Samsung has officially entered the crypto game with the release of new mining hardware that targets the thriving Chinese market.
The company is dipping its toe in the water with mass produced cryptocurrency mining hardware in the form of ASIC chips – a move especially notable for the the company’s status as South Korea‘s largest conglomerate.
Korean paper The Bell (via Finance Magnates) reports that Samsung has entered into a contract with an unnamed Chinese company. The firm distributes cryptocurrency mining equipment, and will supply chips to the Samsung.
A spokesperson said: “Samsung is operating a foundrry 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.”