Samsung Sets Q1 Profit Record with Crypto Mining Boost

Samsung Electronics has reported 58 percent year-on-year growth in its operating profits for Q1 2018 – an increase driven in part by strong demand for cryptocurrency mining chips.

During a financial earnings call on Thursday, Robert M. Yi, Samsung’s executive vice president of investor relations, said the profitability increase seen in the firm’s semiconductor business played a significant role in setting a new quarterly operating profit record of 15.6 trillion Korean won ($14 billion).

Yi explained the phenomenal rise, saying:

“In the semiconductor business, the earning increases significantly year over year thanks to favorable market conditions driven by strong demands in server and graphic card memories as well as earning improvement in both the System LSI and Foundry businesses led by an increasing demand of chips used in flagship smartphones and cryptocurrency mining.”

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