Processors specializing in mining are manufactured by Samsung
Feb 02, 2018, 11:37
The South Korean multinational electronics company, Samsung Electronics has revealed that it has ventured into the mass production of cryptocurrency mining chips. Samsung's move could affect cryptocurrency, other cryptocurrency miners and China's local players.
In the revelation that it now manufactures specially designed processors for mining coins, such as Bitcoin, Samsung has gone on to increase its profitability. Those computers increasingly require more efficient chips to power them.
The spike in prices of bitcoin and other cryptocurrencies over the past year has driven up interest in mining them. First, it was just Bitcoin that miners used to churn up by performing a series of complex calculations using graphic cards and now it looks like Samsung is going to take advantage of this market as well.
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.
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.
Samsung overtook Intel a year ago to become the world's biggest chipmaker.
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The Samsung board made the decision based on the belief that the split would make investing in the company more accessible and provide dividends to a wider range of investors from 2018. In the latest financial report, which the company has posted this week, Samsung's full-year revenue totaled almost 240 trillion Korean won ($224 billion) in 2017.
Samsung also sees a bump in its revenue in the near future due to this new development considering how much of a craze cryptocurrency mining has become. Even though cryptocurrency mining chips are a growing market, they may remain a relatively small revenue stream for Samsung for now, according to analysts.
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