Samsung announces the production of ASIC chips for Bitcoin mining

The company has demonstrated in previous opportunities to possess the knowledge and technical development to enter the mining hardwares market. Reports indicate that they are also working on the development of the equipment generated for GPU mining.

The electronics giant Samsung has officially entered the Bitcoin mining ecosystem.

According to information published by various news agencies, the company that makes a large number of electronic devices based in South Korea signed a contract with another Chinese mining hardware manufacturer for Bitcoin, whose name has not been revealed, with the intention to provide the latter with the necessary mining chips to begin with the production of the computers as soon as possible.

Apparently, Samsung Electronics completed last year the process for the development of an ASIC (Application Integrated Integrated Circuit) specially designed to mine Bitcoin balances. A spokesman for the development area said in an interview with local media that the company "is in the middle of a business with which it would be supplying a company dedicated to the production of digital assets in China," although it was not clarified at the moment. how profitable this commercial alliance would be.

The market for ASIC mining chips experienced an overwhelming growth during the past year, which is why hardware manufacturers such as Bitmain used a good part of their profits for the production of new chips, with the aim of generating new products with greater effectiveness when carrying out activities for the mining of digital assets.

Although the published reports do not mention the name of the company with which Samsung is working, it is likely that this association could make it greatly expand its business operations and thus rival Bitmain, a company that to date dominates the mining equipment market.

Last year, Samsung used 40 old Galaxy phones to create a platform for Bitcoin mining as part of a recycling initiative, which was designed to motivate customers to find new use cases for their old phones. Although the platform created had more impact from the significant than from the functional scope, it showed that Samsung had all the knowledge and the technical section to begin with the development of initiatives in this field if it so wished.