Samsung mining chips endeavor proves profitable

Reports suggest that the intentions of Samsung to produce mining chips were not a waste of time and resources, as the first quarter of 2018 was profitable for the corporation partly thanks to digital currency mining chips production.

This has been directly mentioned by Robert M. Yi, the company’s VP responsible for investor relations, in the conference call regarding the financial state of Samsung. The information is additionally confirmed by financial media correspondents.

As a reminder, Samsung has made a choice to produce mining chips for a Chinese mining company, and this has become known to public at the end of January 2018. Observers welcomed the news because they think that Bitmain’s devices and the company itself needs a competitor.

The Vice President of Samsung also mentions other factors of the company’s growth, including smartphones and servers. This means that mining tools are not the single source of income of Samsung in Q1 2018. However, the corporation managers predict the further rise of demand for mining chips in Q2, while the demand for Foundry and LSI businesses related to smartphones may decrease.

Image: theabujatimes.com