'Samsung to be biggest beneficiary of Bitcoin market'

Kim Young-won

The Korea Herald

Publication Date : 13-11-2014

A leading Bitcoin organisation founder said Samsung Electronics, a chipmaking powerhouse, will likely benefit the most as the global market for the digital currency Bitcoin grows further down the road.

At least half a billion US dollars, up from $10 million two years ago, will be spent on purchasing Bitcoin mining systems (built using highly efficient chips) worldwide next year or in 18 months, said Peter Vessenes, chairman of the Bitcoin Foundation, a US organisation committed to promoting the use of the cybercurrency, at a news conference Tuesday.

The news conference was held on the sidelines of the Daejeon Global Innovation Forum, a global tech conference taking place in the city of Deajeon from Wednesday to Thursday.

Much of the money will go directly to foundries with the highest technology in the world, including Samsung, Intel and TSMC, he added.

Samsung is one of a few chipmakers capable of producing 10-nonometer-class chips.

Since obtaining Bitcoins requires an enormous amount of computing prowess, those who want to get their hands on the digital currency must be equipped with cutting-edge chip technology and computer systems.

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'Samsung to be biggest beneficiary of Bitcoin market'