Bitmain’s profit in 2017 is bigger than Nvidia’s

Bitmain, the mining giant has recorded a bigger profit than Nvidia in 2017 according to a recent report. The income of Bitmain has managed to surpass the $3 billion while Nvidia’s profit was ‘only’ under $3 billion. If we look at the numbers, the difference is not that big, but it is important to know that Bitmain has managed to overcome the technology company with 24 years of experience. Bitmain was founded 5 years ago and its main purpose is to manufacture Application Specific Integrated Circuit devices for mining Bitcoin. In the same time, the company also owns mining pools.

On the other hand, Nvidia graphics cards are way more attractive for those who consider mining as a hobby. Some miners are more attracted to buying GPUs that have a broader usage, than ASICs which you can use only for mining. After a recent analysis, issued by Bernstein, Bitmain is dominating the mining market and the ASICs one in a 70% proportion and 80% of Bitmain’s income is coming from ASICs sales.

The thundering rise of Bitcoin in 2017 has contributed also to the profit that Bitmain had and when the virtual coin topped the $19,000 value, the price of an Antminer S9 was $5,000. The TSMC company that are providing chips to Bitmain have signed a partnership with Samsung at the end of January.