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Samsung is making chips for cryptocurrency mining

02 February 2018

Samsung gave its forecast for the first quarter of this year yesterday and the company already expects profits from its AMOLED business to decline in Q1 due to low demand and increased competition.

The company recently took over Intel as being the world's biggest chipmaker.

Samsung shares have soared today after the company revealed healthy Q4 and annual profit figures as well as a 50:1 stock split, the latter of which is created to increase investment.

Its shares also jumped almost nine per cent after the company revealed that it was splitting its stock 50-to-1.

Operating profit came to 15.15 trillion won in the fourth quarter, up 64.3 percent won from a year earlier, Samsung Electronics said, in line with the indication it issued earlier in January.

Mining is the process by which transactions are verified and added to the public ledger, known as the blockchain, and also the means through which new cryptocurrencies are released.

"Reduced supply orders for the iPhone X and the strong Korean won are expected to cause Samsung's revenue in the first quarter to drop by 4 percent to 63.4 trillion won", said Noh Geun-chang, an analyst from HMC Investment Securities, in a report.

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Samsung displayed spectacular performance previous year as it posted record operating profits for consecutive quarters.

As well as an overall boost to its chipmaking reputation, it now appears Samsung is diversifying its options by manufacturing ASIC chips used to mine cryptocurrencies like ether, bitcoin and ripple.

The South Korean firm is looking to expand into the cryptocurrency mining area, according to a report from TechCrunch.

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.

Its fourth quarter turnover (65.98 trillion won - 49.7 billion euro) was also higher than last year's fourth quarter (53.33 trillion won).

Samsung spent a record 43.4 trillion won in capital expenditure a year ago to boost production of memory chips and organic light-emitting diode (OLED) screens.

Samsung is making chips for cryptocurrency mining