The Centralization of Bitcoin Mining Will Only Worsen in 2020

CryptoMode Bitcoin Mining Illustration Poolin Crypto Mining Hashrate

The concept of Bitcoin mining is always interesting to keep an eye on. Whereas this was designed to be a decentralized industry, a new report confirms that is anything but the case in 2020.

TokenInsight often releases some interesting statistics regarding cryptocurrencies.

Bitcoin Mining Still has a big Problem

In this particular report, the concept of Bitcoin mining and how centralized it is receive a lot of attention.

The company’s predictions for 2020 are not overly promising either.

TokenInsight claims how four firms will control 98% of the Bitcoin mining market share by the end of this year. 

Of those firms, Bitmain is the biggest name most people are familiar with in this day and age.

Companies such as Canaan, Ebang, and MicroBT will also continue to make their mark on the industry. 

It is evident that Bitcoin mining requires dedicated hardware, often referred to as ASICs

Very few companies are willing to dedicate their research and development arms to this particular industry.

Cryptocurrencies are still very niche, thus there is no real interest from most mainstream manufacturers.

Nor does it appear that competition will emerge from within the cryptocurrency industry itself. 

It appears that Bitmain will be the company noting the strongest individual growth and eventually control 63% of the mining hardware in a few months. 

None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.