Overseas encryption giants are making frequent moves, and the global mining landscape is about to change dramatically?
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Coinbase invests in mining companies
Coinbase Ventures, a subsidiary of the world's leading exchange Coinbase, made a strategic investment in the mining company Titan yesterday. Titan is a bitcoin mining software and service provider located in Chicago, USA. The specific amount and method of this strategic investment have not been announced.
North American mining companies CoinMint and Core Scientific agreed last month to join Titan’s enterprise-level mining pool, Titan Pool, which is undergoing high-capacity testing and is preparing to officially launch an internal beta version this month. Titan said that Coinbase Ventures' strategic investment will help companies in the industry increase efficiency, improve profitability and gain development prospects.
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Global encryption giants move frequently
With the continuous growth of the encryption market value, the mining industry, which is recognized as the most stable profit, has become the target of global encryption giants. Huobi Exchange is one of the earliest encryption giants in the industry to try mining business, and overseas giants are also making frequent moves. For example, Digital Currency Group, the world's largest encryption company, announced the establishment of Foundry, a mining subsidiary, in August last year to fully develop Bitcoin. The cryptocurrency mining market; Coinbase’s strategic investment in mining companies this time represents that the encryption giants have once again entered the domestically dominated mining territory.
In addition, companies focusing on mining financial services such as PayPal Finance are also facing new competitors. According to Newswire on January 15, encrypted commercial bank Galaxy Digital announced the establishment of a new encrypted mining business unit. The new business, launched this year, integrates with existing business lines to provide financial services to bitcoin miners, as well as consulting services. In addition, Galaxy Digital Mining will also conduct Bitcoin mining on a self-operated basis.
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The global mining landscape is about to change dramatically?
However, it is an indisputable fact that the computing power is moving abroad. The computing power of the United States is catching up and now accounts for 14% of the total. Although many local companies still use equipment made in China, mines and mining pools are slowly spreading to the world different regions.
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(Global computing power distribution map, source: Cambridge Innovation Finance Center)
The development of the mining industry is closely related to supporting facilities. Take the situation in the United States as an example. For example, Bitmain, the world’s largest mining machine manufacturer, originally only provided product maintenance training in Shenzhen, China, but since last May, it can also learn corresponding training in the United States. maintenance courses and certification. This greatly reduces the time and process required for product maintenance, which is beneficial to the development of the local mining industry.
