The Taiwan Semiconductor Manufacturing Company (TSMC) recently conveyed in a conference call that the financial results for the first quarter of the year are looking positive with strong figures thriving on increased orders for cryptocurrency mining chips.
TSMC announced in September of 2017 that the world’s first three-nanometre fab in Taiwan would be built, and the results are promising fruitful for the effort.
The company, which claims to be the “providing the industry’s leading process technology and foundry’s largest portfolio” shared that, in Q1 of 2018, it has managed to generate NT$ 248 billion New Taiwan dollars – equating to approximately $8,5 billion USD – which boasts a 6.1% growth year-on-year. The company also had a 2.5% increase year-on-year in revenue of NT$89 billion New Taiwan dollars – roughly $3 billion USD – in net income.
The month of March, bringing in a figure of NT$103 billion New Taiwan dollars – $3.5 billion USD – makes up a whopping 41% of the company’s performance in Q1 and, based on a financial document released on 10 April, this stands as the largest monthly sales income for TSMC.
The figures seem to be following on from last year when the firm reported revenues of $8.32 billion USD in Q3 and $9.2 billion USD in Q4.
Without revealing the exact percentages relating, C. C. Wei and Mark Liu, TMSC’s presidents and co-CEOs, weighed on the company’s increasingly convincing scores. Wei explained that the “results were mainly driven by strong demand from high performance computing such as cryptocurrency mining” and Liu said that they “see very strong demand in the first quarter from cryptocurrencies.” Liu went on to say that 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.”
Cryptocurrency mining seems to be favorable in many a market – and it is proving to be a lucrative method for market growth. Other companies, such as Samsung and DMM Group have been investing in mining and Bitmain – which is curious to note is a client of TSMC – has also been splashing in cryptocurrency mining waters, opting for the ‘oil’ of Ethereum.