Bitmain buys 600,000 pieces of mining chips from TSMC, which is expected to bring in $1.2 billion in profits.

According to reports, cryptocurrency giant Bitmain recently purchased 600,000 mining chips from TSMC. Analysts say that Bitmain's increased investment in the encryption mining industry has shown its optimism about the industry's prospects.

According to reports, the chip in the order includes 7nm and 16nm chips, and the hash rate of the 7nm chip is 50TH/s. Based on the hash value, Bitmain's total network computing power may increase by about 50% in a few months. These new mining chips are expected to bring up to $1.2 billion in profits to Bitmain, which could bring Bitmain's valuation to $12 billion.

In addition, Bitmain also plans to list in the US through an initial public offering (IPO) with the goal of raising $300 million to $500 million. The initial public offering is expected to be launched in the second half of this year.