But Samsung's entry into this space, even as potentially just a parts supplier, might mean their profits could now be affected by increased or decreased bitcoin mining demand and more generally crypto mining as they also mass produce GPUs.

This could make Samsung a very serious competitor to Chinese companies such as Bitmain, Canaan and the US -based Bitfury. Its foray into mining-specific hardware, which are much more efficient that GPUs, suggests that it's ready to play a bigger role in the booming cryptocurrency industry.

This year, processors, which are designed for bitcoin mining, were put on the market.

The company says that a specific devision within its semiconductor business called Foundry will head up the project.

Samsung has begun manufacturing the chips used in cryptocurrency mining.

Local investment agencies forecast on February 1 that Apple's disappointing iPhone X sales would weigh down on Samsung Electronics' display business.

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The South Korean company has surpassed Intel and has been the world's largest manufacturer of processors since past year.

Announcing its fourth-quarter earnings results on January 31, Samsung said potential risks from a certain client are not that much of a concern since it has diversified its customers.

New Bitcoins are created through the process of mining, in which networked computers solve a tough math problem while at the same time powering Bitcoin's payment network.

At present, the ASIC market is dominated by Bitmain and Canaan Creative, with both firms working out of China and in collaboration with Taiwanese firm TSMC.

A QZ report notes that cryptocurrency mining added more than $350 million revenue for TSMC in the last quarter. Samsung was going to make a lot of money off of the iPhone X as its the sole supplier of OLED displays but even as reports of sluggish iPhone X sales surface, it's not anxious.

"Looking at the mid-to-long term, Samsung expects the components business to see demand expand from new applications", the company said in a statement.