South Korea’s largest conglomerate – Samsung – has finally entered the cryptocurrency business. It has begun the mass production of cryptocurrency mining hardware, especially ASIC chips.
As reported by Korean daily The Bell, Samsung has entered into a contract with an unnamed Chinese cryptocurrency mining equipment distributor, and will initially supply all its chips to this sole distributor.
Samsung, which is one of the largest chip manufacturers in the world, has already finished the development stage and reportedly started manufacturing on January 29th.
ASIC chips are in huge demand in China, home of the Bitcoin mining industry. These chips are specially designed for Bitcoin mining. In the long run, Samsung is also planning to manufacture GPUs which are efficient in mining small cryptocurrencies.
For now, Samsung will focus on a single market, but it has plans to expand its mining equipment business to the markets of Japan and South Korea, where the demand is also high.
Source: Finance Magnates
Trader Bozhidar Arabadzhiev
Original post: Samsung Enters Bitcoin Mining Industry with New Mining Hardware
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.