Always a sector to watch, the Bitcoin mining space is host to several narratives that are worth a closer look today, as fresh capital and competition enter the market. Among these are the geographic distribution of hash power, mining hardware hierarchy and mining pool offerings.
On this episode of Bitcoin Magazine’s “Bitcoin In Asia,” Nishant Sharma, a long-time bitcoin mining industry insider in China who is now a founder and partner of BlocksBridge Consulting — a communications strategy and advisory firm focused on the bitcoin mining sector that serves some of its largest companies — helped break down these narratives with some additional historical context.
Sharma explained how the negative news around flooding in Sichuan has been overblown and mining dominance from China is not changing anytime soon. He also discussed why the decentralization of mining geographically is still a real event, with North America and Russia as growing markets. He also laid out the landscape of mining pool competition: how it has developed and experienced incredible turnover over the years and what new competition and products are shaping its future.
The mining hardware space has experienced less turnover, with Bitmain taking a dominant position early, and Sharma handicapped MicroBT’s rise and the factors at play for hardware moving forward, including the significance of Digital Currency Group entity Foundry’s partnership with MicroBT and the entrance of additional institutional capital.