{"id":136814,"date":"2020-06-18T11:00:28","date_gmt":"2020-06-18T10:00:28","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=136814"},"modified":"2020-06-18T04:39:01","modified_gmt":"2020-06-18T03:39:01","slug":"heres-why-bitcoin-mining-could-reduce-to-two-players-while-chinas-btc-dominance-dies","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/heres-why-bitcoin-mining-could-reduce-to-two-players-while-chinas-btc-dominance-dies\/","title":{"rendered":"Here\u2019s why Bitcoin mining could reduce to two players while China\u2019s BTC dominance dies"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">A <a href=\"https:\/\/blog.bitmex.com\/battle-for-asic-supremacy\/\">new report<\/a> by Bitcoin trading giant BitMEX focussed on the BTC mining industry, exploring if three mining giants could IPO on U.S. markets and if China\u2019s Bitcoin mining could grow.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Both aspects, unfortunately, face negative consequences if current market conditions remain.<\/span><\/p>\n<h2><b>Bitcoin miners face IPO troubles<\/b><\/h2>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/cryptoslate.com\/companies\/bitmain\/\">Bitmain<\/a>, and <a href=\"https:\/\/cryptoslate.com\/after-bitmain-and-canaan-bitcoin-miner-ebang-is-latest-to-plan-100-million-ipo\/\">Ebang<\/a>, two of the biggest ASIC manufacturers, are mulling an IPO on U.S. markets. Past efforts have been unfruitful thus far, with only Canaan managing to list at the Chicago Board Options Exchange. The firm\u2019s offering was dismal &#8211; raising only $90 million and seeing a drastic drop in share prices ever since.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On a review of <a href=\"https:\/\/cryptoslate.com\/after-bitmain-and-canaan-bitcoin-miner-ebang-is-latest-to-plan-100-million-ipo\/\">Ebang\u2019s IPO filing<\/a> with the United States in April, BitMEX noted the firm is struggling with declining sales and inventory write-down similar to Canaan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The prospectus shows Ebang generated $30 million in losses last year, with its revenue decline of 66 percent being \u201cmore severe\u201d than Canaan\u2019s 47 percent. However, the net margin was better than the latter\u2019s 38 percent.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">[5\/6] In April 2020, Ebang filed for an IPO in the US. However, given the current political tensions between the US and China, the Canaan profit warning & Ebang\u2019s relatively weak market positioning, we think it will be difficult for Ebang to successfully pull off an IPO <a href=\"https:\/\/t.co\/DB9rNcoa3c\">pic.twitter.com\/DB9rNcoa3c<\/a><\/p>\n<p>&mdash; BitMEX Research (@BitMEXResearch) <a href=\"https:\/\/twitter.com\/BitMEXResearch\/status\/1272840973689724928?ref_src=twsrc%5Etfw\">June 16, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Mining manufacturing is a fiercely competitive, low-margin industry jarred by regulatory troubles and volatile Bitcoin prices. Industry leaders MicroBT and Bitmain have a technological edge over Canaan, BitMEX noted.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, Canaan\u2019s overall financials are open to public scrutiny. This is unlike that of Ebang, Bitmain, and MicroBT, who generally report their own figures. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But, if Canaan is facing drastic troubles, it\u2019s imperative that rivals are similarly struggling to generate cash flow.<\/span><\/p>\n<h2><b>Bitmain\u2019s governance issues<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Bitmain\u2019s <\/span><strong><a href=\"https:\/\/www.caixinglobal.com\/2020-05-09\/power-struggle-at-bitmain-escalates-into-physical-brawl-101551808.html\">much-publicized governance troubles<\/a><\/strong><span style=\"font-weight: 400;\"> are not great for the firm either. Founders Jihan Wu and Zhan Ketuan are at the center of a very public fight, with Wu even <\/span><strong><a href=\"https:\/\/technode.com\/2020\/05\/09\/bitmain-founder-fight\/\">sending local police to arrest Ketaun<\/a><\/strong><span style=\"font-weight: 400;\"> at the latter\u2019s office earlier this month.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The above means a potential Bitmain IPO may not be well-received. Investors usually look for stability in the governance board, and the firm\u2019s long-standing issues may plague its public raise.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">BitMEX noted in the regard:<\/span><\/p>\n<blockquote><p><b>\u201cFor a highly volatile and capital intensive industry like Bitcoin ASIC manufacturing, which can appear mysterious and opaque to traditional investors, perhaps it is not too surprising that these governance issues arise.\u201d<\/b><\/p><\/blockquote>\n<h2><b>China\u2019s BTC mining problems<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">BitMEX noted the mining farm operating industry is becoming \u201cincreasingly consolidated\u201d post-Bitcoin\u2019s May 12 halving event. New investments are coming from a concentrated group of \u201cwell-financed entities.\u201d<\/span><\/p>\n<figure id=\"attachment_136816\" aria-describedby=\"caption-attachment-136816\" style=\"width: 1240px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-136816 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/Mjk2MDU2OQ.jpeg\" alt=\"\" width=\"1240\" height=\"930\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/Mjk2MDU2OQ.jpeg 1240w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/Mjk2MDU2OQ-300x225.jpeg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/Mjk2MDU2OQ-1024x768.jpeg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/Mjk2MDU2OQ-768x576.jpeg 768w\" sizes=\"(max-width: 1240px) 100vw, 1240px\" \/><figcaption id=\"caption-attachment-136816\" class=\"wp-caption-text\">(A Bitcoin mining farm in China. <em>Source<\/em>: <a href=\"https:\/\/www.google.com\/url?sa=i&url=https%3A%2F%2Fspectrum.ieee.org%2Fcomputing%2Fnetworks%2Fwhy-the-biggest-bitcoin-mines-are-in-china&psig=AOvVaw1l7nIJn-Oh2eEqQxFpIQay&ust=1592469364968000&source=images&cd=vfe&ved=0CAMQjB1qFwoTCIDSx-q4iOoCFQAAAAAdAAAAABAJ\">Spectrum<\/a>)<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The research found the customer base is moving out of China. Furthermore, the average customer\/s are now larger funds, and \u201cno longer small businesses or individuals.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">MicroBT marketing manager Elsa Zhao told BitMEX:<\/span><\/p>\n<blockquote><p><b>\u201cThree to five years ago, there was one leading company in the industry, and some top companies competed in the last one or two years. After the Bitcoin halving, competition is getting more serious and only the most competitive mining machines will survive. Further consolidation is likely.\u201d<\/b><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Meanwhile, the exchange noted that while Bitmain was not energy efficient for most miners and fell behind MicroBT, the firm\u2019s powerful manufacturing capability and strong relationships in the industry cements its place as a top, long-lasting contender.\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">BitMEX\u2019s expansive report on mining, miner IPOs, and ASIC supremacy can be <\/span><\/i><strong><a href=\"https:\/\/blog.bitmex.com\/battle-for-asic-supremacy\/\"><i>found here<\/i><\/a><\/strong><i><span style=\"font-weight: 400;\">.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new report by Bitcoin trading giant BitMEX focussed on the BTC mining industry, exploring if three mining giants could IPO on U.S. markets and if China\u2019s Bitcoin mining could grow. Both aspects, unfortunately, face negative consequences if current market conditions remain. Bitcoin miners face IPO troubles Bitmain, and Ebang, two of the biggest ASIC [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":136897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,2376],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Here\u2019s why Bitcoin mining could reduce to two players while China\u2019s BTC dominance dies<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/heres-why-bitcoin-mining-could-reduce-to-two-players-while-chinas-btc-dominance-dies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here\u2019s why Bitcoin mining could reduce to two players while China\u2019s BTC dominance dies\" \/>\n<meta property=\"og:description\" content=\"A new report by Bitcoin trading giant BitMEX focussed on the BTC mining industry, exploring if three mining giants could IPO on U.S. markets and if China\u2019s Bitcoin mining could grow. 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Bitcoin miners face IPO troubles Bitmain, and Ebang, two of the biggest ASIC [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/heres-why-bitcoin-mining-could-reduce-to-two-players-while-chinas-btc-dominance-dies\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-18T10:00:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-18T03:39:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/bitcoin-mining.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/heres-why-bitcoin-mining-could-reduce-to-two-players-while-chinas-btc-dominance-dies\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/heres-why-bitcoin-mining-could-reduce-to-two-players-while-chinas-btc-dominance-dies\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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