Even Samsung is jumping onto the cryptocurrency bandwagon now

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Cryptocurrency is all the rage these days. It’s the modern-day California Gold Rush with miners rushing to grab as many coins as possible to build their fortunes. As a result, the demand for GPU’s has skyrocketed, which has hurt PC gamers heavily. Yet, there are no signs of this tale ending anytime soon. And now there’s a new player entering the fray: Samsung.

Samsung is entering the cryptocurrency world
Samsung is entering the cryptocurrency world

According to a recently reported deal, Samsung has begun manufacturing hardware specialized for cryptocurrency mining. To be precise, it has begun manufacturing ASIC (application-specific integrated circuit) chips. The deal would see the company supply this hardware to an unnamed Chinese mining equipment provider. The Chinese-based partner would then distribute these chips.

Samsung is also expected to be ready to start mass production soon. Furthermore, the company stated in its Q4 earnings report that it is expecting great demand from cryptocurrency mining chips. As such, it would serve as a foundry that manufactures the chips. Meanwhile, other companies would distribute the chips to miners.

Of course, this isn’t the first time Samsung has explored cryptocurrency mining. Previously, the company built a mining rig using 40 old Galaxy S5 phones. This was a part of its upcycling initiative where the devices mined bitcoin using a new operating system. A few months later, the company signed an agreement with Bitcoin mining firm Baikal, which is based in Russia.

Samsung cryptocurrency mining rig using Galaxy S5 Phones
The mining rig using Galaxy S5 Phones

Of course, Samsung isn’t the only one exploring possibilities of manufacturing hardware for cryptocurrency mining. There’s also Kodak, which hasn’t garnered as much interest. Nonetheless, the news of Samsung entering the mining hardware space is likely to stir things up.

As such, it would encourage the company’s new competitors like Canaan Creative to step things up. Either way, it looks like the cryptocurrency rush will continue. And with that, the price of the GPU for your next gaming PC is still likely to leave a huge hole in your wallet.

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