In the fierce competition in today's digital currency market, the battle for ASIC mining hegemony has always attracted much attention. As the number one player, Bitmain has always occupied an important position in this peak battle of mining. No matter how the market fluctuates, Bitmain seems to be able to maintain its leading position and lead the development direction of the entire industry. Let's explore Bitmain's hegemony in the field of ASIC mining and see how they maintain their position as the number one player.

As a leading company in the ASIC mining industry, Bitmain has been constantly innovating, launching high-performance mining machine products, and sitting firmly at the top of the industry. Their mining machines are not only powerful, but also stable and reliable, and are deeply loved by miners. Bitmain's Antminer series products are even more well-known and have become the darling of miners around the world. This strong product strength allows Bitmain to always maintain its leading position in the ASIC mining market and become an existence that other competitors cannot shake.

In addition to product strength, Bitmain's R&D strength in the field of ASIC mining is also unmatched. They have a large and professional R&D team that constantly explores new mining algorithms and technologies to maintain their technological leadership. With a deep understanding of the industry and a forward-looking vision, Bitmain's R&D team has successfully launched a series of disruptive products, leading the development direction of ASIC mining technology. This technological advantage has enabled Bitmain to remain standing in the fiercely competitive market and become a leading company in the field of ASIC mining.

In the battle for ASIC mining hegemony, Bitmain not only maintains its leading position with its strong product strength and R&D strength, but also further consolidates its king status through strategic cooperation and global resource integration. Bitmain has established close cooperative relations with mining farms around the world to ensure the sales and operation of mining machines. They also actively participate in industry activities and exhibitions to expand their influence and enhance brand awareness. This global strategic layout has enabled Bitmain to be invincible in the ASIC mining market and sit firmly on the throne of king.

In general, as the number one player in the field of ASIC mining, Bitmain has been able to maintain its hegemony not only because of their strong product strength and R&D strength, but also because of their global strategic layout and deep insight into the market. In this fiercely competitive industry, Bitmain has always been able to seize the opportunity and lead the development of the entire ASIC mining market. In the future, Bitmain will continue to work hard to innovate, keep pace with the times, maintain its leading position, and lead the development direction of the entire industry. In the battle for ASIC mining hegemony, Bitmain is still the unshakable number one player.

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Due to increased competition, geopolitical pressure, and slowing investment returns following Bitcoin’s May halving, further consolidation in the Bitcoin ASIC mining machine manufacturing industry is expected, with crypto derivatives exchanges
In the latest report released by BitMEX, "The Battle for ASIC Supremacy," researchers wrote that they "believe it is likely that only 2 to 3 players will survive in the long term."

The report analyzes the history and current situation of the ASIC mining machine manufacturing industry, focusing on the current major players - Bitmain, MicroBT, Canaan and Ebang.

Application Specific Integrated Circuits (ASICs) refer to mining hardware that uses application-specific integrated circuit chips that are customized to a specific hashing algorithm and are designed to efficiently mine cryptocurrency. In contrast, using a GPU
The devices are less specialized, so it has been difficult to compete with ASIC devices for network rewards so far.

As the capital investment cost of future miners continues to rise, people have been worried about the centralization of various blockchains.

Therefore, as BitMEX analysis shows, consolidation among ASIC manufacturers means increasing concentration at all levels of the industry.

Fully integrated?

Notably, BitMEX’s report predicts that consolidation will continue not only in the ASIC manufacturing industry, but also in the mining farm operations industry.

It was reported that during the Q1 2020 earnings call, ASIC
Manufacturer Canaan revealed, "Even after the halving, we are seeing more and more inquiries, and they are inquiries for large quantities and large potential orders. We are seeing more and more sales from key customers or big clients.”

BitMEX authors say they have heard the same message from discussions with ASIC manufacturers MicroBT and Bitmain.

Reasons for consolidation within ASIC manufacturing

BitMEX reports show that over the past 18 months, Bitmain’s market share (during the 2017 bull run, it was 75%) has begun to be lost to MicroBT
Waiting for new players to encroach. The latter is estimated to have had a 35% market share in 2019.

Image source: BitMEX, ASIC mining market share by manufacturer (TH/s sold)

However, Bitmain remains the current “number one player” despite “facing almost comically poor corporate governance” amid its executive power struggle.

Meanwhile, rival Canaan has gone public, making its operations and earnings more transparent, but BitMEX noted that “ASIC manufacturing is a cash-intensive, tough industry, (and) given
With MicroBT and Bitmain’s technological leadership, Canaan’s future may be challenging if Bitcoin does not have a strong bull run. "

Ebang, which like Bitmain is pursuing an IPO, faces a “relatively weak market positioning for product energy efficiency.”

Other factors affecting the industry include trade tensions between the United States and China, the impact of COVID-19, and more.

MicroBT marketing manager Elsa Zhao seemed to confirm that BitMEX
assessment, noting that “the customer base is increasingly moving out of China. Because the return on investment cycle is getting longer since the halving, it is now much longer than six months based on current mining difficulty and prices. With At the same time, average client size is now growing significantly, with clients now being larger funds and no longer small businesses or individuals.

Three to five years ago, there was only one leading company in this industry, and some top companies have competed in the past year or two. But from now on, this industry will have 2 to 3
A leading company. After the Bitcoin halving, competition has become increasingly fierce, and only the most competitive miners can survive. Further integration is possible. "