Samsung has confirmed in its latest earnings report that it has entered the bitcoin mining hardware market and is making Application Specific Integrated Circuit (ASIC) chips that has been designed specifically to harvest cryptocurrencies like bitcoin, ether and others.
Samsung said that this will help the company to amplify its profits. According to report, it is confirmed that last year Samsung has surpassed Intel to become the biggest chipmaker.
The company has already started manufacturing ASIC chips for a Chinese client earlier this January.
A spokesperson from the South Korean based company told TechCrunch: “Samsung’s foundry business is currently engaged in the manufacturing of cryptocurrency mining chips. However we are unable to disclose further details regarding our customers.”
According to The Verge, these ASIC chips are suited more for single computational task over multipurpose computing.