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This could be the most important event since the beginning of the year. According to local media, Samsung, one of the most important electronic companies in the world, has begun manufacturing ASIC hardware. This technology is used to mine cryptocurrencies like Bitcoin and Ethereum. With this announcement, Samsung will be the first real competitor to Bitmain, the most known cryptocurrency mining hardware producer.

Samsung Moves Into Cryptocurrency Mining

The largest South Korean company has partnered with a Chinese bitcoin mining equipment manufacturer in order to produce ASIC chips. The decision was taken one year ago and its expected to supply cryptocurrency mining hardware to the Chinese market. Later, the intention is to expand the supply to other regions or countries like South Korea or Japan.

It is important to mark that China is the country that hosts the most cryptocurrency miners on earth. We have written several times at CoinStaker why China is one of the places that miners choose to settle their operations.

A Samsung spokesperson has commented about the intentions of the company. According to the South Korean news outlet The Bell he said:

“Samsung is operating a foundry that supplies a Chinese cryptocurrency mining firm with mining equipment and ASIC chips. Since Samsung has just begun its cryptocurrency mining venture, it is unsure of the revenues it can generate from it.”

But Samsung will not only produce ASIC miners but also specialized GPU hardware for small cryptocurrencies. Furthermore, selling GPU miners, the price will also be more accessible for the general public. In addition to it, the production process will start in the next days.

Joseph Young, a known reporter and financial and cryptocurrency analyst has reported the information via Twitter. He said that this situation will provide Bitmain its first real competitor in the industry.

Good News for South Korea

Samsung is the most important company in the Asian country. This investment in cryptocurrency mining hardware is expected to increase the revenue of the company. The company will have to expand its venture internationally in order to see the revenue increase according to its expectations.

Another important information coming from South Korea today is that WeMakePrice, a South Korean Mall, is going to accept twelve different cryptocurrencies as a means of payment. That means that customers would have the option to pay with the cryptocurrency they use or like the most.

Besides that, the cryptocurrency exchange Bithumb is helping this Shopping Mall so as to receive the cryptocurrency payments. At the moment, the option is not available. The company will start to accept these payments as soon as the government will present the regulations to the cryptocurrency market.

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