• News
  • Money

Samsung Joins Bitcoin Mining Fray

Samsung Joins Bitcoin Mining Fray

"Samsung's foundry business is now engaged in the manufacturing of crypto-currency mining chips", Samsung told the BBC.

Samsung mentioned in its latest financial report this week that rising sales of these chips are expected to help its earnings this year.

The South Korean company said it's ramping up production of computer chips used to mine digital currencies like bitcoin, cashing in on growing demand. In 2013, the first ASICs specifically for cryptocurrency mining were released. Companies engaged in large scale mining frequently use ASIC chips to create separate mining setups.

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

People "mine" bitcoin and other cryptocurrencies by using computers to solve complex math puzzles. But as Bitcoin became more popular, the mining difficulty automatically increased, and has now reached such levels that one can only seriously mine with ASICs. GPU's speed up the mining process but are inefficient as they consume a lot of power. The move comes as part of a collaboration with a Chinese distribution partner.

Samsung Electronics said operating profits in semiconductor businesses came to 35.2 trillion won in the fourth quarter, accounting for 65.6 percent of its total operating profit in the cited period.

This year, processors, which are designed for bitcoin mining, were put on the market.

Samsung is also getting in on the cryptocurrency business just like everyone else.

It's too early to tell what sort of impact this could have on Samsung's bottom line.

The iPhone X is the first smartphone from Apple to feature an OLED display and since Samsung has a near monopoly in the smartphone OLED panel market, it's the only supplier that can produce OLED displays at a volume not only for itself but for customers like Apple.

And whilst Samsung said that its display panel business, which makes OLED and LCD screens, saw increased shipments of OLED panels for premium smartphones, it LCD panels profitability took a hit due to weak seasonality, which dampened sales and average selling prices.

Leave Your Comment

Leave Your Comment

Latest News

Breaking News


Spartans rally again for win against Penn State

Bridges, in his second game back after missing seven contests with an ankle injury, managed just four points on 2 of 8 shooting. This is easily the Nittany Lions' toughest test of the season, but a Penn State win is not as unrealistic as some may think.

Winnipeg signal lit up in blue for Bell Let's Speak Day

AMD to ramp up GPU production to meet mining-related demand spike

For fiscal 2018, AMD will adopt a new revenue recognition standard, but expects the impact on revenue to be immaterial. That exceeded analysts' average estimate of $1.41 billion (roughly Rs. 8,900 crores), according to Thomson Reuters .

Clinton Issues Statement Explaining Why She Shielded Sexual Harasser in 2008

However, when she learned that he had gone on to be accused of sexual harassment again, she said she was greatly troubled. About five years later, Strider was hired to lead a super PAC supporting Clinton and run by a key ally, David Brock.

Windows Defender and Security Essentials will now automatically delete annoying cleaners

Nevertheless, the speed with which Windows 10 has been adopted has been slower than Microsoft initially anticipated. This product will receive five years of mainstream support but "approximately" two years extended support.

Tom Hardy Actually Got a Leonardo DiCaprio Tattoo After Losing a Bet

Andrew Calisterio shared a selfie with Hardy on Instagram, writing: "A couple Pictures for @tomhardy today". Let's just hope Hardy doesn't regret his tattoo like this woman did when she got a face tattoo from Phor .

Diane Lane, Greg Kinnear Join 'House of Cards' as Production Resumes

In 2013, House of Cards became the first original online series to receive major nominations from the Primetime Emmy Awards. House of Cards is the most prominent example, however, and many will be watching to see how (and if) it recovers.

Train Carrying Kansas Rep Marshall Hits Truck

The lawmakers were scheduled to spend the next few days at the West Virginia resort for their annual issues conference. Sanders said that President Donald Trump has been fully briefed on the situation and is receiving regular updates .

Sensex slips below 36000-mark; all eyes now on the Budget

Drug major Dr Reddy's emerged as the worst performer among Sensex constituents by plunging 3.75%, followed by Tata Steel at 3.49%. The late surge in the market came on back of private bank scrips as the respective sub-index gained more than half a per cent.

Spotify Is Testing a New Free Music App That's Like Pandora

Spotify says that Stations starts playing as soon as it's opened, and all playlists are displayed in a large font. First discovered by Variety , Stations is only available in Australia for now.