Samsung Is Creating Chips Designed To Mine Cryptocurrency

Samsung has confirmed it's in the process of creating hardware designed for mining cryptocurrencies like Bitcoin.

"Samsung's foundry business is currently engaged in the manufacturing or cryptocurrency mining chips. However we are unable to disclose further details regarding our customers." Says a spokesperson for the firm told TechCrunch

The chips are mainly known as ASICs, or application-specific integrated circuits. The processors that have been specially designed for a single computational task, as opposed to the multi-purpose processors we use in computers and phones.

As cryptocurrencies value has recently shot up, the chips are also increasing in demand.

Bitcoin is created by mathematical problems and the calculations are also maintaining the integrity of bitcoin transactions. The more bitcoin mined, the harder the equations get harder. Miners usually started to move on from normal integrated graphic cards to GPUs designed for gaming, and now to specially built ASICs.

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