Samsung Reports Q1 Profit Record due to Mining Chips

Samsung Electronics has reported 58% year-on-year growth in its operating profits for Q1 due to strong demand for chips used for cryptocurrency mining
26 April 2018   1593

Samsung Electronics has reported 58% year-on-year growth in its operating profits for Q1 2018 - an increase driven in part by strong demand for cryptocurrency mining chips.

Robert M. Yi, executive vice president of investor relations of Samsung, said on Thursday that the profitability increase seen in the firm's semiconductor business played a significant role in setting a new quarterly operating profit record of 15.6 trillion Korean won ($14 billion).

In the semiconductor business, the earning increases significantly year over year thanks to favorable market conditions driven by strong demands in server and graphic card memories as well as earning improvement in both the System LSI and Foundry businesses led by an increasing demand of chips used in flagship smartphones and cryptocurrency mining.

 

Robert M. Yi

Executive vice president of investor relations, Samsung

Samsung confirmed at the beginning of the year it is producing 8nm and 11nm processors to meet growing market demand from the cryptocurrency mining industry.

The company forecast that the demand for mining processors will continue to expand in Q2, while the earnings of its LSI and Foundry businesses may decrease due to slowing demand for smartphone components.

Litecoin to Implement Reward Halving Successfully

Block reward was reduced from 25 LTC to 12.5 LTC on block 1,680,000
06 August 2019   110

Today, on August 5, the reward for the Litecoin block for miners was halved.

Halving happened on block 1,680,000, changing the block reward from 25 LTC to 12.5 LTC. The next halving will take place in four years - tentatively on August 2, 2023, as a result of which the block reward will decrease to 6.25 LTC, making digital silver even more scarce.

Litecoin Block Reward Halving Countdown
Litecoin Block Reward Halving Countdown

According to litecoinblockhalf, 75% of the total Litecoin supply has been mined so far. The current inflation rate of the coin is 4.26%, and after four years it should drop to 1.80%.

Many investors were sure that the market had long “digested” the positive expectations in connection with a decrease in cryptocurrency emissions and expected either a sideways price movement or even a decrease in the LTC rate.