Samsung working on dedicated chips aimed for cryptocurrency mining; can used to mine bitcoin, ethereum and others

Samsung has confirmed that it is working on a new chip that will be designed to mine cryptocurrencies such as bitcoin and ethereum.[caption id="attachment_4244609" align="alignleft" width="380"] The logo of Samsung Electronics. Reuters[/caption]The company is working on Application-specific circuit chips (ASICs) that are designed to do one repetitive task over and over again with a much higher efficiency than the normal chips.The company added that its foundry business is engaged in manufacturing these chips but it refused to provide any more details about these new chipsets as reported by TechCrunch, the company added that these ASIC chips can be used to mine Bitcoin, Ethereum or any other cryptocurrencies. This could hint at the fact that these ASIC chips could be reprogrammable.According to the report, the company has teamed up with an unknown Chinese distribution partner. This move will push the company into the ASIC industry where Bitmain and Canaan Creative dominate heavily. It is not clear on why Samsung has decided to enter this market but this sure makes the company, the first big name to enter into mining hardware.[caption id="attachment_4215451" align="alignnone" width="1280"] A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017. Picture taken October 26, 2017. REUTERS/Dado Ruvic - RC1E130E5300[/caption]This will push the dominating players to innovate in the space and make more improved chipsets. This comes months after the company showcased a bitcoin mining rig made from 40 old Samsung Galaxy 5 devices.