Samsung Starts Producing ASIC Cryptocurrency Mining Hardware

It seems that Bitmain may have a strong competitor for the ASIC mining hardware that produces. Samsung, one of the largest companies in South Korea, has decided to manufacture cryptocurrency mining equipment. In this way, it could be the first real competitor for Bitmain. The information was provided by the local news outlet ‘The Bell.’

Samsung Mining Hardware Equipment

Apparently, Samsung will be supplying a Chinnese mining equipment provider with specialized hardware starting as soon as the end of January. The Chinese company will be the one that will distribute the chips.

This is not the first time that Samsung tries to show interest for the cryptocurrency mining world. In October, the company built a mining rig entirely with Galaxy S5 smart phones. After this information, Samsung signed an agreement with a Russian mining hardware firm known as Baikal which would see Samsung supply them with ASIC chips.

Joseph Young, a financial and cryptocurrency analyst, has commented on Twitter about this information

“Samsung (Yes Samsung) has entered production of ASIC miners and mining equipment specialized for bitcoin and cryptocurrency mining. This is unprecedented. I believe this would provide Bitmain its first real competitor.”

This is not the only information that we have at the moment. The article also says that Samsung will also produce GPU miners, targeting small cryptocurrencies. It is clear that Samsung has no problem to conduct these operations. It can handle an important amount of requests due to the size of their plants and the capability they have.

The Taiwanese operator TSMC is the only major semi-conductor manufacturing firm that works with Bitmain. Samsung will be an interesting competitor in a market that is highly concentrated.

Hwang Min-seong, an analyst at Samsung Securities told local media about the company’s intention with these new products.

“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.”