Samsung, one of the biggest phone makers in the world now has decided to dive into the crypto craze by creating and developing their own mining solution.
Samsung has formally confirmed their decision to come into the cryptocurrency mining business and the company is developing its own crypto-mining chips.
As – Samsung official says,
“Samsung’s foundry business is currently engaged in the manufacturing of Cryptocurrency mining chips. However, we are unable to disclose further details regarding our customers”
Samsung is one of the biggest chip-makers all around world and it was predictable to start manufacturing mining chips as well. However, the fact is Crypto-mining businesses are frequently money-making but need powerful computers.
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The step of entering into crypto world by making hardware for this purpose could make Samsung a hard competitor for the existing mining chips developers such as the Chinese companies Bitmain and Canaan.
The chips created by these companies are called application-specific integrated circuits, or ASICs – hardware which is particularly designed to perform a certain task, in this case, to mine cryptocurreny, including Bitcoin.
In starting, the process of crypto-mining was not as much complicated as it is now. Earlier, it could be done by almost any techie on his computer. However, nowadays the process has turned out to be truly resource intensive and needs ASICs to be managed effectively.
In the process, a number of connected computers answer some math problems associated to Blockchain based transactions. This powers Bit coin’s payment network while also offering the miner a small incentive for the transaction.
With a rise in the Cryptocurrency market and new investors moving in has amplified the time/resources requisite to mine Cryptocurrency.
Facebook and other companies are devising more ways to make cryptocurrencies more practical and functional in the future as the technology is anticipated to perk up further with the passage of time.