The Taiwan Semiconductor Mfg. Co. Ltd (ADR) (NYSE:TSM) announced recently that its third-quarter earnings were entirely boosted by the crypto-miners. According to Mark Liu, the CEO at TSM, the company has seen continued support from the automotive and high-performance computing, including a surging demand from the cryptocurrency mining. The crypto-miners accounted for between $350 and $400 million in revenue for TSM or up to the 5% of the company’s total sales, said, Liu.
The company partnered with Bitmain, the largest maker of the crypto-mining rigs to develop customized silicon that is used to power the huge data-centers mining various cryptocurrencies including bitcoin and Ethereum.
According to the latest news from Nasdaq, two more companies would soon report tremendous earnings that could prove a similar crypto-mining boost. The Advanced Micro Devices, Inc (AMD), which manufactures graphics cards, stated that it saw an elevated demand from the crypto-miners activities in its second quarter. Nvidia, which is a leading company in the graphics card market, is also planning to disclose its third-quarter earnings in the next few weeks time.
Liu expressed that despite the regulatory crackdown across the world, the mining rig makers are doing a brisk business and the blockchain technology is likely going to transform numerous contracts of payment modes in the near future. Jen-Hsun Huang, the CEO at Nvidia stated that the blockchain and the digital currencies are actually here to stay and soon many countries will make it legitimate currency.
While there are none of these firms that rely fully on the crypto business for their earnings, they are gradually elevating towards the sector. Generally, there are two types of crypto mining, GPU, and ASIC. Bitcoin network focuses more on the application-specific integrated circuits to mine the coins.
