Samsung produces device for Bitcoin mining

Samsung may be the latest technology giant to join the blockchain wagon. It is reported that Samsung has started production of devices called ASIC, which are used for Bitcoin mining this month.

South Korea-based The Bell has announced that Samsung has started production of devices called ASICs for Bitcoin mining this month. According to the report, Samsung has already signed a contract with a Chinese hardware products company for Bitcoin mining, and is currently manufacturing ASICs. Chinese-based partners will distribute the chips. The report also states that the company is ready to produce series until the end of January.

This move by Samsung is not so unexpected. The South Korean company had previously shown interest in entering the blockchain hardware field.

Samsung exhibited an experimental "upcycling" mining equipment concept built on 40 former Galaxy S5 phones in October of last year. A few months later, the company announced that it had signed an agreement with Russia-based Bitcoin mining hardware company Baykal, which would allow Samsung to supply it with ASIC chips.

Meanwhile, Samsung is not the only company to enter the mining hardware industry. At the beginning of January, Kodak announced its own mining operation.