The Bitcoin Mining Industry Is Gearing Up for the All-Out War That Will Take Place After the Fourth Halving in April 2024.
Let's take a look at the forces at work as we approach the end of 2023.
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Just over a year ago, many of us still thought that a major flippening was brewing in the cryptocurrency world. Not the flippening fantasized by Ethereum fans, but the flippening between the two biggest stablecoins on the market.
At the time, the USDC was on an upward trajectory and everything seemed to point to the USDT being overtaken in terms of market cap by the end of 2022:
I had written an article on the subject, and as you can see, I got it wrong, since at the time of writing, USDT is more than an ever-hegemonic leader in the stablecoin market.
Tether's USDT market cap is very close to $88B, while Circle's USDC market cap is just above $24B. The hypothesis of a flippening is buried.
Tether has gone from strength to strength in recent months, becoming one of the largest private holders of US Treasury bonds. Tether also has the luxury of buying Bitcoin every month to bolster its cash position. As if that weren't enough, Paolo Ardoino is brimming with plans for the future.
Among the projects recently discussed with Bloomberg is Tether's desire to become a major player in the Bitcoin Mining industry:
Tether will invest $500M in the Bitcoin Mining industry over the coming months. Part of this funding will be used to enable Tether to build its own Bitcoin Mining facilities in three South American countries: Uruguay, Paraguay, and El Salvador.
Tether will use the rest of the envelope to invest in Bitcoin Mining companies that need help to hold their own in this ultra-competitive industry.
Speaking of competition, all the Bitcoin Mining players are going from strength to strength in preparation for the fourth Bitcoin Halving, which will take place in April 2024. The reward in Bitcoin will be halved, which will intensify the competition between Bitcoin Mining players and wreak havoc. As always, only the most resilient Bitcoin Miners will be able to continue operating.
This is what we call natural selection in the Bitcoin world.
With this in mind, I thought it would be appropriate to take a look at the current state of health of the main American players in the Bitcoin Mining industry.