Samsung Confirms It's Now Making Cryptocurrency Mining Chips

Samsung Confirms It's Now Making Cryptocurrency Mining Chips

Lindsey Duncan
February 2, 2018

Overall, the company reported full-year revenue of KRW 239.58 trillion (roughly 276.7 billion AUD) and full-year operating profit of KRW 53.65 trillion (roughly 62 billion AUD).

The development follows reports that Samsung has overtaken Intel as the biggest chip maker in the world by revenues. The report states that the South Korean multinational conglomerate has begun mass production of Application-Specific Integrated Circuits (ASIC) for mining cryptocurrencies.

Samsung Electronics announced that its foundry business expects to be a No. 2 in the global market this year, boosted by a rapid increase in demand for semiconductors for cryptocurrency diggers. It posted 15 trillion won or $14.13 billion in operating profit which is a 64 percent increase year-over-year.

Mining is the process by which transactions are verified and added to the public ledger, known as the blockchain, and also the means through which new cryptocurrencies are released. However it thought that the launch of the Galaxy S9 flagship smartphone next month should minimise any off-season weakness in demand during the first quarter.

Guardiola won't rule out Mahrez swoop
It is understood that the Foxes were only prepared to do business if City could put together a deal worth around £95 million. The Premier League leaders are said to have had a 55 million pound bid turned down, as The Foxes want 90 million for Mahrez.

Samsung said it expected DRAM and NAND flash chip shipments to grow on-year by about 20 percent and 40 percent respectively in 2018.

"It is hard to give specific details, but we have been trying to diversify our clients and reduce reliance on a certain customer to build a healthy portfolio", a Samsung executive said in a conference call yesterday when asked about the potential impact of lower than expected iPhone X sales. One expert is saying Samsung believes Bitcoin is not in a bubble, and it's betting these chips on it.

Sales rose 23.7 percent to 65.9 trillion won in the October-December period from a year earlier, also marking a quarterly record.

Samsung itself joined the Ethereum Enterprise Alliance in May a year ago, and in November announced a five months contract with the Seoul Metropolitan Government to establish an Information Strategy Plan for Blockchain based innovations in Seoul.