- The founder of Adamant Capital, Tuur Demeester, stated the era of Bitmain “truly is over.”
- Today, the crypto enthusiast sprinkled his views on Twitter by saying the era of the Bejing-based mining manufacturer is now over.
- In 2018, Bitmain has captured almost 80 percent of the entire crypto market.
The founder of Adamant Capital, Tuur Demeester, stated the era of Bitmain “truly is over.” Today, the crypto enthusiast sprinkled his views on Twitter over the Bejing-based mining manufacturer.
Monopoly of Bitmain in the crypto market
The era of Bitmain truly is over. Due to the commoditization of chips and machines, it's unlikely that any one bitcoin mining company will ever again dominate (and threaten) the market like Bitmain did. https://t.co/o3kWjifB8l
— Tuur Demeester (@TuurDemeester) May 25, 2020
Bitmain was once known for his monopoly in the crypto ecosystem. However, he finds that no other Bitcoin mining firm can match the level of Bitmain’s dominance in the future. Due to the commoditization of chips and machines, Tuur doesn’t expect any other company will ever dominate and threaten the market. Just like the Bitmain did.
Bitmain’s controversial journey
In 2018, Bitmain has captured almost 80 percent of the entire crypto market. Moving further, the company occupied office space in San Jose, which considered as the heart of Silicon Valley. Moreover, the mining manufacturer was all set to bang the US market. That will ultimately hit its market value to $40 bln.
Furthermore, they decided to prep for an IPO in Hong Kong but the things turned out into controversy when high profile sponsors started to refuse their involvement. This however turned into complete fallout with heating corporate war and resulted in huge losses in Q3 2018. It was due to the falling prices of BTC that eventually made Bitmain drop its IPO plan.
Looking at the 2020 scenario, Bitmain is no longer in its position of monopoly that it is used to be. Also, a new competitor, MicroBt which is a Chinese mining hardware producer is now pulling down Bitmain’s market.
As of now, the Bitmain’s Antminer S9 is the only most popularly used ASIC miner, but the recent halving made the devices quite much outdated. This describes why the BTC’s hashrate has dropped more than 30 percent.