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Bitcoin mining industry is set to generate $3 to $4 billion a year

What happened

Chris Burniske, the Placeholder VC founder and a prominent crypto analyst, claimed that Bitcoin mining industry at the current run rate will be pulling in $3-4 billion per year.

Wow. Just wow.

We feel the same. Not many people are aware of the revenues the global Bitcoin mining generates. Meanwhile Bitmain, the world’s largest Bitcoin mining equipment manufacturer, claimed to be valued at billions of dollars by its investors including IDG and Sequoia.

Shall I buy a mining farm then?

There’s always a “but”. That increase can only be achieved if the current growth of demand for the cryptocurrency is sustained over time. Also, the mining sector may change in the next few months as multi-billion tech conglomerates in Japan and government officials in Russia eye large-scale Bitcoin mining.

What can we learn from it

  • More companies within and outside the Bitcoin sector start realizing the opportunities of the mining industry.
  • Bitcoin mining industry will inevitably face changes in the next few months.
  • As with any “gold rush”, it’s better to look around before putting everything at stake.
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