MicroBT Challenging Dominance of Bitmain’s Market – News CCM

MicroBT Challenging Dominance of Bitmain’s Market – News CCM

The mining power of Bitcoin worldwide has been affected by production delays caused by the coronavirus outbreak in China, effectively reducing growth in the computing power of the crypto-currency. Nevertheless, some Asian-based Bitcoin miners have seen their market share gain while others are struggling to keep up. Let’s check to MicroBT Challenging Dominance of Bitmain’s Market.

Since 2017, Bitmain has kept its place as the dominant crypto-currency mining hardware manufacturer, but the market may gradually move to Shenzhen-based MicroBT. In 2019, the mining company sold about 600,000 units of its WhatsMiner M20. According to MicroBT sales head Vincent Zhang, each device produces an average of around 60 terahashes per second.

What does MicroBT make the behemoth Bitmain a possible challenger? According to a CoinDesk study, combined with last year’s price jump for Bitcoin, MicroBT’s hardware was directly responsible for nearly half of all the increase in computing power for Bitcoin in 2019. This is about 30 per cent of all the computing resources of Bitcoin worldwide.

Bitmain Slowly Losing Ground to Rivals

This past year, Bitmain saw its share of losses, including plans to cut 50 per cent of its employees and the dismissal in October of co-founder and chief shareholder Micree Ketuan Zhan. WhatsMiner M20 hardware from MicroBT has proven itself to be an effective challenger to the AntMiner S17 from Bitmain. However, according to an estimate by the digital asset management firm Coinshares, Bitmain still holds approximately 65 per cent of the market as of Dec. 12.

Meanwhile, both companies are developing more powerful technology to compete in 2020: the AntMiner S19 Bitmain and the WhatsMiner M30 MicroBT. Last year, MicroBT was able to outpace Bitmain in manufacturing and shipping and in the coming months, delays caused by coronavirus outbreak may adversely affect one company more than the other.

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Published at Tue, 18 Feb 2020 15:52:15 +0000