One of the World’s largest Semiconductor Manufacturing company of Taiwan(TSMC) had record-breaking sales during the month of March 2018. The financial statements published by the company was very profitable and all thanks to huge demand for cryptocurrency mining chips.
Its evident that cryptocurrency markets saw a lot variation in its price graph, but amidst all these the revenue of chip manufacturing was not affected.
As per data published during the shareholder conference call, TSMC had sales revenue of 8,500 million dollars USD for the first quarter of this year, which represents an increase of 6.1% compared to the first quarter of 2017.
The company also mentioned March was the best performing month in the whole TSMC’s history with $3.5 billion USD dollars, which happen to 41% of all sales revenue for the first quarter of the year
Mark Liu, Executive co-director of TSMC was happy to announce company positive figures and commented that
“We see a very strong demand in the first quarter from cryptocurrencies. During the second quarter, although we see some weakness in the 28 mm chip, [the demand] of the rest of the technology is still very strong in cryptocurrencies.”
Despite the record sale in March, TSMC have witnessed a drop in sales in the recent days due to waning demand for smartphones prompted the company to adjust its end of year revenue prediction. Nevertheless, TSMC has an expectation of 10% growth during 2018, as predicted earlier as 15% growth.
Popular hardware companies specifically related to equipment used in cryptocurrency mining have become major customers to TSMC, such as Bitmain ASIC equipment Manufacturer.
Not just that, the popularization of cryptocurrency mining has led to an extensive demand for computer video cards (GPU).
All of these making contributing factor for Taiwan chip company to have huge revenue. Let us know your thoughts about this huge demand for mining hardware in below comment section.