Samsung Enters Crypto Mining Market, “Mass Producing” ASIC Chips For China

If you are watching closely crypto market and mining, here is a big news: Samsung can be a new huge player, according to a deal on Monday, Jan. 29 to manufacture ASIC mining hardware with Taiwanese manufacturer TSMC. ASIC chip massive production has already started in January, but this partnership can leverage it. An ASIC chip, which stands for Application-Specific Integrated Circuit, is really a specialized piece of hardware created to only mine cryptocurrencies based on a certain hashing algorithm, such as SHA256 or Scrypt (which Bitcoin and Litecoin run on, respectively). It tends to make up part of a crypto mining device.

And those chips already have cusomership: TSMC supplies the ASIC chips needed for cryptocurrency mining to Bitmain, a China-based Bitcoin mining firm. Bitmain also manufactures its own hardware, having released two ASIC-style merchandise in September 2017 to relatively unfavorable fanfare too as an unexpected launch of a SiaCoin miner on Jan. 19. In regards towards the profitability of Samsung entering the crypto mining industry, Hwang Min-seong, an analyst at Samsung Securities, told The Bell: “Samsung Electronics could enhance its revenues via ASIC chip manufacturing but because the foundry only accounts for any little portion in the company’s semi-conductor manufacturing plant, it really is difficult to predict that the firm’s mining venture will have a substantial impact around the company’s revenues.”

But I’m not sure if this is a perfect moment for such venture – South Korea-based Samsung’s take care of TSMC comes after a turbulent month within the crypto markets in Asia, with exchanges banned in China and accusations of insider trading and confusion more than regulation in South Korea leading to losses across the board. Well, it’s time to sit, wait and see what’ll happen.

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Some facts:
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