Samsung to make cryptocurrency mining chips
Samsung seeks to play a bigger role in the booming cryptocurrency industry.
Samsung has begun manufacturing the chips used in cryptocurrency mining. Known as Application-Specific Integrated Circuit (ASIC) chips, these are specialised modules used in cryptocurrency mining rigs.
The development follows reports that Samsung has overtaken Intel as the biggest chip maker in the world by revenues.
Samsung already makes high-capacity memory chips for GPUs that are also used for crypto mining purposes. Its foray into mining-specific hardware, which are much more efficient that GPUs, suggests that it’s ready to play a bigger role in the booming cryptocurrency industry.
The ASIC manufacturing market is currently dominated by Taiwanese company TSMC.
Mining for cryptocurrencies like Bitcoin involves using your computer to work solve complex math problems used to verify cryptocurrency transactions. In return, miners are rewarded with coins.