Samsung starts mass production of chips designed for cryptocurrency mining

Surging Samsung Electronics Takes Intel's Chipmaking Crown

Surging Samsung Electronics Takes Intel's Chipmaking Crown

Samsung is the latest company to jump onto the cryptocurrency bandwagon according to a new report by The Bell.

The South Korean chip giant has revealed it will begin building ASIC chips specifically designed for mining cryptocurrency.

While the profit was expected, the firm's shares surged more than 8 percent after it unveiled the stock split.

Analysts expect display profits to grow this year thanks to Samsung's sales of organic light-emitting diode screens for Apple iPhones as well as Samsung's own handsets.

Right now ASIC miners are incredibly expensive and the fact that they can often only mine coins from a specific chain makes them far less attractive to those looking to get their hands on some sweet sweet crypto.

Net profit came to 12.25 trillion won (US$11.4 billion) in the October-December period, compared with 7.08 trillion won a year earlier, the company said in a regulatory filing.

The executive also added that Samsung's display business "will not be affected much a certain customer".

See what the super blue blood moon will look like
Global map showing areas of the world that will experience (weather permitting) the January 31, 2018 "super blue blood moon ". People in western Kentucky will just be able to see the total lunar eclipse as the moon sets on the horizon.

Samsung's mobile division, which competes with Apple Inc, reported operating profit of 2.4 trillion won in the fourth quarter, down 3 percent from the previous corresponding quarter.

Its shares also jumped almost nine per cent after the company revealed that it was splitting its stock 50-to-1.

The launch of the Galaxy S9 flagship smartphone next month should minimize any off-season weakness in demand during the first quarter, the company said.

Currently, the company is focusing on manufacturing of crypto-currency mining chips. Samsung was going to make a lot of money off of the iPhone X as its the sole supplier of OLED displays but even as reports of sluggish iPhone X sales surface, it's not anxious. And now, Samsung has ended Intel's reign after it posted its 2017 end of the year financials.

Samsung's existing chip products, which consist of high-capacity memory chips for GPUs, reportedly accounted for more than 60 percent of its 2017 operating revenue.

Samsung's display business reported a US$1.3 billion profit in the fourth quarter, up from US$1.2 billion in the same period a year ago.

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