Samsung Signs Mining Agreement with Russian Company

The inevitable rise of the cryptographic sector creates new areas for electronic companies. Companies like Samsung Electronics and TSMC are beginning to enter the mining business.

As the demand for crypto money increases, the popularity of companies that offer both mining software and necessary equipment is increasing rapidly.

Earlier this month, Samsung announced that Russia has signed an agreement with Bitcoin mining company Baikal for the supply of 14nm ASIC chips.

It was also stated that they were testing Samsung samples and the mass production would start in January 2018. Baikal will use the chips produced by Samsung in its newly updated mining equipment.

According to experts who follow the market, this deal, signed by Samsung, a relatively small Russian firm that usually partners with more reliable and powerful companies like Apple or Qualcom, is seen as a risk. It is also said that Samsung has made an entry into the crypto money system with this move.

Bitmain, a mining business like Baikal and a Chinese company, continues its global mining business with seventy percent market share. Bitmain says that he has paid about 44 million won electricity bill per day.

With these companies, Japanese internet company GMO is preparing to enter Bitcoin mining business with 7nm ASIC chips.