Crypto Mining Helps Break Sales Record
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Crypto Mining Helps Break Sales Record

World’s largest independent semiconductor maker, Taiwan Semiconductor Manufacturing Company (TSMC) reportedly saw strong financial results in Q1 2018.

The company owes their growth in Q1 to cryptocurrency mining chips. During the company’s shareholder conference call held on Thursday, they said that they have generated 248 billion Taiwan new dollars—a little under 8.5 billion USD—in sales in the first quarter of 2018. Compared to the last year, the increase is of 6.1 percent. TSMC has seen 89 billion Taiwan new dollars net income which is a 2.5 percent more than their net income in this quarter last year.

Their revenue in March alone—103 billion Taiwan new dollars (3.5 billion USD)—accounts for 41 percent of their performance in Q1. This made up their largest single monthly sales income yet.

Though he chose not to disclose the percentage of their mining chip orders, C.C. Wei, the president and co-CEO of TSMC, said:

“These results were mainly driven by strong demand from high-performance computing such as cryptocurrency mining.”

Mark Liu, also the president and co-CEO of TSMC, said:

“We see very strong demand in the first quarter from cryptocurrencies. During the second quarter, while we do see some weakness in the 28mm chip, the [demand for] the rest of the technology is still very strong on cryptocurrency.”

Their sales figures for this year are pretty similar to the pattern which was followed last year. In 2017, the firm had reported an estimated revenue of 8.32 billion USD in the third quarter, and 9.2 billion USD in the fourth quarter of the year. The firm attributed the strong figures to a growing demand in the market for cryptocurrency mining chips such as the ones they produce.

The news came in just weeks after the Chinese mining hardware giant Bitmain announced the release of Antminer E3.

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.