Bitmain buying 600K more crypto mining chips that could bring $1.2 billion in profit - Report

Cryptocurrency mining giant Bitmain Technologies has reportedly placed a new order to buy 600,000 mining chips.

“A supply chain person close to TSMC” i.e. chip-making giant Taiwan Semiconductor Manufacturing Company, informed about the order to a Chinese news outlet on Friday. The Block couldn't independently verify the report.

A portion of the chips reportedly includes the latest 7nm model, with a hashrate of 50 Tera hashes per second. Based on the hashrate, Bitmain's total hash power could jump by as much as 50% after six months.

The new mining chips are projected to bring as much as $1.2 billion in profits to Bitmain, which could put Bitmain's valuation at $12 billion, per the report.

The mining giant has also been planning to go public in the U.S. via an initial public offering (IPO), aiming to raise $300-$500 million. The IPO is expected to launch “as soon as the second half of this year.”