SAMSUNG – Cashing On Bitcoin Mining!

With the increasing demand for crypto asset trade and cryptocurrency/ Bitcoin mining, major tech companies are interested in engaging themselves in whatever possible way to blockchain technology.

With the increasing demand for crypto asset trade and cryptocurrency/ Bitcoin mining, major tech companies are interested in engaging themselves in whatever possible way to blockchain technology. Samsung is the latest to the list, announcing a deal to manufacture ASIC mining hardware with Taiwanese manufacturer TSMC. Bulk production of the ASIC chip for Bitcoin & Litecoin.

 

Investors mine bitcoin and other cryptocurrencies by using computers and machines to solve complex math puzzles. Those computers increasingly require more efficient chips to power them. An ASIC chip – Application-Specific Integrated Circuit, is tailor-made to perform a specific task as efficiently as possible and specifically designed to mine cryptocurrencies only based on a specific hashing algorithm, such as SHA256 or Scrypt (Bitcoin and Litecoin’s respective algorithms). It makes up part of a crypto mining device. ASIC chips are already available on the market and now Samsung is surely providing some serious competition of these chips.

 

The cryptocurrency mining hardware market is presently lead by Bitmain, a Chinese company which also runs the mining pools Antpool and BTC.com. The two pools are dominating the bitcoin mining landscape, contributing a combined 42.61% of Bitcoin’s hash rate till today. Bitmain’s signature miners like Antminer S9, Antminer L3+, and Antminer D3 are available at Block Labs at competitive rates with remote management.

 

Bitmain’s main ASIC chip supplier is TSMC (Taiwan Semiconductor Manufacturing Company). The spike in prices of bitcoin and other cryptocurrencies over the past year has motivated the interest in mining them. Bitcoin is currently trading near $7,500, nearly 8 times its price this time last year.

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