Secretive Chinese start-up called Bitmain dominates the Bitcoin “mining” industry land as reported by CNBC Is likely to make as much as chipmaker Nvidia did last year.
Estimates of gross margin of 75 percent and operating margin of 65 percent, analysts calculate that Bitmain made $3 billion to $4 billion in operating profit in 2017. It is estimated that Nvidia’s operating profit was $3 billion during the same period.
“But Bitmain achieved this in merely four years, while it took Nvidia 24 years to get here,” the Bernstein analysts said in a report published Wednesday.
What is Bitcoin Mining?
Bitcoin is processed by computing power and recorded in a public ledger (Blockchain) with the help of a network of computers. The processing of Bitcoin transactions is termed ‘mining’. Bitcoin mining rewards people with computer power by generating Bitcoin and giving fees paid to people who mine.
Currently, Bitcoin is processed by an algorithm called SHA-256. Special mining equipment may be purchased to process these transactions.
More here: – How to Bitcoin Mining
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