Samsung to join the Cryptocurrency Craze

Well known Mining Conglomerates, Bitmain and Canaan Creative, are about to be given a run for their money as Samsung has announced it will join in the mining game. Yesterday Samsung confirmed that it will begin manufacturing ASIC (Application Specific Integrated Chips) chips which will be used in cryptocurrency mining specific equipment. These will be used to run mining nodes on the networks that run block chains behind many of the well known cryptocurrencies.“Samsung’s foundry business is currently engaged in the manufacturing of cryptocurrency mining chips. However, we are unable to disclose further details regarding our customers.” a company spokesperson was quoted.Bitmain and Canaan Creative produce mining equipment and are partnered with TSMC. TSMC will be the direct competition for Samsung. If Samsung decide to manufacture the miners themselves or bring on new partnerships then this could break the stronghold Bitmain has on the miners market.This news has followed reports from Korean media which state that Samsung has collaborated with an unnamed Chinese distribution partner.Samsung has seen a large portion of the graphics cards it already has involvement in being sold primarily for mining purposes. This would show the large demand for ASIC chips, thus explaining this unusual course for the Korean technology giant. Samsung has a majority of sales in the technology involved with its phones and TV’s and has just recently overtaken Intel as the largest chip manufacturer in the world. Should this project prove successful then this could solidify the company’s stake in the silicon valley.In addition this could relieve the stress currently placed on GPUs and lower both their price as well as the price of ASIC miners.Joshua has been investing and trading in fiat currencies for a since 2013. he has recently moved into the crypto world spreading his portfolio over long term coin investments, ICOs and day trading.