Bitcoin (BTC): Samsung is the largest company in South Korea. It has begun the production of ASIC (application-specific integrated circuit) hardware with Taiwanese manufacturer TSMC. Samsung partnered with a Chinese bitcoin mining equipment manufacturer last year. Now the manufacturing process of Chips is going on. Once the development of ASIC chips is finished, China will be the first purchaser of cryptocurrency mining equipment.
The company plans to expand its mining equipment venture from China to other regions like South Korea and Japan, where the demand for cryptocurrencies is stronger than in other countries. Bitcoin mining requires high-speed and energy-efficient hardware. The ASIC is a specialized piece of hardware designed to mine cryptocurrencies based on a specific hashing algorithm.
Samsung will be able to increase its revenues through ASIC chip manufacturing. But the company should expand its venture internationally in order to have a major impact on its revenues. It also intends to manufacture GPU miners for miners targeting small cryptocurrencies.
Currently, in the crypto market Bitcoin is crashing and the market is down for the past two weeks. It takes time to recover to attain the certain price. But recently Facebook has announced that it is banning adverts that mention Bitcoin, Cryptocurrencies and ICO’s. The company is removing misleading and deceptive adverts and this includes anything to do with ICO’s, Bitcoin and other digital currencies.