Samsung to produce mining rigs

Reports coming from South Korea tell about a grand deal just signed in this country. One of the participants is none other than Samsung Electronics, and the second party is the Chinese company related to mining. The terms of the deal tell that Samsung would produce ASICs, or Application Specific Integrated Circuits, and supply them to a “virtual money mining company in China”.

This move by Samsung, if profitable, might inspire some other electronic giants due to the fact that someone else tried first and didn’t fail, therefore the production will be worth it. As observers note, however, the share of this production in the business of Samsung will not be big.

The cryptocurrency community, as seen from the social media, notes the benefits of possible increase of competitiveness on the ASIC production market and hopes for more traditional companies joining Samsung in this field. Bitmain, the Beijing-based company, was a monopolist long enough, note the observers.

Samsung (Yes Samsung) has entered production phase 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.https://t.co/66fwxozEVP

— Joseph Young (@iamjosephyoung) January 30, 2018

While mining rigs consist of video cards, NVidia decided to stay out of mining business, as noted in one of our previous reports on mining tools.