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Samsung confirms its making cryptocurrency mining chips

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Published on 07 Oct 2018 / In Cryptocurrency

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RESTRICTIONS: Broadcast: NO USE JAPAN, NO USE TAIWAN Digital: NO USE JAPAN, NO USE TAIWAN
Samsung Electronics has made a chip designed to specifically mine for cryptocurrency.


The company made the disclosure in its latest earnings report, the BBC reported.


Samsung's foundry business is manufacturing an Application Specific Integrated Circuit (ASIC), which is a specialized processor custom-designed to mine for cryptocurrency.


Mining refers to the solving of complex mathematical equations as a way to verify cryptocurrency transactions. People who use their computers to mine are given digital coins in exchange.

Korean media claims the company made the move as a joint venture with an unnamed Chinese distribution firm, according to TechCrunch.


Samsung already produces high-capacity memory chips for GPUs (graphics processing unit), which are used for computer graphics but are also used to mine cryptocurrency.

According to Korean paper The Bell, the tech giant began mass producing the chip earlier this month.


RUNDOWN SHOWS:
1. Chip manufacturing lab producing ASIC chips
2. Cryptocurrency mining
3. Cryptocurrency miners are rewarded with digital coins
4. Chip manufacturing lab


VOICEOVER (in English):
"Samsung is manufacturing an Application Specific Integrated Circuit (ASIC), which is a custom-designed processor with the single task of mining for cryptocurrency."


"Mining refers to the solving of complex mathematical equations as a way to verify cryptocurrency transactions."


"People who use their computers to mine are given digital coins in exchange."

"According to Korean media, Samsung began mass-producing the ASIC chips earlier this month."


SOURCES: BBC, TechCrunch
http://www.bbc.com/news/technology-42892380
https://techcrunch.com/2018/01..../31/samsung-confirms


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