tiptrot.com
tiptrot.com July 17, 2018


Samsung to make cryptocurrency mining chips

02 February 2018, 11:35 | Deanna Wagner

Surging Samsung Electronics Takes Intel's Chipmaking Crown

Bitcoin mining

The disclosure was made in Samsung's latest earnings report, in which the company also said that it had overtaken Intel to become the world's biggest chipmaker previous year.

On announcing its fourth quarter revenue, the South Korean company confirmed a long-suspected rumour that it is starting to produce chips designed for the sector.

Analysts expect display profits to grow this year thanks to Samsung's sales of organic light-emitting diode screens for Apple iPhones as well as Samsung's own handsets.

Samsung hasrevealed for the first time that it is specifically making chips to harvest crypto-currency coins.

Its shares also jumped almost nine per cent after the company revealed that it was splitting its stock 50-to-1. The company reported revenue of 240 trillion won ($224 billion) for 2017. Samsung's semiconductor division has already helped increase profits and boost shares, the company said.

Mining is a profitable business, and it's no wonder that Samsung, the world's largest chip maker as of Jan 31, 2018, is looking to enter the space.


Kim Kyung-Min at Daeshin Securities said the fourth quarter results were slightly lower than market expectations, with sales projected to be 66 trillion won and operating profit at 15.8 trillion won.

Reports indicate that in December 2017, Samsung inked a deal with Russian based bitcoin miner, Baikal, to supply ASICs.

Samsung declined to comment on who its main customers are for cryptocurrency mining chips. In addition, on February 25, Samsung is expected to release the new smartphone the Galaxy S9. The mobile division did not do as well in the fourth quarter, because it suffered a small operational loss, particularly because Samsung spent a lot more to market its smartphones.

Samsung's display business, which supplies Apple with OLED screens, reported a 1.4 trillion won profit in the fourth quarter, up 5 percent from the same period past year.

Samsung spent a record 43.4 trillion won in capital expenditure past year to boost production of memory chips and organic light-emitting diode (OLED) screens.



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