Back to ASICs - Samsung begins production on crypto mining chips

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Samsung is making sure it doesn't miss out on the cryptocurrency craze.

People "mine" bitcoin and other cryptocurrencies by using servers to solve complex math puzzles, being constantly in need of the most advanced computer chips to date, the use of which is feared to exert considerable pressure on energy resources and the natural ecosystems at large.

Its shares have more than doubled in the past two years on the back of its results, reaching levels of more than 2.5 million won apiece, putting them out of reach of many small investors. Yes, this hardware will help you with mining for cryptocurrencies like Bitcoin and Ethereum. This created a trend on the market where miners started to move from normal integrated graphics cards to using GPUs designed for gaming.

Samsung are rumoured to be fabricating cryptocurrency mining ASIC chips for an unnamed Chinese distribution partner.

So much like TSMC Samsung will simply produce the chips that will be used in ASIC miners. Bitcoin is now trading near $10,000, almost 10 times its price this time a year ago.

Samsung has a division within its semiconductor business called Foundry, building chipsets for other companies.

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Kwon Yong Choi, the vice president of Samsung's display unit, brushed off reports that it would be affected by Apple reducing its orders for the pointless iPhone X saying the screen business was not dependent on any one client.

The ASICS market is dominated by China's Bitmain and Canaan Creative, both of which work with Taiwanese giant TSMC.

The company's involvement in mining can lead up to serious competition for the existing industry leaders. At the time of writing, Bitcoin trades near $9,300.

The South Korean company overtook Intel to become the biggest chipmaker previous year. Samsung was going to make a lot of money off of the iPhone X as its the sole supplier of OLED displays but even as reports of sluggish iPhone X sales surface, it's not anxious.

Samsung is also getting in on the cryptocurrency business just like everyone else.

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