RATE Group | Bitmain is losing its monopoly over cryptocurrency mining
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Bitmain is losing its monopoly over cryptocurrency mining

22 Aug Bitmain is losing its monopoly over cryptocurrency mining

Posted at 16:59h in Cryptocurrency News by

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Bitmain, the China-based cryptocurrency mining behemoth, has acquired the status of a legend in the industry, with a ton of mystery surrounding its operations. The company is undoubtedly one of the most profitable cryptocurrency businesses in the world. But it seems, Bitmain is now slowly falling out of favor.

A report from investment research firm Sanford C. Bernstein & Co. suggests that Bitmain is losing its technological advantage over its competitors in producing the cryptocurrency mining chips. As per the analysts, while Bitmain still controls as much as 85 percent of the cryptocurrency mining equipment market, other companies such as Canaan Inc. and Ebang International Holdings Inc. are catching up.

“The Beijing-based company, co-founded by 32-year-old billionaire Jihan Wu, may need to write down the value of its inventory as makers of rival mining gear catch up,” the analysts said in the report. “Taiwan Semiconductor Manufacturing…

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