Troubles for Bitmain aren’t over. In the recent hashrate report released by Bitmain, it is revealed that Bitmain’s Bitcoin mining hashrate has been reduced by 88%. That means the former mining giant has cut back on its capacity.
Mining businesses are under a lot of pressure. Both Bitmain and Nvidia post losses from the sale of cryptocurrency mining hardware. While miners are finding it increasingly difficult to mine Bitcoin profitably. Although things are looking better from the 2018 perspective, mining is still a difficult business to be in.
Bitmain releases a monthly hash report called hash discourse which tells about the current hash rate of Bitmain. In April’s hash discourse, Bitmain had a SHA256 mining hashrate of 2,072 PH/s while currently, it sits at 237.29PH/s. SHA256 algorithm is used by Bitcoin and Bitcoin Cash for their PoW consensus protocol.
Bitmain’s overall Bitcoin mining dominance has also seen a reduction. At its peak in 2017, Bitmain controlled 4% of the entire Bitcoin network. That has now reduced to just 0.4% of the network.
An interesting thing to note, although Bitmain’s SHA256 mining has reduced other algorithmic mining has increased in number. Is Bitmain trying to shift from Bitcoin to mining new cryptocurrencies? What do you think, leave a comment below!