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Bitcoin Mining The Evolution of A Multibillion Dollar Industry Yassine Elmandjra, and Derek Hsue, We also calculated a version of the HHI that accounts for Bitmain’s influence over BTC.com, F2Pool, and 50% of ViaBtc, so much so that they are considered a single entity. Under this assumption, the HHI peaked in 2018 at ~2050, has declined since, and suggests that the mining pool industry currently is competitive. Bitcoin critics claim that Bitmain, as a single entity, is the most powerful player in the space, able to dictate Bitcoin’s future at the mining pool level. Based on the HHI, even when consolidating the mining pools associated with Bitmain into one entity, the industry is competitive. Another way to assess the state of mining pools is by turnover in the competition, as measured by the average lifetime of mining pool operators. Because the HHI measures only the current state of the mining pool ecosystem, it does not account for turnover. In “centralized” industries, turnover typically is low. In a competitive industry, no player remains dominant indefinitely. In that context, the chart below is illuminating. In the last 5 years, the average mining pool’s lifetime has been 2.5 years. Of the 26 mining pools in operation 5 years ago, 16 are defunct. The longest running mining pool, SlushPool, has controlled approximately 6% of Bitcoin’s hashrate over its lifetime. Furthermore, dominant mining pools do not maintain their leads over time. The largest mining pools during the industry’s short life - BTC Guild and Ghash.io – once controlled as much as 20% of the hashrate but no longer exist, as shown in Firgure 12 and 13. Figure 12: Mining Pool Turnover Mining Pool No Longer Operating Operating Mining Pool 80 70 60 50 40 30 20 10 0 Mining Pool Average Source: ARK Investment Management LLC, 2020; Data Sourced from: btc.com 18 Months RunningPDF Image | Bitcoin Mining
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