BITCOIN, BLOCKCHAIN

Samsung Announces Deal With Mining Hardware Company TSMC

Samsung has announced a deal to produce Application-Specific Integrated Circuit (ASIC) mining hardware with producer Taiwan Semiconductor Manufacturing Company (TSMC).

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“Samsung Electronics could increase its revenues through ASIC chip manufacturing but because the foundry only accounts for a small portion of the company’s semi-conductor manufacturing plant, it is difficult to predict that the firm’s mining venture will have a significant impact on the company’s revenues,” said Hwang Min-seong, a Samsung Securities analyst.

The chip is specially invented to only mine cryptocurrency based on a particular hashing algorithm.

TSMC already provides ASIC chips to Bitmain, a popular bitcoin mining company based in China.

Cryptocurrencies have experienced a decline during the month of January, especially in Asia, after China banned certain large exchanges and misunderstandings over regulations of the technology in South Korea.

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