Samsung Joins Bitcoin Mining Fray

Samsung Joins Bitcoin Mining Fray
Samsung's new crypto-currency mining chip should be cheaper and more efficient that existing GPUs.

(CCM) — Samsung has started making microchips which have been designed specifically to mine Bitcoins and other crypto-currencies, the BBC is reporting.

Most people who run computers to mine crypto-currencies use graphics processing unit (GPU) cards to carry out the complex mathematical operations involved, but this has led to a shortage of high-end GPU cards, pushing their prices up, according to the report.

An application-specific integrated circuit (ASIC) such as the one Samsung is producing may be able to mine crypto currencies faster, and consume less power, while costing less than a GPU. However, unlike a GPU, an ASIC cannot be put to other uses if the owner decides to stop mining crypto-currencies.

Samsung's crypto-currency ASIC may have arrived on the scene too late to be purchased in large numbers, because the Bitcoin bubble has been pricked. The crypto-currency's value trebled from mid-November 2017 to a peak of more than $19,300 in mid-December 2017, but has since halved in value to less than $9,500.

Samsung confirmed in its latest earning report that it has overtaken Intel to become the world's biggest chip maker. It also forecast strong demand for its new Galaxy S9 smartphone, which will be unveiled later this month.

Image: © Kobby Dagan -