Bitwise Research Director: Bitcoin mining industry expected to consolidate in the next 18 months

On July 29th, according to Decrypt, as the pressure increases after the Bitcoin halving, Bitcoin mining companies are experiencing an "identity crisis", with some companies diversifying their income by entering the AI and chip manufacturing industries. At last week's Bitcoin 2024 conference, Ryan Rasmussen, research director at Bitwise Asset Management, said, "The halving of block rewards will have a negative impact. It is expected that the Bitcoin mining industry will consolidate in the next 18 months, as some capital-rich miners hope to merge with their competitors."

Recently, Riot Platforms announced the acquisition of Block Mining, while companies such as Bitdeer are considering using their existing power capacity to develop in the fields of AI and high-performance computing. At the same time, Marathon Digital announced the purchase of $100 million worth of Bitcoin and stopped selling its holdings of Bitcoin to demonstrate long-term confidence in this asset.