South Korean electronics giant Samsung has begun manufacturing ASIC hardware geared to cryptocurrency mining in a Chinese partnership.
Samsung Edges In On Bitmain
That’s according to a report in local news outlet The Bell, which on Monday stated the deal with Taiwanese operator TSMC Taiwan was already resulting in “mass production.”
The move would constitute the second major step into the mining sector by a global multinational this month after Eastman Kodak announced a surprising but highly-criticized scheme several weeks ago.
Samsung would also join the turbulent race to cement positions on cryptocurrency in South Korea, news of a major deal between exchange Bithumb and e-commerce platform WeMakePrice coming the same day as the company’s announcement.
According to the Bell, sources confirmed the partnership, with analysts suggesting it was premature to consider profitability increases.
Nonetheless, TSMC’s position as a supplier to market giant Bitmain could see the Samsung move provide a much-needed dose of competition in mining.
Forget 40 Upcycled Smartphones
In late October, Samsung hinted at its interest in cryptocurrency mining with the unveiling of an altogether more experimental product at its San Francisco developer conference.
A ‘rig’ comprising forty repurposed Galaxy S5 smartphones and other products was described as “innovative” to Vice while at the time remaining something of an understated contribution to the industry.
“This innovative platform provides an environmentally responsible way for old Galaxy mobile devices to breathe new life, providing new possibilities and potential extended value for devices that might otherwise be forgotten in desk drawers or discarded,” a spokesman told the publication at the time.
2018’s other major mining announcement from Kodak meanwhile appeared to fail in its bid to create the desired buzz from the industry.
Its two-year contract attracted as much negative publicity as the hardware itself, commentators noting the mathematics employed by the company would end up losing customers revenue.
Nevertheless, shares in the embattled electronics manufacturer jumped following the announcement at CES Las Vegas, despite one journalist describing it as “the dumbest thing he had seen” at the technology event.
What do you think about the Samsung mining move? Let us know in the comments below!
Images courtesy of Shutterstock
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