Peter Vessenes: Half A Billion Dollars To Be Spent On ASICs Over 18 Months

Peter Vessenes of the defunct Bitcoin Foundation told a news conference at the Daejeon Global Innovation Forum that Samsung stands to benefit from over half a billion dollars he expects to be invested in the production of 10nm ASIC chips for bitcoin mining over the next 18 months.

"At least half a billion U.S. 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."

Vessenes expects that much of the predicted half billion dollars will go directly to foundries owned by Samsung, Intel and TSMC given the expected demand for the most efficient chips as mining becomes a cut throat business.

"Because of how Bitcoin mining works, those (who mine) with the most efficient chips make far more money than those with less efficient chips."

The Daejeon Global Innovation Forum runs from November 11th through 14th at the Daejeon Convention Centre in second best Korea. Vessenes opened the event as the keynote speaker.

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