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Samsung branches out into cryptocurrency mining

Samsung branches out into cryptocurrency mining

Samsung branches out into cryptocurrency mining

Right now ASIC miners are incredibly expensive and the fact that they can often only mine coins from a specific chain makes them far less attractive to those looking to get their hands on some sweet sweet crypto.

Samsung is keen to capitalise on the cryptocurrency boom.

A company spokesperson also confirmed that it is working on hardware designed for cryptocurrency mining in a statement to South Korean publication The Bell. These new chips are usually created to carry a single task - in this example, mining.

Its shares have more than doubled in the past two years on the back of its results, reaching levels of more than 2.5 million won apiece, putting them out of reach of many small investors.

This year, processors, which are designed for bitcoin mining, were put on the market. GPUs are used to handle graphics on computers as well as being deployed for mining purposes.

This move by Samsung obviously poses some serious threat to the already existing cryptocurrency mining chip manufactures, particularly Bitman.

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Also on Wednesday, Samsung Electronics' board of directors chose to lower the face value of its stocks from 5,000 won to 100 won, a move that would dramatically increase the number of common stocks to more than 6.41 billion from the current 128.3 million. Currently, China's Bitmain and Canaan Creative dominate this space, with both companies partnering with Taiwanese chip maker TSMC.

However, Samsung declined to provide more details.

In 2013, a New-York-based entrepreneur began selling processors custom-designed for bitcoin mining, promising better performance and lower energy use than graphic processing unit (GPU).

The South Korean company has surpassed Intel and has been the world's largest manufacturer of processors since previous year.

Samsung also sees a bump in its revenue in the near future due to this new development considering how much of a craze cryptocurrency mining has become.

The company has reported full-year revenue of 239.58 trillion won or $222 billion and a record full-year operating profit of 53.65 trillion won or $50 billion.

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