Chip Maker TSMC Breaks Sales Record on Bitcoin Mining Boost

Cryptocurrency mining orders have helped set a new monthly sales record for Taiwanese semiconductor maker TSMC.

AccessTimeIconApr 19, 2018 at 9:00 a.m. UTC
Updated Sep 13, 2021 at 7:50 a.m. UTC

The Taiwan Semiconductor Manufacturing Company (TSMC) has reported strong financial results in the first quarter of 2018, figures driven by a growth in orders for cryptocurrency mining chips.

During its shareholder conference call on Thursday, the world's largest independent semiconductor maker said it generated 248 billion Taiwan new dollars (US$8.5 billion) in sales revenue for Q1 – a year-on-year increase of 6.1 percent. Furthermore, the company saw NT$89 billion (US$3 billion) in net income, reflecting a 2.5 percent growth year-on-year.

Notably, the revenue in March alone accounted for 41 percent of the Q1 performance – NT$103 billion (US$3.5 billion) – making it the largest single monthly sales income for the firm, based on a financial statement filed on April 10.

"These results were mainly driven by strong demand from high performance computing such as cryptocurrency mining," explained C. C. Wei, president and co-chief executive officer of TSMC, though he did not disclose the percentage accounted for by mining chip orders.

Adding to that, Mark Liu, also president and co-CEO, said:

"We see very strong demand in the first quarter from cryptocurrencies. During the second quarter, while we do see some weakness in the 28mm chip, the [demand for] the rest of the technology is still very strong on cryptocurrency."

The sales figures follow a similar pattern to that seen last year, when the firm reported revenues of $8.32 billion and $9.2 billion in the third and fourth quarter, respectively – strong figures that the chip maker also attributed to a growing demand for cryptocurrency mining chips.

The news comes soon after Chinese mining hardware giant Bitmain, which CoinDesk confirmed is a client of TSMC, controversially released the Antminer E3, a dedicated ASIC mining machine for ethereum, in early April.

C. C. Wei image via conference call


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.