MicroBT Becomes A Major Competition for Bitmain in The Crypto Mining World
It’s no doubt that the coronavirus pandemic has vastly affected the financial world. It is so much that its effects have been seen in the global Bitcoin mining power, reducing the growth of the computing power of the Cryptocurrency. Different miners in the industry, especially in the Asian regions, have seen different experiences, with others increasing their market share while others struggle to maintain balance. Among the platforms that dominate crypto mining is Bitmain, which has been the leader since 2017. However, the current situation suggests that MicroBT, based in China, receives more attention from the market.
For instance, last year, MicroBT managed to sell about 600 thousand WhatsMiner M20 units. According to Vincent Shang, MicroBT’s sales each of this unit can generate 60 terahashes every second.
Bitman saw a massive setback in 2019, even making plans to reduce the workforce by 50% and firing its joint founder and senior shareholder. WhatsMiner M20, MicroBT’s hardware, is truly a challenge for Bitmain’s AntMinerS17.
Although MicroBT has seen vast growth in the previous year, as of December 12, 2019, coinshare estimated that Bitmain was still the larger market holder.
The two companies are working to create new and better technologies, with Bitmain working on AntMiner S19 and MicroBT to upgrade to WhatsMiner M30. Last year MicroBT was the leader in manufacturing and shipping, but with the recent covid impact, some delays could affect the firms.