Taiwan Semiconductor Manufacturing Co., Ltd. (TSMC) is scheduled to participate in the Citi Global Symposium held on the 30th. Bitcoin has undergone intense volatility in recent days. Treasury has sold foreign capital for up to 30 days, and TSMC has even sold five shares. The company accurately predicted Tamamoto’s second quarter will be due to fluctuations in virtual currency business revenue at the beginning of the year. Compared with the previous quarter, it was a conservative representative of the foreign capital.
Damao closely tracked the kinetic energy of virtual currencies. In May, seven analysts from home and abroad assembled an in-depth report titled 'Virtual Currency: After Gold Rush'. The content reiterated that the ups and downs of bitcoin prices pose a threat to the semiconductor industry, and the 1st quarter of TSMC One-tenth of the revenue received from the virtual currency plays a structural challenge indicator.
Damao pointed out that judging the risk of virtual currency, prices are often regarded as the only factor. In fact, dynamic changes in mining capacity are also critical. This factor can be evaluated by TSMC’s wafer shipments and constructed based on virtual currency prices and capacity changes. Four gold panning situation.
First, 'Gold Rush 2.0': As virtual currency prices rebound and mining capacity is limited, TSMC has invested in smart phones and high-speed computing to retain wafer production capacity, enhancing industry bargaining power.
Secondly, 'circle around the circle': Currency prices continued to rise but production capacity increased. As of April this year, Bitcoin will cost from 6,000 to 9,000 US dollars. At this time, TSMC is affected by weak cell phone demand and has more capacity to absorb mining demand.
Third, the 'soft landing': Some miners, including TSMC, have reduced their resources to invest in mining products.
Finally, a 'hard landing': Semiconductor supply is too slow to respond to price declines. TSMC faces capacity to make up for and reduce capital expenditures.
In the next six months, Damascus estimates that the average price of Bitcoin for each of the four scenarios is US$19,000, and the monthly production capacity for mining is reduced by 10%; the average price is US$19,000, the production capacity is increased by 30%; the average price is US$3,000, and the production capacity is reduced by 10 %, and the average price of 3,000 US dollars, the production capacity increased by 30%. For this year's TSMC operations, the basic situation of the Morgan Stanley is the average price of 9,000 US dollars, the production capacity increased by 15%, and the revenue increased by 20%.