samsung is making asic cryptocurrency mining chips for halong mining

The World will now know the planet’s biggest Chipsets seller following a confirmation by Samsung that it has started producing Application Specific Integrated Circuit (ASIC) chips which are used to mine bitcoin, ether and other cryptocurrencies.

Last year rumors were rife that Samsung was manufacturing ASIC cryptocurrency mining chips for supply to an unnamed company. Samsung has been tight-lipped regarding their customers, declining to divulge any more details up until now when it has been revealed that the company is Halong Mining.

Halong Mining is a little known upstart mining hardware manufacturer whose first miner, the Dragonmint T1 is the most efficient miner on the market, better in performance than the popular Bitmain’s Antminer S9. Although its first miner was announced last year, it started shipping to customers only recently. CCN first reported news about Samsung producing ASIC Chips for Halong Limited, with more bits about the development by one mining rig distributor, MyRig.

The tech giant already manufactures high-capacity memory chips for GPUs for mining purposes and are conveniently deployed to handle graphics on computers.

About The ASIC Cryptocurrency Mining Chips

Korean reports had earlier claimed that Samsung had made the move in collaboration with an undisclosed Chinese distribution partner, now identified as Halong Mining, a major action that brings major competition to the ASIC space by big-name companies. The ASIC space has for a long time been dominated by Canaan Creative and China owned Bitmain, both known to work with TSMC-the Taiwanese giant. TSMC is known to have already impressive three-monthly revenues but the move has created a crypto explosion with an increase of $350-$400 million.

Halong Limited has had its mining hardware endorsed by someone in the Slush Pool as a reliable mining block. The hardware achieves its mining efficiency through AsicBoost, a technological upgrade. However, the co-owner of Bitcoin.org and BitcoinTalk- Cobra-Bitcoin expresses his reservations.He believes that Halong Mining is a scam and that Halong’s first miner is just a rebranded device.

Samsung is seen to rival TSMC in the near future for consideration of big-name companies in the business of building and selling finished mining product in the market. Samsung has the option of making the hardware itself or bringing in new partners. How the move impacts the equation is yet to be seen.

All in all, if Samsung is supplying ASIC cryptocurrency mining chips to Halong Limited, it is expected that only some major business for crypto can have a noticeable impact on the tech giant’s bottom line. Nevertheless, Samsung can quite easily accommodate consumer demand as it has the muscle to scale up its ASIC chip production.

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