Samsung confirms making chips for mining bitcoin and other cryptocurrency

02 February, 2018, 10:33 | Author: Natasha Holloway
  • Samsung jumps on cryptocurrency bandwagon as giant reveals plans to create mining chips

Samsung Electronics Co. said Wednesday that its board of directors has approved a 50:1 stock split due to record highs in sales and operating profits in the fourth quarter on rising chip demand.

The firm's largesse has encouraged investors to hold shares despite concerns that the memory business may be peaking.

Korean technology company Samsung's fourth quarter resulted in a record profit, mainly thanks its chip division, where prices remain sky high.

Samsung's move into the bitcoin mining space will undoubtedly bring serious competition to China-based Bitmain, which claims to hold over 70 percent of the market share and uses ASICS from Taiwanese manufacturer TSMC.

In further good news for shareholders, Samsung eased concerns that the huge expansion in the global semiconductor business may be tapering off, saying the outlook for 2018 remained strong.

It is also anticipating strong demand for its new Galaxy S9 smartphone, which will be revealed on February 29.

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Samsung said it expected DRAM and NAND flash chip shipments to grow on-year by about 20 percent and 40 percent respectively in 2018.

Overall, the company reported full-year revenue of KRW 239.58 trillion (roughly 276.7 billion AUD) and full-year operating profit of KRW 53.65 trillion (roughly 62 billion AUD).

Cryptocurrencies are digital currencies that use encryption techniques for security and can be traded.

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.

It is now unclear where Samsung is expected to fit into the expanding cryptocurrency market.

The growing popularity of cryptocurrencies in South Korea has led to the involvement of more traditional companies, including some of their biggest online shopping malls which are to start accepting crypto-payments. Samsung's components division has been a veritable cash cow this past year. Samsung said it expects its Foundry arm to be "number two" in the business. It has been several years since Samsung posted a record full-year profit.

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