The Samsung tech giants would enter the world of cryptocurrency in a move that has positive ramifications for miners in general

The South Korean conglomerate The Bell will produce application-specific integrated circuit processing chips (ASICs) in its own foundry under an agreement with the Taiwanese manufacturer TSMC. Ironically, TSMC supplies the ASIC chips used in the Bitmain Antminers, but its new partnership with Samsung may well be the first real competitor of Bitmain chip manufacturing companies.

long held the monopoly of the mining community. After developing ASIC chips, Bitmain quickly toppled the Bitcoin mining game

The ASIC miners, which are very efficient at solving the SHA256 algorithm used to confirm transactions on the Bitcoin blockchain, outperform the GPUs traditional. minors and their existing graphics cards out of the market.

With its own mining farms powered by its own home, ASIC Antminers, Bitmain has become a bit of a black sheep in the mining community because of its 29% dominance of global hash power across its Antpool mining basins and BTC.com

The big dogs enter the mining

The incursion of Samsung into the cryptocurrency mining area has a number of ramifications for the mining community. It signals the arrival of a global electronic conglomerate, general public, in the cryptocurrency space. Samsung has established itself as one of the world's leading producers of high quality electronics, and it seems likely that its ASIC chips will be very efficient and powerful.

A number of large technology companies might consider following massive demand for ASIC mining units around the world. Just look at the application for the S9 Antminers from Bitmain. The recent batches launched on his website have been sold in minutes – highlighting the voracious appetite for quality ASIC minors.

A familiar name like Samsung further legitimizes the use of cryptocurrency as a viable business. Although this will certainly be a boost for Samsung, the company has been hesitant to make financial predictions about its new venture. The real tester will be the reaction of the mining community once the new chips are launched.

Reports suggest that mass production of chips began in January 2018, while Samsung would develop GPU mining chips that will focus on altcoin mining algorithms. This could be a boon for Ethereum miners in particular, but other announcements will be needed to clarify things.

Samsung would produce chips for the Chinese market first and foremost, so we do not know when the rest of the world will have access to ASIC miners powered by Samsung.