After months of rumors and speculation, tech giant Samsung confirmed it is manufacturing ASIC cryptocurrency mining chips.

According to Tech Crunch, a company spokesperson said, “Samsung’s foundry business is currently engaged in the manufacturing of cryptocurrency mining chips. However, we are unable to disclose further details regarding our customers.”


Currently dominated by Chinese companies Bitmain and Canaan Creative, Samsung brings name-brand competition in the ASIC market at this moment — a space where the company appears poised to dominate.

The company’s recent 4th quarter and fiscal year 2017 results report noted an increase in demand for cryptocurrency mining, and it looks like the brand plans to cash in on the big money involved in the industry.

While the company declined to provide any specifics on the ASIC project, Samsung joins rival Taiwanese giant TSMC in an attempt to grab a piece of the cryptocurrency pie, which could be great news for miners.