Samsung Electronics to Launch ASIC Mass Production

South Korean company Samsung Electronics started manufacturing ASIC hardware for cryptocurrency mining from January 2018
30 January 2018   1204

As the Korean media The Bell reports, Samsung Electronics has entered partnership with the Chinese mining hardware maker, and started the mass production of ASIC hardware for mining from January 2018.

Samsung Electronics company reported that the development of semiconductor ASIC was completed in the end of 2017.

We are in the middle of a foundry business that is being supplied to a virtual money mining company in China.

Samsung Electronics Statement

Priviously, Samsung Electronis has started the mass production of DRAM for graphic cards, which is suitable for digital money mining. The 16 Gb GDDR6 DRAM is twice as fast as conventional GDDR5 DRAM, and has low power desing, which improves power efficiency by more than 35% and can improve GPU performance for cryptocurrency mining.

TSMC is the Taiwan company which supplies semiconductor ASIC to major mining companies like Bitmain. TSMC and Samsung Electronics companies plan to maintain the ways of increasing revenue due to the increase in demand related to cryptocurrency turnover.

Bitmain to File IPO Application

The application was sent to Hong Kong Stock Exchange (HKEX)
27 September 2018   420

The largest mining company Bitmain has submitted to the Hong Kong Stock Exchange (HKEX) listing application for an initial public offering (IPO), according to CoinDesk.

The application is a draft option, and some of its details, in particular the number of shares offered for sale and the immediate date of the IPO, are still in the process of editing.

Nevertheless, the document indicates that last year Bitmain's revenue was $ 2,517,719,000. This figure is higher than in 2016 ($ 277,612,000). As of June 30, 2018, the company's revenue was $ 2,845,467,000.

The application said that in 2017 the gross profit of the company was $ 1 212.7 million, which is also higher than in 2016 ($ 151,351,000).

Earlier, the head of Bitmain, Jihan Wu, expressed his indignation over the actions of the company's chief financial officer, who disclosed the figures for the first quarter 60 days after his end, and not after 90, as he had expected.

The media suggested that in the run-up to the IPO the publication of such information could have a negative effect on the company's investment attractiveness.

In addition, the document confirmed the media's information that Bitmain owns a 3% stake in Opera's Internet browser thanks to an investment of $ 50 million.

The application also indicates that the underwriters of the IPO are China International Capital Corporation Hong Kong Securities Limited, Commerce and Finance Law Offices, Maples and Calder LLP, KPMG and Frost & Sulliva