taiwan chip godfather bullish on cryptocurrency
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

despite volatility

Taiwan chip 'godfather' bullish on cryptocurrency

Arab Today, arab today

Arab Today, arab today Taiwan chip 'godfather' bullish on cryptocurrency

Semiconductor giant TSMC says cryptocurrency mining, which requires a lot of computing power.
Taipei - Arab Today

The revered head of Taiwan's semiconductor giant said cryptocurrencies would be a key driver for growth despite a bitcoin slump due to the threat of stricter regulations.

Morris Chang's Taiwan Semiconductor Manufacturing Co (TSMC) produces chips that power Apple's iPhones and, more recently, that enable new businesses like artificial intelligence and digital currency mining.

TSMC -- which is the world's biggest microchip producer by contracts -- announced its fourth-quarter results Thursday, saying revenue grew 5.9 percent to Tw$277.6 billion ($9.4 billion), citing new phone launches and cryptocurrency mining as key factors.

Some analysts estimate TSMC sales from producing chips used in digital currency mining could double this year to five to 10 percent of its total revenue, according to Bloomberg.

Chang warned "the price of cryptocurrency is very volatile" and said for that reason TSMC would not invest in new manufacturing capacity specifically for cryptocurrencies, but that the sector would be covered by the firm's wider high-performance computing platform.

He named high-performance computing including cryptocurrency mining as one of the drivers for future revenue growth, alongside artificial intelligence, the "internet of things" and automotives.

Chang's remarks come a day after bitcoin, the dominant virtual currency, crashed below $10,000 for the first time in six weeks following concerns of tightening regulations.

China is preparing for a new crackdown on cryptocurrency, according to the nation's state media, while South Korea's Justice Minister Park Sang-Ki indicated Seoul was preparing a bill to shut down virtual coin exchanges.

But TSMC forecast the sector would remain resilient as long as miners still make positive returns.

"The demand... has been very strong and we expect it to continue to be strong," Chang told analysts and investors at a briefing in Taipei.

TSMC is optimistic for overall growth in 2018, expecting revenue to increase by 10 to 15 percent -- more than the 9.1 percent increase in 2017 in US dollar terms.

Chang, 86, -- who is known as the "godfather" of Taiwan's semiconductor industry -- is set to retire in early June after his company's annual shareholders' meeting.

He built up the company over four decades to be come a multi-billion dollar powerhouse.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

taiwan chip godfather bullish on cryptocurrency taiwan chip godfather bullish on cryptocurrency

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

taiwan chip godfather bullish on cryptocurrency taiwan chip godfather bullish on cryptocurrency

 



GMT 16:16 2014 Wednesday ,10 September

Samirah Ibrahim receives Saudi cultural attaché

GMT 09:32 2017 Sunday ,24 September

China confirms will limit oil exports to North Korea

GMT 19:56 2016 Saturday ,17 September

Typhoon Meranti death toll rises to 28

GMT 09:40 2018 Monday ,01 January

OIC Summit opens in Kazakhstan

GMT 06:37 2015 Monday ,07 December

Iran film directors protest colleague's jail term

GMT 18:37 2017 Friday ,25 August

Mental health issues should be prioritized

GMT 04:39 2017 Thursday ,31 August

Trump vows to right 'self-destructive' tax code

GMT 05:29 2017 Tuesday ,22 August

Celebrations across India on 71st Independence Day

GMT 10:54 2017 Wednesday ,11 October

Child obesity grows tenfold since 1975

GMT 02:31 2016 Tuesday ,06 December

Dubai Women Establishment delegation participates

GMT 04:29 2018 Wednesday ,19 September

North and South Korea: Kim and Moon hail new future

GMT 14:18 2013 Monday ,19 August

Newlywed Lebanese couple pose at car bomb site

GMT 11:11 2011 Friday ,12 August

Palestinian university ranks seventh in Arab world

GMT 15:16 2015 Wednesday ,26 August

UAE ambassador attends charity ceremony in Qalubiya

GMT 16:59 2016 Tuesday ,26 July

Hedge funds in new cycle of oil short-selling
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday