The rumour which has been circulating for sometime now has finally been confirmed by Samsung, they will begin production of ASIC chips for use in Cryptocurrency mining equipment.
According to Techcrunch a Company Spokesman for Samsung made the following statement when asked about the rumour:
“Samsung’s foundry business is currently engaged in the manufacturing of cryptocurrency mining chips. However we are unable to disclose further details regarding our customers,”
Who exactly will be using these Chips is unknown but if the rumours are true it is thought that Samsung will be collaborating with a Chinese distributor potentially going up against Bitmain who currently dominate the entire Bitcoin mining space. Alternatively these chips could be for Bitmain themselves, Samsung has one of the best Chip manufacturing plants in the World and Samsung would be able to offer a cheaper and likely more efficient ASIC to Bitmain. Lets hope the latter scenario is not the case.
Samsung is one of the World’s largest chip manufacturers with their chip sales alone just shy of $70 Billion, for Samsung to enter into the cryptocurrency space seemed an unlikely scenario just a year ago – but a lot can happen in a year!
As soon as we have more information on this we will let you know.