Samsung to make cryptocurrency mining chips

Samsung made loads a money

Samsung to make cryptocurrency mining chips

The firm's largesse has encouraged investors to hold shares despite concerns that the memory business may be peaking.

On announcing its fourth quarter revenue, the South Korean company confirmed a long-suspected rumour that it is starting to produce chips designed for the sector.

Also on Wednesday, Samsung Electronics' board of directors made a decision to lower the face value of its stocks from 5,000 won to 100 won, a move that would dramatically increase the number of common stocks to more than 6.41 billion from the current 128.3 million.

Samsung is very well know for its semiconductor business and how well it's doing.

On the mobile front, It says that while total smartphone shipments decreased due to the lineup optimisation of low-end models, they expect these figures to be bolstered by the release of the Galaxy S9, which is expected to be unveiled at the 2018 MWC towards the end of February/beginning of March.

Samsung expects its Foundry division to eventually be so valuable that it will soon amount to the company's number two most profitable business.

Fourth quarter earnings were driven by the components business, with the largest contribution coming from the memory business that manufactures DRAM and NAND chips, the company said. The technology needs powerful chips to validate transactions.

The growing popularity of cryptocurrencies in South Korea has led to the involvement of more traditional companies, including some of their biggest online shopping malls which are to start accepting crypto-payments.

Samsung's mobile division, which competes with Apple Inc, reported operating profit of 2.4 trillion won in the fourth quarter, down 3 percent from the previous corresponding quarter.

But seasonal factors impacted growth for the System LSI and Foundry businesses, it said, and profitability for LCD panels.

Its fourth quarter turnover (65.98 trillion won - 49.7 billion euro) was also higher than last year's fourth quarter (53.33 trillion won).

Samsung spent a record 43.4 trillion won in capital expenditure previous year to boost production of memory chips and organic light-emitting diode (OLED) screens.

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