Chinese bitcoin mining giant Bitmain has placed a large order of 30,000 7nm wafers from TSMC, the world’s largest dedicated semiconductor foundry, according to people familiar with the matter.

An industry insider took to Weibo (Twitter equivalent in China) that Bitmain had ordered 30,000 wafers with 7nm chips from TSMC for third and fourth quarters, saying the company “seems to have a lot of cash at hand”.

It is said one piece of TSMC’s 12-inch wafer on a 7nm process is sold at nearly $10,000, which means that the order is valued roughly $300 million. Unlike previous orders, TSMC may require Bitmain to pay a deposit with a larger percentage, and even demand full payment before they go into production, as the chip-making giant has also suffered from the crypto crash in 2018.

It is known that Bitmain’s popular Antminer 17 series are equipped with advanced 7nm chips. The great demand for 7nm chips from the mining giant may be a bullish signal and that more S17 miners will come to the market where bitcoin mining machines are almost out of stock amid the bitcoin rally.

It is doubtful whether Bitmain would be able to provide so much cash considering the company’s rumored financial losses throughout 2018 amid crypto crash. While sources say, as bitcoin gains its momentum in price this year, Bitmain’s revenue in the first half of this year has made up for its last year losses. As its website shows, all of the company’s bitcoin miners have currently been out of stock.

8btc has sought confirmation from Bitmain, but they made no comments on the news.

As previously reported by 8btc, Bitmain is planning an initial public offering (IPO) in the United States, where the mining giant is aiming to raise roughly $300 million to $500 million via the U.S. offering allegedly happening this July.