Analysts estimate Chinese cryptocurrency giant Bitmain was more profitable than NVIDIA in 2017. The Beijing-based startup is the world leader in the Bitcoin market, the firm produces ASICs for others and also has its own mining farms.
Bitmain doesn't release financial details but Bernstein's semiconductor analyst team estimates the company banked an operating profit of $3 billion to $4 billion in 2017. The Bernstein report says this is based on "conservative" estimates, so the actual profit could be even higher.
For comparison, NVIDIA's profit was $3 billion during the same period. Pretty impressive given that Bitmain is just four years old.
Based on conservative estimates, the analysts calculate that Bitmain made $3 to $4 billion in operating profit last year. Bernstein’s U.S. semiconductor team estimates Nvidia’s profit was $3 billion during the same period. What’s particularly striking is that Bitmain achieved this in a mere four years, while it took Nvidia 24 years, the Bernstein analysts said in a report published Wednesday, February 21st.