Samsung Confirms It’s Manufacturing Chips For Bitcoin Mining

It was reported this week that Samsung has started developing chips for bitcoin mining. The company isn’t selling them to the public, though, it was reportedly supplying them to a China-based bitcoin mining equipment manufacturer. Samsung has now confirmed the report and acknowledged that it’s indeed producing ASIC chips that are used to mine bitcoin and other cryptocurrencies.

“Samsung’s foundry business is currently engaged in the manufacturing of cryptocurrency mining chips,” a spokesperson for the company confirmed to TechCrunch, adding that the company is unable to disclose further information about its customers at this time.

So while it’s confirming that it’s producing these chips, Samsung isn’t saying who it’s supplying these ASIC chips to. It declined to provide more details about this when asked by the scribe.

The report that came out earlier this week claimed that Samsung has made this move in partnership with a distribution partner in China. The company already produces high-capacity memory chips for GPUs which are also used for mining cryptocurrencies.

This appears to be the first proper move that Samsung has made to establish itself in the hardware market specifically for mining rigs. The company only showed off an experiment earlier which involved several dozen Galaxy S5s combined together to develop a unique bitcoin mining rig.

Adnan Farooqui
Categories: Gadgets
Tags: bitcoin, Samsung