Samsung has reportedly kicked off the manufacturing phase for ASIC (application-specific integrated circuit) hardware intended for Bitcoin and cryptocurrency mining. According to a new report from online news outlet The Bell, the South Korean tech giant is set to begin mass production of the Bitcoin and cryptocurrency mining hardware by the end of this month.
The move is allegedly part of Samsung's deal with Taiwan Semiconductor Manufacturing Company (TSMC), a Taiwanese mining equipment provider which ordered the hardware product from the South Korean company. Samsung will serve as a foundry operator under the contract and the Taiwanese company will then sell these chips. It remains unclear, though, to which countries the chips will be shipped, though it's likely coming first to China.
It's worth pointing out that this is not the first time that Samsung showed interest in the cryptocurrency mining space. In October last year, the company announced that its 8nm FinFET process, 8LLP, formally achieved production-ready status. The new process will especially benefit semiconductors that are aimed at networking, cryptocurrency, mobile applications, and other use cases.
It remains to be seen, however, whether or not the deal will drive revenue growth for Samsung's foundry business, especially at a time when the values of Bitcoin and other cryptocurrencies are recording sharp declines. A couple of weeks ago, Bitcoin dropped to $10,000, which accounted for an approximate loss of 48% compared to its previous all-time high value of $19,500.