Samsung manufactures ASIC chips for cryptocurrency mining

Samsung has recently expressed interest in Bitcoin mining semiconductors after signing an agreement with Russian-based bitcoin mining hardware company Baikal.

According to a recent report, Samsung is going to mass produce ASIC or Application Specific Integrated Circuit chips which will be supplied to a Chinese bitcoin mining equipment manufacturer. Samsung won't be selling these chips on its own, its chips will be used by that company in its mining rigs.

The news brings big-name competition to the ASIC space, which is dominated by China's Bitmain and Canaan Creative, both of which work with Taiwanese giant TSMC. Indeed, the crypto explosion is said to have added $350-$400 million to TSMC's quarterly revenues.

Mining the cryptocurrency has become increasingly expensive as completing hash links in the blockchain consumes more computing power. In order to be profitable, high-speed, energy-efficient hardware is necessary. Large-scale Bitcoin mining operations have commissioned dedicated ASIC chips tailored to their mining operations.

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