samsung Entering Cryptocurrency Mining Market

Samsung is a global giant when it comes to the manufacturing of computer chips and they have finally announced their future involvement with Cryptocurrency mining. Samsung chips are literally everywhere; ranging from PC’s, MacBooks, TVs, toys, home gadgets, even your washer and dryer. So it’s no surprise to see them making this move.
On Monday, January. 29th Samsung announced a deal to manufacture ASIC (Application-Specific Integrated Circuit) mining hardware with Taiwanese manufacturer TSMC, according to Korean news outlet The Bell. An ASIC chip is not a standard computer processor, or ‘normal’ chip, as its only purpose is to mine cryptocurrencies.

Although a source from within Samsung states they don’t expect this to move to have much impact on their revenue, it’s hard to see how their involvement in one of the worlds fastest growing industries won’t. Hwang Min-seong, an analyst at Samsung Securities stated in an interview with The Bell:

“Samsung Electronics could increase its revenues through ASIC chip manufacturing but because the foundry only accounts for a small portion of the company’s semi-conductor manufacturing plant, it is difficult to predict that the firm’s mining venture will have a significant impact on the company’s revenues.”


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