Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) is the world’s largest independent semiconductor foundry. The chief financial officer of the company cited cryptocurrency mining in the firm’s third-quarter results.
The company provides semiconductor manufacturing services for a range of industries, including firms that design and assemble application-specific integrated circuits (ASICs) for cryptocurrency mining. Its third-quarter report saw an $8.32 billion revenue, an increase of 17.9% compared to the previous quarter, which is a 1.5% increase year-over-year.
Lora Ho, TSM’s chief financial officer, said in a statement: “The strength of our third quarter revenue was driven mainly by major mobile product launches and a generally healthy demand environment, including cryptocurrency mining. However, this strength of our third quarter revenue was partially dampened by our customers’ continued inventory management.”
In fact, both Nvidia and AMD, which manufactures graphics cards, have both pointed to mining as a beneficial force for their bottom lines. Echoing the words of Ho, Nvidia CEO Jen-Hsun Huang declared in August that “cryptocurrencies and blockchain are here to stay.”
Furthermore, mining activity, as pointed out by Wall Street analysts, has attracted investors to the companies’ public stocks.
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