Bitmain Reportedly Racked in $300 Million in First Fourth Months of 2020, Gives Employees Millions in Holiday Bonuses
Bitmain, the world’s leading crypto mining hardware manufacturer, has reportedly racked up $300 million in the first fourth months this year.
According to a report by a local crypto WeMedia, Bitmain announced internally to its employees that the company had made over $300 million in revenue for the first four months of 2020 and regained some market share with four new mining facilities under operation and two mining pools’ hashrate increasing.
Due to the spread of coronavirus, most industries have been affected including the crypto mining sector. The company’s remarkable performance comes as a surprise in the face of the gloomy economic outlook.
Other bitcoin mining equipment manufacturers like Canaan and Ebang have lowered their expectations in 2020 as stated in their financial reports. Canaan, the second-largest bitcoin miner maker after Bitmain, expected its revenue merely above RMB60 million ($8.5 million) for the Q1 of 2020.
While it remains unknown whether Bitmain is profitable during the period as no more detailed financial figures have been revealed. In Q1 of 2019, Bitmain’s total revenue reportedly stood at $1.082 billion but registered a $310 million loss.
Apart from outstanding performance in the mining sector, Bitmain stressed that its artificial intelligence (AI) line has comprised an increasing source of revenue for the company. With the shipping out of its third-gen AI chip BM1684, the company said it had received tens of millions yuan in balance payment and that its fourth-gen AI chip BM1686 with great enhancement in performance is currently under development.
Interestingly, the company said it has been developing software for image recognition and statistics of rare birds, which can identify specific birds such as red-crowned cranes and will assist wildlife conservation authorities in targeted statistics and conservation measures.
In addition, the company said it would give special May Day bonuses totaling tens of millions yuan to reward all the employees, with a cap of 70,000 yuan ($10,000) per employee.