Samsung has not announced any product branding of these chips nor introduced any specifications for them.
Samsung is making sure it doesn't miss out on the cryptocurrency craze.
Korean technology company Samsung's fourth quarter resulted in a record profit, mainly thanks its chip division, where prices remain sky high.
Asic chips are created to carry out a single task, which in this case is mining. Yes, this hardware will help you with mining for cryptocurrencies like Bitcoin and Ethereum. First, it was just Bitcoin that miners used to churn up by performing a series of complex calculations using graphic cards and now it looks like Samsung is going to take advantage of this market as well.
Samsung reported a record profit of US$32.9 billion in 2017, after more than doubling its profit on-year in the fourth quarter alone.
The company is said to have completed the process for the development of ASICs for bitcoin mining previous year.
Operating profit for the three months ended December rose 64 percent on year, in line with the company's forecast, to US$14.13 billion, Samsung said in a regulatory filing.
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The company says that a specific devision within its semiconductor business called Foundry will head up the project. Samsung said it expects its Foundry arm to be "number two" in the business.
This news comes after Samsung overtook Intel to become world's biggest seller of chipsets.
Samsung has confirmed it is now manufacturing bitcoin mining chips after reports to that effect surfaced this week.
In 2013, a New-York-based entrepreneur began selling processors custom-designed for bitcoin mining, promising better performance and lower energy use than graphic processing unit (GPU).
Given how useful specific GPUs are when it comes to cryptocurrency mining, many high-end PC graphics cards are hard to hunt down right now, or have skyrocketed in cost.