Global tech leader, Samsung has officially joined the list of companies manufacturing mining equipment

Image source: Wikimedia Commons

Based on an article published hours ago on newsBTC titled: "Samsung Implements Blockchain and Produces Bitcoin Miners, Focuses on Crypto" written by JP Buntinx caught my attention about the rumors months ago that Samsung will be joining the cryptocurrency tech market.

Samsung is producing ASIC chips for Halong Mining, a very popular manufacturer of Bitcoin and Ethereum mining hardware.
Source: newsBTC

ASIC Chipmakers
I was curious to know how much of the pie large companies are producing these chips. With limited knowledge that Bitmain is the largest bitcoin miner and chips maker from China, I took a look at which other companies have also joined the coin market.

Image source: craft.co

Bitmain
Bitmain is one of the larger companies that is experiencing high potential growth compared to its other competitors. The red arrow indicated in the figure represents Bittrex, one of the well-recognized coin exchanges. Six months ago, Bitmain has received a "US$50 million investment from a number of venture capital firms", according to Bloomberg. Sequoia Capital and IDG Capital are investing in Beijing-based Bitmain Technologies Ltd., the world’s largest bitcoin mining organization, according to people familiar with the matter. (Source: Bloomberg - Lulu Yilun Chen) Fortune.com reported that Bitmain made US$4 to 5 Billion in 2017.

What set out to be a quest to seek "decentralization" of a currency is once again profited by a large company. Will decentralization ever truly exist? The rich always get richer it seems, and how does someone actually break away from the poverty cycle? Such case-studies are a great insight into today's economic issues that many millennials have been contented in their way of life and settled down instead of searching for better futures.

Image source: Twitter - Halongmining

Halong Mining: A scam?
In refuting that DragonMint Miners are a scam, as claimed by Cobra, Co-owner of http://bitcoin.org & http://bitcointalk.org, many have posted videos and photos of their newly arrived shipments of their Halong DragonMints on Twitter. #dragonmint

Other mining equipment companies besides Bitmain, Halong and the latest Samsung include Avalon (China), Ebang Communications (China) which are mentioned by bezinga.com - Shanthi Rexaline

I am not posting the link to the Top 5 Best ASICs miners because I am not a firm supporter of ASICs mining. ASICs mining may make you rich, but they are not sustainable on our planet's resources. Blockchain can detach itself from the Proof-of-Work (PoW) protocol which was first conceived in 1993.

See reference: Dwork, Cynthia; Naor, Moni (1993). “Pricing via Processing, Or, Combatting Junk Mail, Advances in Cryptology”. CRYPTO’92: Lecture Notes in Computer Science No. 740. Springer: 139–147.

While the concept of blockchain strives, the 25-year-old PoW protocol will soon turn obsolete.

-tysler