MicroBT is Challenging Bitmain’s Dominance in the Cryptocurrency Mining Space
The coronavirus epidemic in China has influenced Bitcoin’s global mining power thereby reducing the growth of cryptocurrency’s computing power. However, some Asia-based Bitcoin miners have experienced increasing market share while others strive to maintain their share.
Last year, MicroBT sold almost 600,000 units of its WhatsMiner M20. Averagely, every unit can generate almost 60 terahashes per second, says MicroBT sales head Vincent Zhang.
The market seems to be shifting to MicroBT from Bitmain based on a report and BTC’s price upsurge in 2019. MicroBT’s hardware caused about half of all Bitcoin’s computing power growth last year. This is almost 30% of global Bitcoin mining power.
Bitmain experienced setbacks in 2019 as it planned to cut 50 percent of its workforce and fired its joint founder and chief shareholder Micree Ketuan Zhan. MicroBT’s WhatsMiner M20 hardware was able to prove that it can challenge Bitmain’s AntMiner S17.
Nevertheless, as of December 12 2019, Bitmain was still holding about 65 percent of the market, based on Coinshares’ estimate.
Meanwhile, both firms are working on more robust technology this year. Bitmain is working on the AntMiner S19 while MicroBT is working on the WhatsMiner M30. MicroBT outpaced Bitmain in manufacturing and shipping in 2019. The coronavirus epidemic is causing delays and could adversely affect one firm more than the other ahead.