Bitcoin Forum

Korean electronics giant Samsung is the latest chip manufacturer to enter the bitcoin mining hardware market. The company’s foundry has reportedly already began producing ASIC chips for a Chinese client earlier this month.

News: https://news.bitcoin.com/samsung-enters-bitcoin-mining-asic-manufacturing-business/

Do you think now that there is more competition: bitcoin mining equipment will become cheaper?
What impact will this have?

The more competition, the better. We don't want for Bitmain to control the market forever. I'm not sure I understand what 'began producing ASIC chips for a chinese client' means though. If not everyone will be able to buy them then there will be no impact.

I think it depends on power consumption. Mining is no longer very attractive unless you have very cheap energy and power efficient equipment. Currently mining is not decentralized and this is in my opinion one of the problems to be solved in Bitcoin.

As for me the more option the better, just think if you have many option then you can choose between them, like how's the quality differ from each other, and what's more they can offer....

And this is the reason why the crypto industry will not fall and vanish. Samsung is just a start of integration among the global companies. All the companies will follow this lead step by step. The price of the ASIC will for sure be extremely high but with the technology that the Samsung can provide buyers will be more than satisfied. Samsung is taking this first step very smartly by my opinion and this will lead to the acceptation of the cryptomarket amongst the ones that still ain't convinced yet what the term decentralization can bring to them.

Lol, all the people already mining with the GPU and the asic hardware will find heavy difficulty even for mining cheap altcoins they who will mine the mines that would become difficult and fees may grow like anything before.
Since China banned I don't like that it should be go to better place like bitcoin is legal.

The competition follows to prices go lower, but the quality go higher. I just wander why exactly BTC? They should to wide the assortment with other coins as well, but maybe that is only in perspective.

Seems a bit vague, and it doesn't look like they're explicitly producing ASICs for the public.

In the unlikely scenario that they actually are going to be competing with BITMAIN, it would certainly be helpful, since the more competition there is in the market the better in the context.

It's interesting to see that Samsung is at least showing some interest in crypto anyway - like when they repurposed some old phones to create a mining rig.

I think that the pleasant days of Bitmain,the chinese company when it dominated the entire mining industry would come to an end soon.

Just before few months,japan's internet giant GMO said that it would start manufacturing ASIC miners and now the korean electronic company has entered the mining market.More the competition,the price of ASIC miners would get cheaper which would help more mining farms to develop all over the world which would avoid centralization of bitcoin mining.

Bitcoin equipment for mining would just be cheaper than tha useual price. We don't want Bitmain to take over the mining business here. They have alot of negative feed backs with their services and products. It's time for someome to step on the game and change the way it is rather than sticking to one companey that has alot of power in mining.

I got hyped out at this, turn out we aren't going to be seeing a clash of Bitmain vs Samsung anytime soon. I think if I understood the news correctly, that Samsung isn't going to be competing as a mining brand.

There are lot of clickbait articles out there that were misleading people making them thinking Samsung will not be manufacturing their own ASICS but it's something else.

Yeah that's also what I got out of the article, seems like they're only going to manufacture chips for existing mining hardware makers.
But Samsung is actually making the asic chips, just not under their own brand so to say.

It'll still be good for miner, I think, if Samsung starts mass production of these chips, prices could very well drop?

Well, it's good to see that the biggest conglomerate in South Korean has taken an interest in Bitcoin, but from the article:

" It has earlier signed a contract with a Chinese bitcoin mining hardware maker to supply it with chips".

I'm all goof for more competition and decentralised mining, but if Samsung is just helping the mining cartel (Jihan & Co.), then I don't think this will have that much of an impact unfortunately, unless the chinese company decides to sell the chips to the public.

It will not have any significant impact to the current price of bitcoin mining gear. It says that Samsung will just manufacture it for a Chinese client (I'm assuming its Bitmain). On the contrary, the price will be more expensive because its already outsourced outside of China.

Let's see how GMO reacts though. I understand that they are building their own mining hardware to compete with Bitmain but it will probably take a year to mass produce it. Unfortunately, we are still at the mercy of Jihan and his company.

I don't think Samsung would just accept that they were just the manufacturer and not putting their name to that product. Besides, Samsung is a big company and i'm sure there must be something that's why they would do it but it has really no impact if they don't sell it all over the world. Bitmain will be bothered if Samsung sell it globally and the impact is great that could make the mining hardware price to get low. If this article is real.

All depends on price. Bitman can pay a higher price for the chips and they can agree that Samsung won't sell them to anyone else. If Samsung wants to start selling these chips to the masses (to generate a higher income), they should build up the marketing, the sales channels, logistics, etc. which costs money for them, and resources, staff, etc.  So if they can agree on a decent price (Bitmain can buy it's monopol status), Samsung won't bother to sell the chips globally. Anyway, the chips are useless on their own, they have to be implemented into some cards, boards, etc. that means there will be less potential customers, mainly GPU or mainboard manufacturer companies.

Source: https://www.theverge.com/2018/1/31/16954366/bitcoin-cryptocurrency-mining-asic-chips-samsung (http://Source: https://www.theverge.com/2018/1/31/16954366/bitcoin-cryptocurrency-mining-asic-chips-samsung)

It is a bit of speculation at the moment as no one knows for certain. It is best to load up on BTC and BCC to get ready for the next batch of new miners in the coming months. Maybe weeks????

This is good news, I' will look foward this and see if they bring some of this excelent product to my country, shipping charges for miners nowadays are huge for me.

price of anything is based on supply and demand more than anything else.
so far the companies producing ASICs have not been so competitive, it is mainly Bitmain out there!!! so the more competition in different countries such as Japan, Russia, Canada,... will create a more competing market which not only reduces the price of it but also improves them a lot.

it can also contribute to decentralization of mining.

Earlier this month the Korean government announced that they might be banning cryptocurrencies or impose strict regulations on them. At the end of January one of the biggest Korean based companies is announcing that they will produce Asics for cryptocurrencies.

I am confused.  ???

It all depends on how cheap Samsung is able to make the chipsets for the ASICs, there's nothing that is saying that other companies like Bitmain and the others aren't already incredibly cheap. But with a big enough market, and if there are going to be a bunch of large organizations all trying to vie for the ASICs being produced then there is an incredibly good chance that the other manufacturers will just get cheaper to maintain their current market share. I don't know enough about what they're doing yet.

Yes it's very clever, it's in many ways the safest way Samsung can get exposure to the rise of crypto while leveraging their expertise in hardware. I believe as they learn how this works they will expand in other ways.

Another great news! Things just keep getting better and better for bitcoins. Competition among mining hardware manufacturers would result in lower prices.

Nothing is confusution, this all are the way of fluctuating the price of bitcoin in market trading, they wanted to dump the bitcoin price so that news came and now with this news they wanted to pump the price of bitcoin. This are all the games of big whales to manipulate the bitcoin price.

two things:
1. it was pure 100% good old FUD!
Korea Minister of Finance even announced recently that they have no intention of banning cryptocurrencies!

2. they can always put manufacturing in another country. they don't have to do it within Korea!

first, I recognize that samsung is a world-giant company capable of transforming the world of technology. many people are seeing that samsung products have excellent technology.
and today samsung creates an ASIC chip that supports crypto mining world. this is amazing.
I think will many people will be interested to buy it and use it for mining, and the good impact is the cheap electricity payment, because the power is small.

So will bitcoin accelerate output?
That could mean a big increase in the difficulty of mining bitcoin in a short period of time, increasing the cost of each miner, meaning that the price of bitcoins will also rise. ;D

Wow this is huge. Could we finally say that cryptocurrency is mainstream now? If they really deliver the new ASIC and GPU they will surely become the world's #1 electronic manufacturer. They recently surpass Intel on chip making. They also produce top quality screen, which their own direct competitor, Apple, use. Smartphone, home appliances, etc. Wow, they're really stepping up their game.

Anyone has any speculations on the Chinese firm that Samsung is teaming up?

1) Bitmain
2) Lightning Asic
3) Halong miner
4) ebang

We know about Baikal - Maybe this is a misdirection and it was about Russian and not Chinese firm.

Samsung signs a chip deal with Russian Bitcoin mining company Baikal

http://www.idownloadblog.com/2017/12/22/samsung-baikal-bitcoin/