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The world’s largest independent semiconductor manufacturer, Taiwan Semiconductor Manufacturing Company (TSMC) has reported record sales during March 2018. TSMC’s president has attributed the company’s performance in part to demand for the hardware required to mine cryptocurrencies.
Also Read: Bitcoin Cash Smashes Through $ 1,000 USD
World’s Largest Semiconductor Manufacturer Reports Record Sales
During a recent shareholder conference call, the Taiwan Semiconductor Manufacturing company announced revenues of 248 billion TWD (approximately $ 8.46 billion USD) during the first quarter of 2018 – a 6.1 percent year-on-year increase.
The company also recently revealed that March comprised the best performing month in TMSC’s history, with the company reporting approximately $ 3.5 billion USD in revenue in March alone. TMSC’s March profits comprised roughly 41 percent of the company’s earnings during Q1 2018.
Cryptocurrency Mining Drives Demand for TSMC Chips
C.C. Wei, the TSMC’s president and co-chief executive officer (CEO), has described cryptocurrency mining as a notable driver of demand for TSMC’s products, stating that “These results were mainly driven by strong demand from high-performance computing such as cryptocurrency mining.”
Mark Liu, TSMC’s other co-CEO, expressed the company’s expectation that demand from the cryptocurrency mining industry will continue to be strong throughout 2018, despite anticipating reduced sales for its 28mm chip. “We see very strong demand in the first quarter from cryptocurrencies. During the second quarter, while we do see some weakness in the 28mm chip, the [demand for] the rest of the technology is still very strong on cryptocurrency,” said Mr. Liu.
Despite the impressive performance during March, overall, TSMC performed slightly below expectations during the first quarter of 2018, with the company’s earnings per share of 59 U.S cents falling just one cent below consensus estimates.
TSMC Stock Prices Fall Amid Decreasing Smartphone Demand
Despite the record performance in March, TSMC shares have experienced a slump in recent days, as waning demand for smartphones prompted the company to adjust its end of year revenue prediction. TSMC now anticipates growth of 10 percent during 2018, down from its previous prediction of 15 percent.
Medhi Hosseini, an analyst for Susquehanna Financial Group, has stated: “We are lowering our estimates for [TSMC] to account for a steeper-than-expected inventory digestion by premium smartphone customers, particularly Apple.”
Do you think that demand for mining hardware will continue to grow, or stagnate during 2018? Share your thoughts in the comments section below!
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SunPower Corp.’s new strategy: If you can’t beat them in the tariff game, buy them.
The panel maker, which spent more than a year fighting U.S. import tariffs, announced Wednesday that it is buying a rival that was instrumental in pushing for them. The purchase of SolarWorld Americas for an undisclosed…
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WSJ.com: US Business
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Kleros, a dispute resolution layer for the decentralized web, has announced details of its token sale. The event will mark one of the first cases of an interactive initial coin offering (IICO), designed to provide a fairer and more transparent crowdfunding model. Inspired by a system of Greek democracy, Kleros is a dispute resolution layer for the internet era. Its use cases include escrow, insurance, e-commerce, and crowdfunding.
Kleros will use crowdsourced jurors to assess the merits of a case, consider the evidence and reach a fair decision. In return, they will be rewarded in the form of Pinakion (PNK), the native Kleros token. Kleros, which means ‘chance’ in Greek, is related to the word ‘kleroterion’, a randomization device used to ensure democratic process in Ancient Greece. The Pinakion token gets its name from the identification plaques engraved with the names of jurors that were drawn from the stone-carved kleroterion.
Kleros’ innovative approach to administering justice in the digital age is as novel as its crowdfunding model. The project has eschewed a private sale in favor of an IICO which its team believe to be more in keeping with the principles Kleros was founded on. Kleros CEO Federico Ast said:
“The Interactive Initial Coin Offering was first conceived in a paper by Vitalik Buterin along with Truebit’s Jason Teutsch and Modular CEO Christopher Brown. It was designed to eliminate deep discounting and promote inclusivity. We’re pleased to report that Modular will be assisting Kleros with implementing our IICO. This means that participants will be able to set a personal cap in ether of their choosing.”
The IICO formula sees a uniform token valuation being calculated after each participant has set their own cap, based on the total amount of ether that is contributed. Individuals can set a cap according to their level of interest in the project. The Kleros purchase protocol then removes contributors whose cap was exceeded using smart contract, beginning with the lowest bids. At this stage, individuals who have been removed have the option of setting a higher personal cap to ensure inclusion.
Initial Coin Offerings are traditionally prone to oversubscription and network congestion. There’s also a risk of misaligned incentives for both contributors and developers. Kleros’ IICO aims to solve these problems, unlocking tokens gradually for the benefit of all parties. 16% of all PNK tokens will be made available in the Kleros IICO to be held on May 15th. Thereafter, tokens will be issued in tranches until 66% of the 1 billion total supply have been made available for public sale.
Prior to the token sale commencing on May 15th, a working prototype of the Kleros protocol will be released. A video demonstration explains the way in which Kleros’ dispute resolution layer will operate and how crowdsourced jurors will be selected. PNK token-holders are eligible to become jurors and mediate disputes between parties that have elected to use Kleros. By ruling fairly and correctly, judges will also be rewarded with PNK tokens. Kleros has already announced partnerships with Ink Protocol and Dether, platforms whose users will be the first to benefit from decentralized arbitration.
A cooperative incorporated under French jurisdiction, Kleros will host its May 15 crowdsale in a spirit that characterizes its justice protocol, based on the principle of égalité for all.
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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Huawei Technology Ltd., the Chinese smartphone and telecom equipment maker, says its 2017 profit rose 28.1 percent, boosted by strong sales for its enterprise and consumer units.
Grocery, liquor and convenience stores will now be able to sell alcohol from noon to 8 p.m..
The Thai government is concerned with the growing number of companies in Thailand racing to launch their initial coin offerings ahead of regulations. This has prompted the country’s regulators to hurry with the regulatory framework for token sales, ahead of cryptocurrency regulations.
ICOs Growing in Popularity in Thailand
Publicly-listed and private companies in Thailand are hurrying to launch their initial coin offerings (ICOs) ahead of regulations, Thai Rath reported, adding that they “fear the regulators will make it more cumbersome for issuers and investors.”
Recently, J Ventures, a subsidiary of Jay Mart Plc which is listed on the Stock Exchange of Thailand (SET), became the first listed company to hold an ICO. The company sold out its 100 million digital tokens and raised 660 million baht (~USD$ 21 million).
Project Planning Service Plc (PPS) is listed on the Thai Market for Alternative Investment. The company plans to raise about 500 million baht (~USD$ 16 million) through an ICO of Profincoin and use the proceeds to expand its factoring business, the Nation reported on Wednesday. PPS stated that it plans to comply with any rules set by the Thai SEC which are expected this month, the news outlet noted and quoted Chonladet Khemarattana, CEO of Fintech (Thailand) Co Ltd, commenting:
Profincoin is an asset-backed token, which may be defined by the [Thai] SEC as being similar to securities.
A Thai fintech startup, Stockradars, has also announced an ICO to build a social trading platform; the pre-sale of 120 million tokens is set to start on March 22, according to Mac Thai.
ICO Regulations Expected Next Week
Thai regulators are concerned that ICOs are increasingly popular, but there is currently no law governing them or cryptocurrency trades in the country, according to local media.
Sakkarin Ruamrangsri, assistant secretary-general of the Thai SEC, said that the Commission’s board of directors “is set to consider the ICO regulatory framework on March 8,” the Bangkok Post wrote. The regulators will discuss proposals for ICO regulations but will not discuss regulations for cryptocurrencies yet, Krungthep Turakij added.
Pornchai Thiraveja, an advisor to the Thai Fiscal Policy Office, said that know your customer (KYC) rules will apply to tokens that are considered securities to protect investors. “Issuers also need to be licensed,” he was quoted by the Bangkok Post.
Rapee Sucharitakul, secretary-general of the Thai SEC, said last week that there will be standards for information disclosure and transaction reporting. The regulatory framework will also include “system security, transaction objectives and utilization of proceeds” from ICOs, the news outlet detailed.
Crypto Regulations in the Pipeline
As for cryptocurrency regulations, Mr. Pornchai said “Trading cryptocurrencies will also have to comply with KYC”
Mr. Rapee added that the working panel for the cryptocurrency regulations “would meet in the next three weeks to consider the current laws are sufficient to regular cryptocurrencies,” the news outlet emphasized. The panel consists of representatives from the country’s central bank, SEC, finance ministry, and the anti-money laundering office. The publication conveyed Mr. Sakkarin’s explanation:
Given that cryptocurrencies are not viewed as securities, they will not be under the SEC’s supervision, but the working panel from the four agencies is still mulling the regulatory framework.
What do you think of Thai ICOs rushing to launch ahead of regulations? Let us know in the comments section below.
Images courtesy of Shutterstock, Thai SEC, and Wikipedia.
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The issue of guns remained front and center Thursday, with Kroger becoming the third major retailer in recent days to add new restrictions to gun sales, reports the Wall Street Journal . (Dick’s and Walmart came first .) The supermarket chain will no longer sell guns or ammo to those under…
Dick’s Sporting Goods said Wednesday that it will no longer sell assault-style rifles or high-capacity magazines and will not sell guns to anyone under 21 after the shooting massacre at a Parkland, Fla., high school that left 17 people dead.
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Sales of existing homes in the U.S. fell in January from a year earlier by the most in more than three years. Would-be buyers were stymied by rising prices and a shortage of homes for sale.
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