Samsung has confirmed that it’s begun manufacturing ASIC chips which are utilised to mine cryptocurrencies like Bitcoin, Ethereum among others. This confirmation follows Reports from South Korea that hinted towards this growth. Even though Samsung hasn’t commented on the clients of those processors, reports assert that it’s partnered with Chinese Bitcoin hardware manufacturers and the mass production is set to start soon. Based on a report by TechCrunch, Samsung’s foundry business has begun development on Application Specific Integrated Circuit processors which will be utilised at the process of production cryptocurrency chips. Samsung business is presently engaged in the production of cryptocurrency mining processors.

However we’re unable to disclose more details about our clients, company spokesman said TechCrunch. Currently, Canaan Creative and China’s Bitmain dominates this space, with both firms partnering with Taiwanese chip manufacturer TSMC. A QZ report notes cryptocurrency mining added more than $350 million revenue for TSMC in the last quarter. Mining cryptocurrency requires exceptionally energy efficient hardware, which may be made possible with the ASIC processors which Samsung is planning to take to market in the not too distant future. Firms engaged in large scale mining often use ASIC processors to make mining setups. It’s currently uncertain where Samsung is likely to fit in the expanding cryptocurrency marketplace.

But, it’ll surely give competition to TSMC with regards to manufacturing these custom chips. In addition, Samsung can add in greater competition if it is planning to make its own hardware, which it’s economically capable of carrying out. Samsung’s semiconductor business lately posted record profits. It’s still to be seen how important the foundry business will probably be in the large picture.