Bitwise Research Director: Bitcoin mining industry is 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", and some companies are starting to dabble in AI and chip manufacturing to diversify their revenue. At last week's Bitcoin 2024 conference, Ryan Rasmussen, head of research at Bitwise Asset Management, said: "The block reward halving will have a detrimental impact. The bitcoin mining industry is expected to see consolidation in the next 18 months as certain well-capitalized miners look to gobble up competitors."
Recently, Riot Platforms announced the acquisition of Block Mining, while companies such as Bitdeer are considering using their existing power capacity to expand into AI and high-performance computing. Meanwhile, Marathon Digital announced the purchase of $100 million in bitcoin and stopped selling its bitcoin holdings to demonstrate long-term confidence in the asset.