Samsung Reports 2018 Q1 Profit With Boost In Crypto Mining

One of the biggest Conglomerates in the world, Samsung Electronics, has reported 58 percent year-on-year growth in its operating profits for Q1 2018 – an expansion driven to some extent by solid interest for digital currency mining chips.

Amid a monetary income approach Thursday, Robert M. Yi, Samsung’s official VP of speculator relations, said the productivity increment found in the association’s semiconductor business assumed a huge part in setting another quarterly working profit record of 15.6 trillion Korean won ($14 billion).

“In the semiconductor business, the earning increases significantly year over year thanks to favorable market conditions driven by strong demands in the server and graphics card memories as well as earning improvement in both the System LSI and Foundry businesses led by an increasing demand of chips used in flagship smartphones and cryptocurrency mining.” Explained Yi.

While Samsung did not release the exact figures for the mining chip side of the business, the positive figures follow a February affirmation from the tech giant that it was presently creating 8nm and 11nm processors to take care of developing business sector demand from the digital currency mining industry.

Samsung’s venture into digital currency mining additionally adds to the territorial rivalry in the segment, with Taiwanese chip creator TSMC likewise announcing a comparable development in mining chip request amid its own particular late profit call.

Looking forward, Samsung estimate that the interest for mining processors will keep on expanding in Q2, while the profit of its LSI and Foundry organizations may diminish because of moderating interest for cell phone segments.