Mentioned:
One of the leading digital asset mining hardware companies in China is seeing a new boom in revenue. And it’s being fuelled by Dogecoin.
What’s happening:
- China based digital asset mining hardware company Intchains (NASDAQ: ICG) has officially announced their most recent financial results, as well as publicly stating they have struggled to keep up with an enormous spike in demand for Dogecoin mining hardware
By the numbers:
- Intchains generated $38.6M USD in total revenue for the past year, which is roughly a 242% increase from the previous year
- Intchains sold 2.68M ASIC chips in the past year, which is an 84% increase from the prior year
- Of Intchains' 2.68M ASIC chips sales, 1.7M occurred in Intchains’ most recent quarter which was largely fuelled by a massive uptick in demand for Dogecoin mining hardware
Why it matters:
- There’s been a scramble in the traditional public markets to find ways to get exposure to Dogecoin amidst its continued massive cultural popularity, which has led to Bitwise putting together a spot Dogecoin ETF and even publicly traded companies beginning to accumulate Dogecoin to hold directly as an asset
Going deeper:
- Intchains also publicly stated that due to such a large influx of new purchase orders for Dogecoin mining hardware that they were unable to fulfill all of their commitments and that millions of dollars of contracts are still in the process of being delivered to customers
