Samsung Produces ASIC Chips For New Halong Bitcoin Miner

Crypto mining distributor MyRig recently revealed that electronics giant Samsung supplies the ASIC chips for Bitcoin (BTC) miners made by Halong Mining, according to a tweet from MyRig April 10.

On Tuesday, MyRig tweeted an image of a company representative holding a plate of semiconductor material used in the production of integrated circuits. The firm said that the piece of equipment is “what powers Halong Mining DragonMint T1” and is produced by Samsung.

Samsung first revealed that it started manufacturing Application-Specific Integrated Circuit (ASIC) chips for “mass production” in China in January 2018. An ASIC chip is a piece of mining hardware designed to mine cryptocurrencies based on a specific hashing algorithm.

Founded in December 2016, Halong Mining claims that its DragonMint T1 miner is “the world’s most efficient Bitcoin miner operating at 16TH with AsicBoost technology inside for greater power efficiency.” At press time, the DragonMint T1 miner is unavailable for purchase on Halong’s shop page.

Twitter user CobraBitcoin condemned Halong’s miners, claiming that one day the company’s activity will turn out to be “one of the biggest scandals and scams in Bitcoin,” the scale of which will even create a new verb “halong” in the crypto community.

CobraBitcoin also criticized how the equipment was released and shipped, claiming that the company sells “non-existent miners”.

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