Samsung is making sure it doesn't miss out on the cryptocurrency craze.
Asic chips are created to carry out a single task, which in this case is mining. Until 2013, they were more commonly associated with the TV industry.
The spike in prices of bitcoin and other cryptocurrencies over the past year has driven up interest in mining them. This has led to miners moving on from using standard integrated graphics cards to GPUs designed for gaming, and now to specially built ASICs.
"Samsung's foundry business is now engaged in the manufacturing of cryptocurrency mining chips", the company told TC without disclosing any further details.
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A spokesperson for Samsung told Korean paper The Bell that the project is "in the beginning stage so the proportion of profits from the overall foundry business is small yet".
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Kwon Yong Choi, the vice president of Samsung's display unit, brushed off reports that it would be affected by Apple reducing its orders for the pointless iPhone X saying the screen business was not dependent on any one client.
Samsung Electronics Co. just knocked Intel off its perch as the world's biggest chipmaker by revenue, a spot the US company has held since 1992.
Samsung is also getting in on the cryptocurrency business just like everyone else.
"Looking at the mid-to-long term, Samsung expects the components business to see demand expand from new applications", the company said in a statement.
Reports indicate that in December 2017, Samsung inked a deal with Russian based bitcoin miner, Baikal, to supply ASICs.