World Largest Cryptocurrency Mining Farm Reports Billion Income
According to Fortune, Bitmain, the leading company of cryptocurrency mining, has cited an audit conducted by the firm KPMG in which it reported net profits of $ 1,100 million in the first quarter of 2018 which would be at least 35% of the benefits achieved in 2017. According to the estimated analysis reported on CNBC, the company generated between $3,000 to $4,000 million in profits in 2017, matching the benefits generated by Nvidia.
Bitmain, the leading company of cryptocurrency mining.
Bitmain Technologies Ltd. (Bitmain) is a company headquartered in Beijing, China with offices in the US, Israel, Netherlands and Switzerland. The main activities of the company are:
– Developer of specialized chips for cryptocurrency mining. Their 16 nanometers (nm) chips are one of the most efficient on the market when it comes to electrical consumption and hashrate.
– Manufacturer of cryptocurrency mining equipment called ASIC (application-specific integrated circuit) for wholesale and retail. Their ASICs known as Antminer, depending on the model, can mine the algorithms of the most popular and profitable cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Zcash (ZEC), among others.
– Developer of own cryptocurrency mining farms which has one of the largest farms in the world, located in China.
– Host of the cryptocurrency mining pools called AntPool y BTC.com. These pools report 30.1% of the global Bitcoin hashrate in addition to other cryptocurrencies. Mining pools generally charge a fee of 1% of the revenue generated in cryptocurrencies.