Samsung and Squire Partner to Build ASIC Crypto Mining Chips

By Shikha Last updated Nov 6, 2018

Samsung has made its entrance into the decentralized market through its partnership with the Canadian mining firm, Squire Mining limited. The duo will be manufacturing ASIC chips which will, in turn, be used for the mining of Crypto tokens.

Samsung is Moving Towards Decentralized Network

This move by Samsung who is a giant centralised technology company is deemed a significant push forward for the cryptocurrency community. To show that it is truly invested in moving towards the decentralized network, Samsung has confirmed that a design house has been established in South Korea. The design house is where the mass production of the crypto mining chips will be taking place. With the close proximity of the design house to Samsung’s main headquarter, technical experts from the tech giant will be able to provide direct oversight of the operations within the design house.

Earlier this year, it was announced that Samsung has so far out lead Intel to become the number one producer of chips in the world. Although the chips used in mining are different from the ones will find in mobiles or computer and they are referred to as ASIC (Application-Specific Integrated Circuit), Samsung experience with chips productions would surely help the course of this project.

What are ASIC Chips

ASIC chips are practically a random access memory chip which is small in size, have computation power enhancing capabilities and lower power consumption. All these features make the ASIC chips perfect for cryptocurrency mining, which is a power-hungry (Electricity) process on its own.

With many mining companies and individuals flocking towards buying more miners in anticipation of a bitcoin price jump, the business venture Samsung is currently exploring is likely to yield fruitful results.

Samsung is expected to face competition from other top ASIC chips manufacturer like; Bitmain, who already announced that it would soon launch a next-generation ASIC chip that would mine faster, and would consume less power.