Samsung Electronics reported a 58 percent increase in profit in the first quarter of 2018 due to the sale of chips used in cryptocurrency mining equipment.
During a conference call to discuss the company's financial results, Robert Yee, executive vice president of investor relations at Samsung, said that earnings from the semiconductor business added a significant percentage to the overall first-quarter profit, which was 15.6 trillion Korean won (US$14 billion).
“Earnings from the semiconductor business have been growing year on year due to favorable market conditions driven by stable demand for servers and graphics. cards, as well as increased profits due to the sale of large integrated circuits, which is due to the growing demand for chips used in the production of smartphones and for cryptocurrency mining.”
Samsung does not disclose exactly what percentage of profits was received from the sale of chips for mining. In February, the company announced that it would produce chips using 8 nm and 11 nm process technologies to meet growing demand from the crypto mining industry.
Samsung's involvement in the production of mining chips increases competition in the region. Taiwanese chipmaker TSMC also reported an increase in demand for its products.
Looking ahead, Samsung expects demand for processors among miners to rise into the second quarter, while revenue from sales of large integrated circuits may fall due to weaker demand for smartphone components.
According to https://www.coindesk.com
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