Bitcoin Mining Chips Launched By Samsung

The company Samsung has started producing bitcoin mining chips cooperating with unidentified Chinese mining company. This news was reported yesterday by South Korean journal The Bell.

This month the company Samsung started producing chips called ASICs (application-specific integrated circuits) for distribution by the Chinese firm.

The rumors about Samsung’s new program came from last October, when the company launched a bitcoin mining rig from old Android smartphones at U.S. developer’s conference.

The reports have been somewhat contradictory, and it is unclear if the company has multiple partnerships in the works. In December, The Investor – another South Korean news outlet – reported that Samsung had partnered with a Russian bitcoin mining company called Baikal to produce ASICs, the production of which was also set to commence in January.

In case of confirmation, the company’s involvement in mining will bring serious competition to the existing industry leader Bitmain, which is based in China. It holds over 70 % of market share.