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Bitcoin Mining The Evolution of A Multibillion Dollar Industry Yassine Elmandjra, and Derek Hsue, Chinese mining machine manufacturers also are beginning to hedge against an intensified crackdown by the Chinese government. As Canaan states in its IPO filing, “An increasing portion of [its] revenues has been derived from sales to customers outside the PRC - changes in policies and laws regarding holding, using, or mining of bitcoins could result in an adverse effect on [its] business operations.”37 The State of Mining Pools Mining pools were introduced in late 201038 in response to the increased proof-of-work difficulty inhibiting individual miners from consistently mining blocks. A traditional CPU miner today would need centuries to mine a block. By pooling resources and sharing processing power in mining pools, small-scale operations can survive on more predictable and timely payouts. Bitcoin critics often cite mining centralization as a notable risk to the security of the network. Because individuals no longer can mine profitably, hashrate does seem to have consolidated into a handful of mining pool operators, though many critics conflate entities running mining pools with entities that own and operate their own mining equipment. While Bitmain owns and operates a small percentage of global hashrate,39 it also manages two mining pools with mining equipment owned and operated by third parties. Miners are free to come and go as they please. Fearing centralization, they can switch to different pools, as has historically been the case.40 As shown in the Figure 9, the current hashrate distribution among mining pools is somewhat concentrated. The top four mining pools account for more than 51% of Bitcoin’s hashrate. Notably, Bitmain not only operates both AntPool and BTC.com but also owns a stake in ViaBTC. 37 New Listing Information - AP & PHIP, www1.hkexnews.hk/app/appindex.html. 38 “Pooled Mining.” Pooled Mining - Bitcoin Wiki, en.bitcoin.it/wiki/Pooled_mining. 39 New Listing Information - AP & PHIP, www1.hkexnews.hk/app/appindex.html. Self-mining accounts for just 5-10% of Bitmain’s revenue. 40 Hajdarbegovic, Nermin. “Bitcoin Miners Ditch Ghash.io Pool Over Fears of 51% Attack.” CoinDesk, CoinDesk, 15 Apr. 2014, www.coindesk.com/ bitcoin-miners-ditch-ghash-io-pool-51-attack. 15PDF Image | Bitcoin Mining
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