SEOUL — Samsung Electronics has made a chip designed to specifically mine for cryptocurrency. <br /><br />The company made the disclosure in its latest earnings report, the BBC reported. <br /><br />Samsung's foundry business is manufacturing an Application Specific Integrated Circuit (ASIC), which is a specialized processor custom-designed to mine for cryptocurrency. <br /><br />Mining refers to the solving of complex mathematical equations as a way to verify cryptocurrency transactions. People who use their computers to mine are given digital coins in exchange.<br />Korean media claims the company made the move as a joint venture with an unnamed Chinese distribution firm, according to TechCrunch. <br /><br />Samsung already produces high-capacity memory chips for GPUs (graphics processing unit), which are used for computer graphics but are also used to mine cryptocurrency. <br />According to Korean paper The Bell, the tech giant began mass producing the chip earlier this month.
