Samsung Rolls Out ASIC Chip Manufacturing For Bitcoin Mining Rigs


Electronics giant Samsung completed development of a proprietary ASIC chip designed for Bitcoin mining last year and is beginning mass production this month.

Samsung supplies its ASIC chips (ASIC devices are required for effective bitcoin mining) to an anonymous Chinese Bitcoin mining equipment company (hopefully not the notoriously slow, overpriced, but best available… Bitmain), targeting the Chinese market before expanding to other countries.

“We are in the middle of a foundry business that is being supplied to a virtual money mining company in China,” a Samsung spokesperson confirmed to a Seoul-based media outlet, adding that the company was unsure how profitable the venture would prove to be.

While Samsung is not the first tech giant to venture into the bitcoin mining world, the company is doing more than companies like Eastman Kodak, who licensed their name to a mining hardware manufacturer, are doing for the development of the community.

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