Samsung is expected to start producing application specific chips for mining cryptocurrency and will be partnering with a Chinese firm to distribute the product.
Samsung has just recently passed Intel as the world’s largest chip manufacturer and is planning on using this position to branch out into creating application specific chips for mining cryptocurrencies. This new move may have a big impact on the cryptocurrency market because of the sheer breadth of service that Samsung seems to offer.
The application specific integrated circuits (ASICs) will be mass produced for distribution and a Chinese firm is suspected to play a key role in this process. The task of mining cryptocurrencies is a very specific one and comes with new challenges such as conserving energy and handling proof-of-work algorithms unique to the blockchain.
Samsung’s interest in mining operations comes as no surprise because the company dabbled in the idea last October when it created a mining operation composed of old Android smartphones. The display occurred at a developer’s conference in America. The use of chips to be used for mining operations is a classic example of entrepreneurship where an old market is being revamped to tackle a new problem.
The Chinese partner in the new venture is not known at this stage but is expected to play a big part in distributing the new chips. There may exist further partnerships where companies are used to test out the new chips and even farm cryptocurrencies as an investment.
Samsung has been aware of a market loophole where their gaming chips were being used for mining instead of their marketed purpose. The use of mining for Samsung’s GPUs comes as no surprise as interest in Bitcoin has skyrocketed in recent months. The GPUs, however, could be more useful if they were custom designed to be more efficient at mining cryptocurrencies.
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