Samsung is Reportedly Working on Chips for Cryptocurrency Mining

Cryptocurrency illustration

Samsung Electronics reported a 73 percent jump in its fourth quarter net profit yesterday, setting a record for any three-month period, mainly driven by demand for its memory chips and display panels.

Samsung is keen to capitalise on the cryptocurrency boom. The chips known as Application-Specific Integrated Circuits (ASICs) are being specifically designed by Samsung to perfectly suit cryptocurrency mining. The more such investments are made, the more confidence people have in cryptocurrencies and just like with fiat currencies, the greater the value thereof since the demand for them also increases.

This year, processors, which are designed for bitcoin mining, were put on the market.

Samsung shares have soared today after the company revealed healthy Q4 and annual profit figures as well as a 50:1 stock split, the latter of which is created to increase investment.

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The company says that a specific devision within its semiconductor business called Foundry will head up the project. The mobile division did not do as well in the fourth quarter, because it suffered a small operational loss, particularly because Samsung spent a lot more to market its smartphones.

Kwon Yong Choi, the vice president of Samsung's display unit, brushed off reports that it would be affected by Apple reducing its orders for the pointless iPhone X saying the screen business was not dependent on any one client.

Mining is a process of solving mathematically complex problems that serve to verify the transactions of cryptocurrency coins.

The ASICS market is dominated by China's Bitmain and Canaan Creative, both of which work with Taiwanese giant TSMC.

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Samsung recently surged ahead of Intel as the world's largest chipmaker by revenue, despite the latter's record revenue posting for 2017.

The firm is expecting that this decision would raise the revenue level of the company.

It is not sure exactly whether Samsung is going to fit into the cryptocurrency chip manufacturing business, but it is putting itself in direct competition with some big players in chip manufacturing.

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