Getting a token from inception to market is no mean feat and more often takes years of planning and commitment. Achieving fair price discovery and stability requires just as much commitment and energy. Generally speaking, market makers categorize the token pricing journey into four main phases: pre-generation construction, primary listing, price discovery and expansion, and […]
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Survival of the Fittest: The Evolution and Consolidation of ASIC Bitcoin Mining Rig Makers
Several years ago, the landscape of ASIC bitcoin mining producers was diverse. Yet, over the recent couple of years, a select few top manufacturers have sustained the production of bitcoin mining rigs.
ASIC Mining’s Changing Landscape
Once, numerous ASIC producers flourished, but today, only a few remain active in manufacturing bitcoin mining rigs. Currently, prominent names like Bitmain, Microbt, Canaan, and Auradine dominate the conversations.
Previously, industry leaders also included Bitfury, Innosilicon, GMO, Ebit, and Halong, alongside the still-active Canaan, Microbt, and Bitmain. Auradine, originating in California and known for its Teraflux miners, marks a relatively recent entry into the space.
Bitfury, while still engaged in the mining sector, has shifted its focus from ASIC production to blockchain infrastructure, offering services like operational management and optimal energy locales, alongside its Blockbox AC. The company continues to offer its Tardis server, launched in 2018, delivering 80 terahash per second (TH/s) of SHA256 mining power.
Once a prominent player, Innosilicon now pivots towards providing ASIC customization for bespoke ASIC apparatus. Despite its earlier dominance, Innosilicon’s Terminator units are no longer sold on Innosilicon’s web portal. The Japanese firm GMO Group, previously an active manufacturer of bitcoin mining machinery, halted its shipments of 7nm semiconductors in November 2018 and subsequently exited the manufacturing scene the following month.
2018 also saw Halong Mining emerge, with some predicting it would dethrone Bitmain. Despite these predictions and controversies over the originality of its miners, Halong has since ceased production, with its last social media update in May 2018. Ebang, another manufacturer that has quieted down, released its last significant model, the Ebit E11++, in October 2018, offering up to 44 TH/s.
While earlier machines from Bitfury, Halong, Ebang, GMO, and Innosilicon are now considered outdated compared to modern Avalons, Antminers, Whatsminers, and Teraflux miners, they still find use under specific, low-cost electricity conditions and continue to circulate in secondary markets.
Canaan continues to innovate with its Avalon ASIC mining rigs, the first ASIC bitcoin miner in the market, enhancing efficiency. Bitmain and Microbt remain influential, consistently releasing new lines of Antminers and Whatsminers. Microbt has maintained a strong presence in the industry since 2016. All three have been actively engaging with specific mining operators this year.
For example, Stronghold Mining partnered with Canaan’s Cantaloupe Digital and followed up by ordering 2,000 Avalon-made machines. Recently, Bitmain and Microbt have distributed thousands of advanced mining machines to leading industry players. North American newcomer Auradine introduced itself in 2022, recently unveiling its Teraflux bitcoin miners.
Like Canaan, Microbt, and Bitmain, Auradine has focused on producing miners with improved efficiency and high terahash output for both air-cooled and immersion-cooled systems. Since the inception of air-cooled machines, the advent of hydro-cooled and immersion-cooled ASICs has significantly increased the terahash output and efficiency of these devices.
The consolidation of just a few key players begs the question: What’s driven the mass departure from the bitcoin mining industry? It might be the industry’s exacting competition and substantial entry barriers that make it a formidable arena for sustainability. The hefty investment demands, swift pace of technological progress, and the crypto market’s inherent volatility could dissuade newcomers and thin out those unable to adapt quickly or expand effectively.
The enduring presence of certain manufacturers that have lasted stands as a testament to their adaptability and robustness in the demanding realm of high-tech semiconductor and ASIC bitcoin mining rig production.
What do you think about the fact that there aren’t as many bitcoin mining rig manufacturers as there used to be? Share your thoughts and opinions about this subject in the comments section below.
Market Makers Bet Big On Bitcoin Price Surge: Expert
In a series of insightful observations, Adam Cochran, a renowned expert in the field of cryptocurrency and founder of Cinneamhain Ventures, recently shared his analysis on the relationship between Bitcoin price movements and US Treasury auctions. Cochran’s comments, primarily disseminated viaX (formerly known as Twitter), offer a unique perspective on an emerging trend in the market, particularly in relation to traditional financial instruments.
Bitcoin Price Rises After Each Treasury Auction
Cochran notes a distinct pattern: “Some big market maker seems to really care about real rates vs Bitcoin (I guess in anticipation of ETF buyers?). Every time you get a good auction on US treasuries, you’ve got about 5 min before BTC takes a leg up.” This observation suggests a correlation between the outcomes of USTreasury auctions and subsequent movements in Bitcoin prices.
The essence of Cochran’s theory revolves around the concept of real interest rates and their inverse relationship with Bitcoin. Real rates refer to the interest rates adjusted for inflation. In traditional finance, these rates significantly influence investment decisions across various asset classes.
Cochran posits that a successful US Treasury auction, which typically indicates lower yields (and hence lower real rates), is quickly followed by a spike in Bitcoin prices. This trend, according to Cochran, is indicative of a market maker betting on large funds allocating to Bitcoin as a hedge against real rates.
This relationship becomes particularly significant in light of discussions around Bitcoin Exchange-Traded Funds (ETFs). According to Bloomberg experts, there is a 90% chance of a spot Bitcoin ETF receiving approval by the end of the year.
One of the reasons for this is that the US Securities and Exchange Commission (SEC) has been actively communicating with applicants such as BlackRock and Fidelity in recent weeks, as a result of which amendments to the application have been submitted. The increasing seriousness of these conversations seems to have amplified the correlation, as noted by Cochran: “Someone is making the bet that large funds will allocate to Bitcoin as a counter to real rates which would be huge.”
Furthermore, Cochran highlights the impact of Bitcoin’s price movements on the broader financial market: “The BTC momentum on any upswing is pretty clear, it’ll suck a lot of momentum out of other parts of the market, because its current catalysts are just on another scale.”
Backtest For The Theory Still Pending
In response to an inquiry about backtesting this theory, Cochran admitted the lack of long-term data but emphasized the recent nature of this trend: “Hrm, someone probably has that data? I’ve just been monitoring manually, and the correlation has only been the past few weeks to month, since the ETF convo got serious, so a long dated backtest wouldn’t hold.”
This acknowledgment points to the nascent stage of this observed correlation. Nevertheless, Cochran’s insights offer a compelling narrative linking traditional financial markets with Bitcoin. As the conversation around Bitcoin ETFs gains momentum, these observations could become increasingly relevant, offering valuable insights for investors.
At press time, Bitcoin traded at ,278.
Massive Redistribution: Sui Foundation Retrieves 117 Million SUI Tokens From Market Makers
The Sui (SUI) Foundation has announced its latest initiative to strengthen its decentralized finance (DeFi) ecosystem, reclaiming 117 million SUI tokens worth .3 million from external market makers.
The tokens will be redirected into various channels to support the growth of the Sui Network. This Layer 1 blockchain has gained recognition for its scalability since its mainnet launch in May.
Per the announcement, the reallocation of these tokens will not impact the circulating supply of SUI, as they were previously released.
In addition, the Sui Foundation has already earmarked 25 million SUI tokens to award winners of its liquid staking hackathon, which was announced earlier this week.
Sui Foundation To Support Developers With Repatriated Resources
According to the Sui Foundation, the influx of resources from this initiative is expected to support Sui’s community of builders, developers, and ecosystem participants, fostering growth in the coming months for the protocol.
The newly repatriated resources will be channeled towards several key areas, including offering grants to developers for building decentralized applications, supporting Sui’s state-of-the-art DeepBook CLOB, automated market makers, and liquid staking and lending protocols.
Sui’s DeFi ecosystem, which, according to the announcement, has demonstrated strong adoption, will be a primary beneficiary of these new allocations.
The network recently achieved its highest Total Value Locked (TVL) at approximately million, marking a growth of over 100% in the past two months, according to DefiLlama, a leading DeFi TVL aggregator.
Furthermore, the Sui Foundation team believes these recent achievements have been remarkable, especially considering the short time since its mainnet launch. The network set an industry record by executing 65.8 million transactions daily, surpassing all other blockchains.
Per the announcement, Sui’s scalability remained intact despite the concentrated traffic, with the cost per transaction unaffected. Within just over four months, the network has attracted over 6 million active wallets.
Additionally, Sui introduced zkLogin, a unique native feature that enhances privacy and security by enabling users to access decentralized applications through their existing Web 2 social accounts.
A Bright Future For The Network?
Greg Siourounis, Managing Director of the Sui Foundation, expressed optimism about the network’s future growth, emphasizing that the milestones achieved thus far are only a fraction of what the network aims to accomplish. Siourounis stated:
The milestones reached by Sui and its community in its first five months have been remarkable, but they represent only a fraction of what this network was built to achieve. Today’s reallocation represents a key influx of resources that will provide a new tailwind for Sui’s community of builders, developers, and ecosystem participants and fuel Sui’s ecosystem growth in the coming months and beyond.
As of the current writing, the native token of the protocol, SUI, is trading at .4389, reflecting a 2% increase over the past 7 days. However, the token has experienced a decline of 6.4% within the 30-day timeframe.
Featured image from Shutterstock, chart from TradingView.com
What’s Behind Maker’s Showstopping 48-Hour, Almost 40% Rally?
Decentralized finance tokens all over the crypto market are soaring. First, it was Compound stealing the limelight with yield farming, then recently, it was Aave (LEND) with a shocking 300% surge. Now it appear’s to be Maker’s turn.
Is this massive rally in Maker really due to DeFi continuing to defy all odds, or is something else at play? And what do technical indicators potentially say about the altcoin asset?
Make Way For Maker’s Nearly 40% Surge in 48 Hours
Over the last 48 hours, the crypto asset known as Maker has been making many investors happy. The nearly 40% rally left a large wick behind that ate away at gains, leaving only 13% returns to show for the impulse.
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The two-day performance is still nothing to sniff at, potentially closing out the day with 10% leftover from the surge.
Maker MKRUSD 38% Two-Day Rally | Source: TradingView
Maker is the latest DeFi token to shine over the last several weeks. The growing crypto craze is showing no signs of slowing down as both projects and investors continue to jump on the bandwagon.
Could Maker simply be the latest token to experience a hype-driven pump as altcoin investors shuffle from coin to coin?
All across markets right now, a “Great Rotation” is going on. Bitcoin profits are rolling into altcoins. Nasdaq composite and tech stock profits are pouring into the S&P 500. And in DeFi, capital is flowing from one project to another looking for the next big thing.
Fund managers warn against taking such risks and sticking to the primary movers in the DeFi market, which is why Maker may suddenly be pumping.
Unlike the shining new stars of DeFi, the major players like Ethereum and Maker have been slow to follow. But the two assets started pumping alongside one another yesterday, and it could be the start of something more.
Maker MKRUSD Average Directional Index Daily | Source: TradingView
The Start of a New Uptrend, Or DeFi Trend Taking Over?
On the MKRUSD trading pair, Maker is showing a strong push into resistance built up over the last two years of price action. At a glance, it looks like the altcoin will have a hard time getting through, but the surge is accompanied by a breakout in volume.
Coinciding with the breakout of trading volume, the Average Directional Index is showing a massive bullish trend forming. It is the largest bullish impulse on the Directional Movement Index over the last two years, and it is only just getting started.
Maker MKRBTC Average Directional Index Daily | Source: TradingView
If the ADX itself can rise over the dotted line and a reading of 20, a strong uptrend will confirm. The ADX is also looking bullish on the MKRBTC trading pair, which shows a lot more room above resistance to climb.
The Average Directional Index is a trend measuring tool, that is suggesting that Maker is about to begin a strong uptrend. It also could be a sign that the DeFi trend is only getting stronger, and any lagging investors need to get on the hype train before its too late.
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Inevitable Bust? GPU Makers See Crypto Mining as Short-Term Sales Boost
Interest in crypto mining has boosted the revenue of GPU makers at a time that’s traditionally their slowest. But some fear the boom won’t last.
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Inevitable Bust? GPU Makers See Crypto Mining as Short-Term Sales Boost
Interest in crypto mining has boosted the revenue of GPU makers at a time that’s traditionally their slowest. But some fear the boom won’t last.
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