Samsung Building Chips for Crypto Mining

34704708 - melbourne australia - december 13, 2014: samsung korean electronics

 

South Korean media reported this week that tech giant Samsung Electronics is manufacturing chips designed for cryptocurrency mining. The chips are being made by the company’s Foundry chipset business and provided to a Chinese Bitcoin mining hardware manufacturer, according to a report in The Bell.

A Samsung spokesperson confirmed the news: "We are making progress with our foundry business that supplies to a virtual money mining company in China."

Samsung says that the company completed development of its Bitcoin mining chip sometime last year and began to mass produce them in January. The Bell reports that the chips have been designed specifically for cryptocurrency mining:

“The ASIC, which Samsung Electronics began mass production, is an on-demand semiconductor designed in a way optimized for bit coin mining. Bit coin mining requires high-speed, energy-efficient hardware. As a result, companies that mined bit coins in large quantities have commissioned dedicated ASIC chips customized for their mining operations and installed them in mining equipment.”

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Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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