Samsung Produces Cryptocurrency Mining Chips

Samsung has confirmed that it has begun manufacturing ASIC chips which are used to mine bitcoin, ether and other cryptocurrencies.

“Samsung’s foundry business is currently engaged in the manufacturing of cryptocurrency mining chips. However we are unable to disclose further details regarding our customers."

These chips are known as ASICs, or application-specific integrated circuits. ASICs are processors that have been specially designed for a single computational task, as opposed to the multi-purpose processors we use in computers and phones.

It's not clear exactly what sort of products Samsunga will be making, but according to reports from Korean media, it’ll be working with Taiwanese firm TSMC. The company currently supplies chips for a number of firms set up solely to mine cryptocurrencies, including the China-based Bitmain. Meeting the demand for these chips has added around $350 million to $400 million to its quarterly revenue, says TSMC.