Bitmain buying 600K more crypto mining chips, likely to reach $12B valuation

Cryptocurrency mining giant Bitmain Technologies has reportedly placed a new order to buy 600,000 mining chips.

“A supply chain person close to TSMC” i.e. chip-making giant Taiwan Semiconductor Manufacturing Company, informed about the order to a Chinese news outlet on Friday. Part of the chips reportedly includes the latest 7nm model, with a hashrate of 50TH/s (Tera hashes per second). Based on the hashrate, Bitmain's total hash power is expected to jump by about 50% after six months.

The new mining chips are also likely to bring in $1.2 billion in profits to Bitmain, as well as a market valuation of about $12 billion, per the report.

The mining giant has also been planning to go public in the U.S. via an initial public offering (IPO), aiming to raise $300-$500 million. The IPO is expected to launch “as soon as the second half of this year.”