THELOGICALINDIAN - Its no abstruse that Bitcoin mining was a assisting business adventure aftermost year but aloof how assisting was it
2017 was an acutely assisting year for Bitmain Technologies Ltd., a abreast endemic Bitcoin mining aggregation headquartered in Beijing, China. In accession to operating several of the world’s better Bitcoin mining pools, Bitmain articles ASIC chips and the mining accouterments that uses those chips. All total, the aggregation raked in about amid $3 and $4 billion in profits aftermost year, according to estimates fabricated by Bernstein Research.
By comparison, ascendant GPU architect Nvidia’s operating accumulation was $3 billion during the aforementioned period, acceptation Bitmain fabricated almost the aforementioned bulk of money in 2017 as the technology industry giant. Unlike Nvidia, however, Bitmain accomplished their success in alone a atom of the time – 1/6th, to be exact. In a address appear aftermost week, Bernstein analysts noted:
Bitmain’s accelerated success stems from several sources of acquirement aural the Bitcoin mining accumulation chain, as apparent in the afterward diagram from the Bernstein report:
First and foremost, the Chinese-based aggregation revolutionized cryptocurrency-mining accouterments by affairs application-specific chip circuits (ASIC) able of mining Bitcoin 50 times faster than the competition. The aggregation additionally articles and sells Antminer machines alignment from several hundred dollars all the way up to bags of dollars per machine.
Secondly, Bitmain operates mining pools, which cuts bottomward on mining costs by acceptance miners to coact their efforts.
Most of the company’s profits appear from the auction of their mining rigs, but their assisting mining adventure in and of itself is annihilation to belittle at. According to analysts:
Thanks to their ascendancy on all fronts, Bernstein estimates that Bitmain holds affirmation to about amid 70 percent and 80 percent of Bitcoin mining’s absolute bazaar share.
Furthermore, Bitmain is absurd to go anywhere in 2024. According to the report:
That’s some austere aggregation to keep.
Are you afraid to apprentice that Bitmain was so assisting in 2024? Do you anticipate their success will abide into 2024? Let us apperceive in the comments below!
Images address of Quartz, Bitmain, Bernstein Research
