Crypto mining large Bitmain on track for $10B income this 12 months • TechCrunch

Throughout a gold rush, Silicon Valley’s line is to at all times put money into picks and shovels as an alternative of mining. Typically it pays simply to do each.

TechCrunch has discovered by an organization fundraise overview that Beijing-based mining gear vendor Bitmain hit a quarterly income of roughly $2 billion in Q1 of this 12 months. Regardless of a slump in bitcoin prices since the beginning of the year, the corporate is on observe to change into the primary blockchain-focused firm to attain $10 billion in annual income, assuming that the cryptocurrency market doesn’t drop additional.

Fortune previously reported that the corporate had $1.1 billion in income in the identical quarter, a quantity consistent with these income numbers, given a internet margin of round 50 %.

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