Samsung is making chips for cryptocurrency mining

Samsung is making chips for cryptocurrency mining

Samsung is making chips for cryptocurrency mining

The company said that it was on track to post its highest yearly operating profit ever as well as another record quarterly profit in Q4 2017.

Samsung Electronic's fourth quarter net profit reached £8.1billion which kept in line with analysts' expectations. Sales for the quarter also rose to KRW 65.98 trillion (£43bn). As expected, the company raked in record profits. Annual sales rose 19 percent to KRW 239.6 trillion (£157bn) from KRW 201.87 trillion (£132bn) in 2016.

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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The outlook for Samsung's smartphones is uncertain amid competition from Chinese rivals in markets like Europe and Asia, with the mobile division expected to show shipment growth of about 1-2 percent in 2018 versus 2017, said Tom Kang, research director at data provider Counterpoint.

Samsung has confirmed the news that it have overtook Intel making it the largest chipmaker past year. Whether Bitmain has now changed supplier and is contracting with Samsung, or whether it is another China based miner, is unclear.

The industry believes that the volume of orders by major graphics processing unit (GPU) fabless firms, including NVIDIA which has been consigned the production of its products to Samsung Electronics' foundry division for a long time, has greatly increased due to the recent surge in demand for cryptocurrency diggers.

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Samsung has provided little information about its new crypto-currency business, although it did make the following statement in its earning release. On Tuesday, Samsung reported 2017 chip sales of $69 billion, blowing past Intel's $63 billion from previous year.

Samsung declined to comment on who its main customers are for cryptocurrency mining chips.

Samsung is known for manufacturing chipsets - just look at its Exynos chips in Galaxy smartphones - and it seems the South Korean giant wants to cash in on the current cryptocurrency craze.

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