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BitcoinSistemi 2025-02-28 22:32:08

Chinese Company Can’t Keep Up With Demand for Mining Devices in This Altcoin After Trump Wins Election

The soaring price of Dogecoin (DOGE) following the November 2024 US elections has put unexpected pressure on China-based altcoin mining products provider Intchains Group. The company found itself scrambling to fill orders for Dogecoin mining rigs after underestimating the extent of demand. Intchains reported full-year earnings on Thursday, reporting non-GAAP adjusted net income of $8.3 million on revenue of $38.6 million, reflecting a significant 242.7% increase over the prior year. The company is looking to ship 2,681,500 ASIC chips in 2024, an 84% increase over the prior year. Notably, 1,705,408 units were sold in Q4 2024 alone, a significant jump from the 423,040 units sold in the same quarter the previous year. “The cryptocurrency market showed a strong performance in Q4 2024, and major financial institutions’ optimism about 2025 prospects has increased,” said Qiang Ding, CEO and chairman of Intchains. “Continuing this momentum, Dogecoin saw solid price growth throughout the quarter. As a leading supplier of Dogecoin mining machines, the company also achieved satisfactory operational results in Q4 2024.” Related News: How Are Binance Whales Behaving in the Recent Downturn? Custom Metric Reveals Onchain Binance Data Following Donald Trump’s election victory and his appointment of Elon Musk as head of the newly established Department of Government Efficiency (DOGE), demand for Dogecoin mining machines skyrocketed, catching Intchains off guard and leading to a backlog of unfulfilled orders spanning into the first quarter of 2025. The price of Dogecoin rose from $0.15 to a peak of just over $0.47 on Nov. 12 following Trump’s announcement of Musk’s new role. The cryptocurrency’s market cap then surpassed $60 billion, but has since lost significant value amid the overall cryptocurrency decline. *This is not investment advice. Continue Reading: Chinese Company Can’t Keep Up With Demand for Mining Devices in This Altcoin After Trump Wins Election