Samsung Electronics is the flagship company of the multinational conglomerate; Samsung Group. Local media reports have made it public that Samsung group is venturing into the bitcoin mining business. Sources who broke the news confirm that Samsung has signed an agreement with a Chinese bitcoin mining equipment manufacturer. In the deal, Samsung Electronics will be supplying the bitcoin mining hardware manufacturer with ASIC chips. The production of the chips started in early January this year.
Samsung Investing in Bitcoin Mining by Developing ASIC Chips
Reports reveal that Samsung Electronics finished designing and developing its ASIC semiconductor last year. The semiconductor Samsung Electronics developed is for use in bitcoin mining hardware and not mobile devices or other flagship electronics. A Samsung Electronics spokesperson revealed that the firm was in the middle of producing chips that will be shipped to a bitcoin hardware manufacturing firm located in China.
2017 was a big year for bitcoin. The 2017 bitcoin price rally yielded high profits for ASIC miners. Bitmain is a bitcoin hardware manufacturing firm. Last year, Bitmain was one of the biggest winners in the cryptocurrency business. The bitcoin mining hardware manufacturer used its profits to sway chip manufacturers to develop chips for it over conventional clients.
TSMC is the world’s largest semiconductor foundry. The firm recently released market projections for 2018’s chip manufacturing business. According to the data TSMC released, the bitcoin mining sector will experience growth. The growth of the crypto mining sector is set to make up for the low turnover TSMC made last year following the weak sales of the iPhone X. TSMC is Apple’s leading supplier of chips.
Samsung’s GPU Mining Business
Samsung will be profiting from the manufacturing of ASIC chips thanks to the booming cryptocurrency mining sector. In addition to ASIC chip manufacturing, Samsung is projecting to profit from the manufacture of graphics cards. GPU-based cryptocurrency mining is on the rise. Samsung Electronics is in the middle of producing a new type of DRAM for graphics cards. Samsung is developing a new graphics card that will be more suitable and efficient for cryptocurrency mining.
Samsung’s new 10-nanometer 16 GB GDDR6 DRAM is 200% faster than the GDDR5 DRAM. Compared to its predecessor, the new DRAM guarantees more profitability in bitcoin mining since it improves power efficiency by 33%.