Bitcoin mining continues to grow, and Q4 is going to be a crazy time

Bitcoin mining has become a significant and lucrative industry, and the competition to mine Bitcoin has become increasingly fierce over the past few years.

MGT Capital joins the race

John McAfee of MGT Capital has mined 170 BTC

Since the launch of Bitcoin, the equipment dedicated to mining has become more advanced, and the scale of mining pools has become larger and larger. Existing large Bitcoin mining pools include Antpool, BTCC Pool, F2Pool, etc.

According to MGT Capital, the Bitcoin mining computing power it controls has now expanded to 5 Petahash, making it a leader in the United States.

“As our footprint in the bitcoin space grows, our expertise becomes an increasingly valuable resource, and we are excited to partner with Bitmain, the world’s leading bitcoin hardware manufacturer,” said John McAfee, executive chairman of MGT.

Bitmain announces Xinjiang mining base

Not long ago, Beijing-based Bitmain revealed that it is building a new mining center in Xinjiang. It is said that the total scale of this mining center has reached 135,000 kilowatts. After completion, it will become the world's largest Bitcoin mining farm. It is worth mentioning that this new mining farm will use solar and wind power for mining.

“We see that most data centers in the mining industry are wasting a lot of money and other resources. We hope to provide the industry with a more professional and cost-saving example,” explained Jihan Wu, CEO of Bitmain.

Mining farm announcement sparks discussion on Bitcoin mining algorithm

The announcement by Bitmain has sparked discussions in the Bitcoin community about changing the mining algorithm. The developer of SatoshiLabs and the founder of Slush Pool retweeted an interesting tweet.

“Now is a good time to discuss the roadmap for changing the Bitcoin mining algorithm. 75% of the hash rate concentrated in one place is a disaster for Bitcoin.”

The tweet has become a hot topic within the Bitcoin community, with many people sharing different opinions on Twitter and various social forums. Changing the mining algorithm is a highly controversial protocol change, especially for Bitcoin, as it involves Bitcoin infrastructure worth billions of dollars.

Bitcoin Mining Continues to Grow

One thing is certain, the Bitcoin mining industry has grown rapidly in a relatively short period of time, with many new players trying to compete in this emerging market. New ASIC hardware and chips have become more advanced, while the size of mining pools and mining infrastructure has become enormous.

However, it is unclear how far this race will go. Perhaps future quantum computing will slow down the pace, but for now, the pace of progress in the Bitcoin mining industry is not slowing down anytime soon.