Bitmain appears to be vulnerable, overexposed, and short on cash.

This is great news for bitcoin.

Follow

@mattodell I don't disagree, but can you elaborate on your reasoning?

Hopefully this could lead to less centralization.

@chasevasic

We've only seen their Q1 numbers, Q2 was most likely very bad for them.

-Large inventory of aging mining equipment
-Large bag of bitcoin cash they can't sell
-Continued bear market hurts prices of both
-Increasing competition in mining space
-IPO seems like a desperation move

@mattodell oh, definitely, I see the IPO as a way of saving themselves. I was more curious about why you personally think it will be good for Bitmain to lose it's dominance.

@chasevasic oh, same reason as you. Reduces mining centralization. Specifically bitmain has made some questionable anti-bitcoin moves.

There are a bunch of new well funded competitors entering the market. Hopefully bitmain will be the last entity to control 50%+ of hash rate. As mining hardware begins to plateau, incentives should benefit smaller more nimble mining ops.

Also looking forward to betterhash which should reduce the influence/control of major pool operators.

Sign in to participate in the conversation
Bitcoin Mastodon

A mastodon instance for Bitcoin Maximalists.
No scams, no shitcoin, no impersonation, no begging, and no illegal content.
Keep it civil and we should all survive :)