While there’s no doubt that Bitmain rules the cryptocurrency mining space both as a mining pool and manufacturer of ASIC mining equipment, there are other players in the field who also strive to achieve the same level of success with their cutting-edge solutions.
One such name is Avalon, which was a project started by Bitcoin community members Yifu Guo and Zhang Nan Geng, who came together through popular community forum BitcoinTalk and initiated the Avalon organization which was intended to push for technological advances for Bitcoin.
In an industry which is monopolized by Bitmain, the name synonymous with Bitcoin mining equipment for better or for worse, it is difficult to think of a lesser known manufacturer even trying to get a large scale product out, much less to have it provided at a competitive price.
The need to use an official wallet that comes right from the Bitcoin network itself is especially notable for new cryptocurrency users. New cryptocurrency users are looking for that reliability and trust factor which can only come with using “official” means in order to keep their Bitcoins safe, secure and away from the prying eyes of malicious parties.
While it is not often recommended, such a solution does exist in the form of Bitcoin Core Wallet, which lets users keep their Bitcoin safe through a software that was developed and functions as the main doorway to the Bitcoin blockchain.
As of July 26, 2018, bitcoin is trading at about $8,200 and blockchain venture capitalist Spencer Bogart believes there are many catalysts which could send bitcoin prices even higher, or bring them down rapidly.
When it comes to Bitcoin mining, a few choice firms take center stage while others get pushed behind the curtains either due to a lack of marketability or an already established market share by older players which proves to be difficult to penetrate.
And sometimes, those efforts involve bold claims that have the potential to garner the attention of hundreds and thousands of entities that are associated with the world of cryptocurrency.
Bitmain, a Beijing-based company which designs and produces bitcoin mining equipment, published on July 22, 2018, its first statistics report on the amount of its in-house mining operation and it’s already caused some controversy.
After sinking to a year-to-date low price below $6,000 in late June 2018, bitcoin price has jumped back to above $7,000 and as of July 20, 2018, trades at $7,482. This has fuelled hopes that the race is back on. Some would go as far as to say it might become digital gold, with its market cap more than tripling with the help of physical gold.
Beijing Sci-Tech Report (BSRT), the oldest tech publication in China, has announced that it will now accept Bitcoin for its 2019 subscriptions, Asia Times reported on October 1.
The amount of computing power used by Bitcoin’s network of computers to create new coins has risen dramatically since 2017 despite the drop in the Bitcoin price.