Samsung Focuses on Cryptocurrency Mining Chips for Profits

The South Korean technology giant Samsung Electronics recently revealed results for of Q2 of 2019 that indicate profits are decreasing but the demand for cryptocurrency chips registered a significant increase. The company has found an increasing demand for digital asset chips.

The report reveals an operating profit of around $5.6 billion on sales of $47.434 trillion. Samsung is suspected to have registered a fall of about 56% from the same period over 12 months ago.

Samsung is optimistic that it will increase its profits much higher with digital currency mining chips especially in this second half (H2) of this very year. Albeit, all the feebleness and price drops in the memory chip market have tried to persevere in Q2 of this year. The report also indicated that the electronics conglomerate is expected to grow its total profits from available sources such as cryptocurrency chips, its own blockchain smartphone Galaxy S10 and others.

Company Seeks Refuge in Blockchain Technology

Nevertheless, Samsung has not yet uncovered the approach that it wishes to use in order to achieve the set target. What is available right now, is that the company has much hopes in digital currency and distributed ledger technology, that is motivating several digital currency miners to ask for more and more processing power.  

Regardless of massive external uncertainties, the demand for chip market seems to be significantly recovering and gaining traction each day that passes by. Generally, the demand is increasing on robust seasonality and implementation of higher-density goods, cryptocurrency and blockchain.  

As the company wants to be one of the giants in the field of blockchain and cryptocurrency, it recently partnered with MicroBT, one of the leading manufacturers of Bitcoin application-specific integrated circuits (ASICs) in the world, to design and produce chips for mining bitcoin and other cryptocurrencies. It is expected that if the cryptocurrency market continues booming, Samsung will earn much in both Q3 and Q4 of 2019.