Samsung Now Building Bitcoin Mining Chips

According to recent news, Samsung, a South Korean multinational conglomerate headquartered in Samsung Town in Seoul, has started making Bitcoin mining chips in partnership with an unknown Chinese mining company.

This report came yesterday from The Bell, a South Korean news outlet, calling on an unnamed Samsung officials as its source.

Samsung was contracted to mass produce the chips which is referred to as application-specific integrated circuits (ASICs), and is expected to start this month for distribution Chinese firm, the report added .

Although the news just came out, rumors dating back to October 2017 has been going all around “when the company unveiled a bitcoin mining rig composed of old Android smartphones at a U.S developer’s conference.”

“The reports have been somewhat contradictory, and it is unclear if the company has multiple partnerships in the works. In December, The Investor – another South Korean news outlet – reported that Samsung had partnered with a Russian bitcoin mining company called Baikal to produce ASICs, the production of which was also set to commence in January.” Noted CoinDesk.

This movement (manufacturing processors for the crypto mining industry) will help in expanding the existing chip products, which reportedly accounted for more than 60 percent of its 2017 operating revenue.

If this reports are really true, Samsung’s involvement in the business will hold a serious competition to already established industry leaders, China based Bitmain which allegedly claims to hold 70 percent of the market share.