Samsung enters bitcoin mining hardware market

In January 2018, Samsung made a significant move into the cryptocurrency space by starting the production of ASIC (Application-Specific Integrated Circuit) chips designed for Bitcoin mining. This strategic venture was confirmed by Samsung on January 31, 2018, marking the company’s entry into the competitive ASIC manufacturing business.
 

Samsung’s ASIC chips were intended for use in mining hardware that solves complex mathematical problems to validate transactions on the Bitcoin network. The company’s foray into this market was seen as a direct challenge to the dominance of established players like China’s Bitmain and Canaan Creative, as well as Taiwan’s TSMC, which had been benefiting from the bitcoin boom.
 

The tech giant’s involvement in bitcoin mining hardware production was part of its broader foundry business, which manufactures chipsets for other companies. Samsung’s entry into the market was expected to diversify the supply chain of mining hardware and potentially lower costs due to increased competition.