Based on conservative estimates of gross margin of 75 percent and operating margin of 65 percent, Bernstein analysts calculate that Beijing-based Bitmain made $3 billion to $4 billion in operating profits in 2017.
In contrast, Nvidia's operation profit was $3 billion during the same period, according to Bernstein's U.S. semiconductor team estimates.
Bernstein's analysis also indicated that "Bitmain shrewdly adjusts the prices of miners according to bitcoin prices."