Samsung enters cryptocurrency chips business


FE Team | Published: February 01, 2018 10:28:57 | Updated: February 03, 2018 09:46:11


Internet file photo used for representation.

Samsung Electronics has revealed it is making chips designed specifically to harvest cryptocurrency coins.

The firm made the disclosure in its latest earnings report on Wednesday, where it said the activity should boost its profits.

The report also confirmed that the South Korean company overtook Intel to become the biggest chipmaker last year, according to a BBC report.

And it forecast strong demand for its forthcoming Galaxy S9 smartphone, which is due to be revealed on 25 February.

Samsung Electronic's fourth quarter net profit totalled 12.3 trillion won ($11.5 billion), which was roughly in line with analysts' expectations.

But its shares jumped nearly 9 per cent after the company revealed that it was splitting its stock 50-to-1, which should encourage trade in the asset.

Share if you like