Samsung confirms making chips for mining bitcoin and other cryptocurrency

Cryptocurrency illustration
That clinking clanking sound it makes the world go'round. And apparently Samsung's not deaf to it. Getty Images
Author

02 February, 2018

Demand for these sorts of chips has constantly gone up as the valuation of cryptocurrencies continues to rise.

Its shares also jumped almost nine per cent after the company revealed that it was splitting its stock 50-to-1.

Samsung hasrevealed for the first time that it is specifically making chips to harvest crypto-currency coins.

But Samsung shares have recovered about 3 percent over two weeks, helped partly by a rosy market outlook from SK Hynix, the world's No.2 memory chip maker.

Samsung Electronics is hoping that its stock split can widen the pool of investors. Revenues stood at 240 trillion won ($225 billion/£159 billion). The move is aimed at boosting the firm's profits. They closed up 0.2 percent.

Samsung Electronics has started producing chips called application-specific integrated circuits (ASICs) last month, according to local media. Samsung gave its forecast for the first quarter of this year yesterday and the company already expects profits from its AMOLED business to decline in Q1 due to low demand and increased competition. Its full-year profit should reach 53.6 trillion won (40 billion euro), even though the final financial results will only be revealed at a later date.

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The huge energy demands from bitcoin mining, much of which is located in China, has also led to concerns about its environmental impact.

Cryptocurrencies are digital currencies that use encryption techniques for security and can be traded.

It is now unclear where Samsung is expected to fit into the expanding cryptocurrency market.

Samsung expects this momentum to continue in the new year as well because it expects demand for NAND to remain strong.

Samsung reported a record profit of US$32.9 billion in 2017, after more than doubling its profit on-year in the fourth quarter alone.

Kwon Yong Choi, the vice president of Samsung's display unit, brushed off reports that it would be affected by Apple reducing its orders for the pointless iPhone X saying the screen business was not dependent on any one client. And now, Samsung has ended Intel's reign after it posted its 2017 end of the year financials.


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