Deal Will Supply ASIC Chips to Bitmain
Internationally known company in South Korea, Samsung, known for its electronics such as tablets, televisions and headphones has joined the cryptocurrency madness and they want in on the action. The company struck a deal that will supply Bitcoin. Mining to the hardware firm known as Bitmain.
The deal is being referred to as being quite simple. To summarize it best is this; Samsung will manufacture the application specific integrated circuit (ASIC) by way of semiconductors that are used for cryptocurrency mining. To start, Samsung will start to build the chip hardware and was expected to have started this in January 2018.
A publication in South Korea called, The Bell first reported this story and it was eluded to the fact that Samsung joined the ‘blockchain train’ by way of competing with a known Taiwanese competitor. However, the company is on thin ice since its own hardware reviews have returned negative reviews which allowed an opening for Samsung to jump in. It is expected that this move will help generate income to the company and help it move in an upward direction however, how far is unknown at this time.
Samsung Mining Equipment
In addition to the confirmation of Samsung getting on board, it has also been mentioned that they will be supplying mining equipment to Japan and the rest of South Korea. These assumptions are based on how popular the demand for cryptocurrencies in these regions have become.
And, this isn’t totally out of left field either. Samsung first announced their entrance on the scene in October 2017 when hey they released the upcycling mining rig for experimental purposes. Or, so the story goes. The technology introduced there, was similar to that in the Galaxy S5 cell phones.
Is the Goal to Save South Korean Crypto?
This, is unknown. However, over the past few weeks South Korea has definitely made it known where they have stood on bitcoin and other cryptocurrencies – and that hasn’t wavered from the uncertainty. At one point they were cracking down on the trading on the exchanges causing bitcoin to plummet below $10k which hadn’t been seen since ‘Red Tuesday’.
Samsung may be the answer South Korea needed at least from a manufacturing side. But, like anything only time will tell.