Samsung Set To Start Manufacturing Cryptocurrency Mining Chips

Samsung, one of the largest publicly traded companies in the world, is set to begin manufacturing chips made specifically for cryptocurrency mining. The mining chips will include ASICs (application-specific integrated circuits), and as it stands now, Samsung will only be manufacturing these chips for one Chinese-based mining firm. The firm that has requested these chips has not been disclosed just yet. There are dozens of these mega mining operations currently based in China, so we won’t know the identity of this company for sure until another official announcement is made.

Additionally, no other technical details have been released about this deal, or which cryptocurrency the chips are meant to mine. In Samsumg’s yearly report this weeek, however, they did mention that demand for cryptocurrency mining products and technology has been growing steadily.

Samsung’s move to get into the cryptocurrency mining arena will surely have at least some effect on smaller, niche companies whose sole focus is on cryptocurrency mining products. One of the biggest names that may be effected is BitMain, whose core business model is centered around the manufacturing of ASICs Bitcoin and Bitcoin Cash mining hardware.

Other Tech Companies On-Board with Blockchain Tech

Samsung is just one of several large corporations that have shown interest in cryptocurrencies and blockchain technology recently. Other companies include Microsoft and IBM, who have also got involved in the space, though they are focused more on the technology itself and how it can be used to help streamline businesses.

Just last year, Microsoft launched a new division of their company called Microsoft Azure. Azure was built as a SaaS (software as a service) platform that will provide a sandbox where developers can create decentralized applications and other blockchain solutions. This move can make it possible for smaller companies who have less resources to get the most out of blockchain technology and all of its benefits.

IBM is another big corporation which has recently added several blockchain related services to its core business. IBM, however, is focused on helping other businesses create and manage their own inner-company blockchains to help streamline operations, while also educating them on this new technology.

It is surely a good sign to see a variety of large tech companies jumping on-board with blockchain technology and cryptocurrencies. If things keep up at this rate, other companies may follow suit and this can help take cryptocurrency, blockchain and other related markets further into the mainstream.