Samsung looks to get into cryptocurrency mining game with specially designed chips

Bitcoin mining

Samsung Electronics announced that its foundry business expects to be a No. 2 in the global market this year, boosted by a rapid increase in demand for semiconductors for cryptocurrency diggers.

And whilst Samsung said that its display panel business, which makes OLED and LCD screens, saw increased shipments of OLED panels for premium smartphones, it LCD panels profitability took a hit due to weak seasonality, which dampened sales and average selling prices.

Having surpassed California-based Intel, once the leading computer chips manufacturer, the South Korean tech giant is clearly set to cash in to the maximum possible extent on the world going insane about blockchain-based technologies. They are custom-designed to carry out a single task - "mining" bitcoin or another specific cryptocurrency, but not general computing operations.

A spokesperson for Samsung told Korean paper The Bell that the project is "in the beginning stage so the proportion of profits from the overall foundry business is small yet".

Currently, the company is focusing on manufacturing of crypto-currency mining chips.

Local investment agencies forecast on February 1 that Apple's disappointing iPhone X sales would weigh down on Samsung Electronics' display business.

The development follows reports that Samsung has overtaken Intel as the biggest chip maker in the world by revenues. In the case of bitcoin, the currency is created by solving mathematical problems, with these calculations also maintaining the integrity of bitcoin transactions.

The ASIC manufacturing market is now dominated by Taiwanese company TSMC.

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

The Samsung board made the decision based on the belief that the split would make investing in the company more accessible and provide dividends to a wider range of investors from 2018.

"Looking at the mid-to-long term, Samsung expects the components business to see demand expand from new applications", the company said in a statement on Wednesday.



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