The technology giants Samsung are said to be entering the cryptocurrency world in a move which has positive ramifications for miners at large.

As it has been reported in the Korean news outlet The Bell, the South Korean conglomerate will produce Application-Specific Integrated Circuits |(ASIC) processing chips in its foundry in a deal with Taiwanese manufacturer TSMC.

Ironically enough TSMC provides the ASIC chips which are used in Bitmain’s Antminers, but it is a new partnership with Samsung could well provide the first real competitor to Bitmain’s chip manufacturing ventures.

  Bitmain’s stranglehold

The Chinese mining giant Bitmain has long had a monopoly on the mining community. Having developed the ASIC chips, Bitmain quickly turned the Bitcoin mining game on its head.

ASIC miners that are highly efficient at solving the SHA256 algorithm used to confirm transactions on the Bitcoin blockchain outperform traditional GPUs, which muscled the hobby miners, as well as their existing graphics cards out of the market.

With its mining powered by its in-house, signature ASIC Antiminers, Bitmain has become somewhat of a black sheep in the mining community, as to its 29% global hashing power dominance through its Antpool and BTC.com mining goals.

  The big dogs enter mining.

The foray into the cryptocurrency mining space of Samsung has some ramifications for the mining community.

It also signals the arrival of the mainstream, as well as a global electronic conglomerate to the cryptocurrency market space.

Samsung has also proved itself as one of the top global procedures of high-quality electronics, and it is looking like that its ASIC chips will be highly efficient and powerful too.

A lot of mainstream tech firms may consider following suit-given the massive demand for ASIC mining units around the world.

A person only wants to look at the demand for Bitmain’s first flagship 59 Antminers.

Some batches from recently launched on its website have sold out within minutes-highlighting the voracious appetite for quality ASIC miners.

A household name like Samsung will further legitimize cryptocurrency mining as a viable business venture.

While almost certainly it will be a revenue booster for Samsung, the company shied away from making any financial predictions on its new venture.

The true tester will be that mining community’s feedback once the new chips are launched.

According to the suggestions of some reports, mass production of the chips will start this month, while Samsung is said to develop GPU mining chips that will be centered on altcoin mining algorithms.

This could be a benefit for Ethereum miners in particular, but further announcements will also be needed to provide clarity there.

Samsung is also said to be producing chips for the Chinese market first and foremost, so it is not clear when the rest of the world will have access to Samsung-powered ASIC miners.

LEAVE A REPLY

Please enter your comment!
Please enter your name here