Mass production began in January

On Monday, January 29, Samsung announced a deal with the Taiwanese manufacturer TSMC for the production of special purpose integrated circuits (ASICs) intended for mining. Mass production of the ASIC chip began in January, the Bell news magazine reported.

The ASIC chip, which is a specialized integrated circuit, is a special hardware designed only for cryptocurrency mining based on a specific hashing algorithm, such as SHA256 or Scrypt (on which Bitcoin and Litecoin, respectively) operate. It is part of the device for crypto mining.

TSMC supplies the ASIC chips required for mining to Bitmain, a Chinese company that produces bitcoin. Bitmain also produces its own equipment, without too much noise, releasing two ASIC-type products in September 2017 and launching the SiaCoin platform on January 19.

As for the profitability of Samsung, only entering the crypto market, Hwang Min-sen, an analyst at Samsung Securities, said in this regard:

“Samsung Electronics can increase its revenues through the production of ASIC chips, but as output remains small, it is difficult to predict how mining will affect the company’s revenues.”

It should be noted that Samsung’s deal with TSMC is taking place against the backdrop of crypto-credit bans in China and accusations of domestic trading and confusion in the legislation in South Korea.

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