According to a Bernstein analysts, who released a report into Bitmain’s operations. It estimates the Chinese firm to have made $3-$4 billion last year from mining cryptocurrency and for selling the equipment for others to do the same.
Many persons are raising eye brows wondering how that was possible for a mining company who just started four years back.
If Bernstein’s figures are accurate, Bitmain pulled in the same amount as Nvidia last year. Yet while Nvidia is a household name, few people outside of the cryptocurrency space have even heard of Bitmain. Bernstein calculates Nvidia to have made $3 billion in 2017, but points out that it took 24 years for the company to attain that profit level; Bitmain has achieved the same feat in just four years.
Read Also: You can now buy a House and Pay with Bitcoin in the UK
How was that possible to dominate and made such watering mouth profit in just few years? Well, that’s a question only Jihan Wu or Micree Zhan can answer.
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