Samsung is now producing chips for Cryptocurrency mining

samsung_crypto_mining_chips_asicsSamsung is the biggest manufacturer of computer chipsets, recently taking over from Intel. However, the company is not resting on its oars as it has begun producing ASIC chips for mining cryptocurrency. ASIC chips are used to ‘mine’ cryptocurrency such as Ethereum, Bitcoin and others.

In a report from TechCrunch, a Samsung spokesperson confirmed the company has truly begun production for ASIC chips but will not disclose who its customers are. The TechCrunch report came after Korean media had hinted at Samsung’s moves in collaboration with a Chinese distribution company.

Samsung’s entry into the ASIC space is very interesting for the industry’s leaders – Chinese Bitman and Canaan Creative who work with Taiwanese TSMC. Earlier this year, American retail company Best Buy had run out of high-end graphics cards as cryptocurrency miners had purchased them all – online and offline.

ALSO READ: WHAT IS BITCOIN MINING?

For Cryptocurrency miners who mine low-energy used cryptocurrency, mining is definitely profitable for them. For high-energy reliant cryptocurrency such as Bitcoin, it is becoming increasingly hard to profit from mining it.