Tech 27 April 2018Gerald Fenech
Strong demand for crypto mining chips boosts Samsung Q1 profit
On Thursday, the electronics company reported an impressive first quarter 2018 performance with revenues and profits in record territory for the fourth quarter in a row. The catalyst, according to Samsung, was the huge demand for semiconductors used in cryptocurrency mining, which offset the continued weak demand in the smartphone market.
The figures made for an outstanding reading. Samsung posted operating profit of KRW15.64 trillion ($14.45 billion) with an excess of KRW60.56 trillion ($60 billion) in revenue. The latter was chiefly fueled by the rise in Samsung’s memory chip sales, which the company said continued to grow at a rapid pace.
Speaking during an earnings call, Robert M Yi, executive vice president for investor relations at Samsung, explained that the boom in turnover and profits was chiefly due to extremely favourable market conditions in the industry.
“In the semiconductor business, earnings increased significantly year-over-year thanks to favorable memory market conditions driven by a strong demand for server and graphic memory as well as earnings improvements in both System LSI and foundry businesses led by increasing demand for chips used in flagship smartphones and cryptocurrency mining,” he said.
However, Samsung continues to face increasing competition from other manufacturers of semiconductors as new players enter the cryptocurrency mining industry. Additionally, continuing weak demand for smart phones continues to negatively affect the company and the next quarter might not be as positive where results are concerned.
Meanwhile, AMD also reported strong performance in the first quarter of 2018, thanks to the continued demand for cryptocurrency mining.
First-quarter revenue for the chipmaker came in at $1.65 billion, while operating income and net income amounted to $120 million and $81 million, respectively. The first quarter’s “outstanding start to 2018” marked a 40% year-over-year revenue growth for AMD, according to President and CEO Dr. Lisa Su.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
Tech 11 hours ago
Crypto mining startup wanting to challenge the big guns appears to be a scam
OnMiners touts a new generation of mining rigs that use endothermic chips. but it now appears it may be nothing more than a scam.
Tech 18 March 2019
BME, Renta 4 Banco prove blockchain technology successful
The combined efforts of BME and Renta 4 Banco bore significant fruit when their new blockchain platform was able to successfully exchange digitized certificates without the need for an actual physical certificate to be exchanged.
Tech 18 March 2019
New service lets crypto miners profit off of cloud gaming
Vectordash is looking to help out gamers and cryptominers with a new cloud service that benefits both.