When year 2018 started, Samsung extended its operations and started manufacturing ASIC chips to help bitcoin miners work easily and efficiently. Their calculated move has paid off immensely. Samsung was successful in its first quarter in terms of operating income.
Samsung’s huge revenue and cryptocurrency mining
Samsung manufactured and supplied the chips amid strong demand in the market. On 31st March 2018, the organization had an operating income of fourteen billion dollars. The high revenue was contributed by selling memory chips. On 1st February 2018 The vice president of Samsung, noted that the total demand for graphic cards increased due to cryptocurrency mining and high graphic resolution in general.
Samsung’s new operation will be a bright spot due to an expansion in the supply level cryptocurrency mining chips and 10-nanometer processors. Samsung projects the second half of financial year 2018 to be better due to the new operation.
Competition among chip manufacturers
Samsung is competing with an organization named Taiwan Semi in the production and supply of ASIC chips being used in mining bitcoin. Taiwan Semi’s operations involve supplying these products to other mining giants such as Canaan Creative and Bit main. This market’s revenue increased the quarterly sales of ASIC chip makers by approximately three hundred and fifty million to four hundred and fifty million. Due to the aggressive competition, Samsung has kept its revenue details closed for now.