Korean electronic giant, Samsung has just announced that they will manufacture a chip that will be designed to harvest Cryptocurrency coins. This news comes after Samsung announced that they took over Intel with the goal of becoming the world’s leading chipmaker.
Scheduled to launch on February 25 is Samsung’s Galaxy S9 smartphone. They are expected the demands for it to be very high. In an interview with the BBC is was said that “Samsung’s foundry business is currently engaged in the manufacturing of crypto-currency mining chips. However, we are unable to disclose further details regarding our customers.”
Apparently, this chip was completed and is scheduled for release this month. Experts in the cryptocurrency field are now believing the Bitcoin, despite looking like it’s sinking might be around longer than we think. Garrick Hileman, Cambridge University of Cambridge’s cryptocurrency researcher has stated, “We don’t know how low Samsung can sell its chip for and still be profitable, but if Bitcoin’s price were to collapse and enter a bear market like in 2014 to 2015, one would wonder if Samsung would stay with this line of business through such a turn”.
Government agencies and banks around the world aren’t as hopeful as Samsung. The central bank governor of Nigeria has said that investing in Bitcoin and other cryptocurrencies is a huge gamble. His words exactly are, “Cryptocurrency or bitcoin is a gamble, and there is a need for everybody to be very careful,”
Banks across Russia and China have put an end to trades concerning cryptocurrencies and the U.K.’s Prime Minister Theresa May has made the promise to clamp down on cryptocurrency trades.
With the world’s major governments clamping down on Cryptocurrency trades, Samsung can be biting off more than they can chew or they can be making a move that will cement them in history as a true innovator.