Samsung has confirmed it is now manufacturing specialized cryptocurrency mining chips after reports to that effect surfaced this week.
A company spokesperson has since told:
“Samsung’s foundry business is currently engaged in the manufacturing cryptocurrency mining chips.”
The South Korean tech giant, however, did not provide any details on its customers or the chips.
Still, in its recent fourth quarter and fiscal year 2017 results report, Samsung talked about the growing demand for cryptocurrency mining, stating that in 2018 it will provide 8nm and 11nm processors to meet market needs, as well as start a “risk production” of 7nm chips.
Samsung’s move into the cryptocurrency mining space will undoubtedly bring serious competition to China-based Bitmain, which claims to hold over 70 percent of the market share and uses ASICS from Taiwanese manufacturer TSMC.