Korea’s Samsung Electronics Partners with Canadian Companies in Manufacturing ASIC Chips for Cryptocurrency Mining

Korea’s Samsung Electronics has partnered with Squire Mining in Canada to manufacture ASIC chips for cryptocurrency mining.

Gaonchips Corp. designs circuits for application specific integrated circuits (ASICs), and Samsung Electronics is responsible for providing foundry services for its mass production.

Samsung announced in May that increased demand for ASIC chips contributed to a 73% increase of its consolidated revenue in the first quarter of 2018. The price of Bitcoin going over $10,000 also had an effect.

The price of the current cryptocurrency market has dropped by 70 to 80% compared to its peak. Bitmain, the largest manufacturer of mining equipment, has posted a net loss of about 400 million dollars (about 44 billion yen) in the second quarter of 2018, according to a survey of the cryptocurrency exchange Bitmex. However, it recently announced a new mining chip, BM 1391, with 7 nm FinFET. Its competitor, Ebang Communication, also just released new mining equipment with a hash rate of up to 44 TH / s (Terahash).

Squier commented on release with the following.

“Our front-end development team, engineers, and programmers are now developing Squier’s first ASIC chips with Gaonchips Corp. Bitcoin, Bitcoin Cash, and other related currencies will be mined. “