Bitwise Research Director: It is expected that consolidation will occur in the Bitcoin mining industry within the next 18 months

According to Decrypt, as the pressure increases after Bitcoin's halving, Bitcoin mining companies are experiencing an "identity crisis", with some companies beginning to venture into AI and chip manufacturing to diversify their income. At last week's Bitcoin 2024 conference, Ryan Rasmussen, research director at Bitwise Asset Management said: "The block reward halving will have adverse effects. It is expected that within the next 18 months, there will be consolidation in the bitcoin mining industry as some well-capitalized miners hope to swallow up competitors."

Recently, Riot Platforms announced its acquisition of Block Mining while companies like Bitdeer are considering using their existing power capacity to expand into AI and high-performance computing fields. Meanwhile, Marathon Digital announced a purchase of $100 million worth of bitcoins and stopped selling its held bitcoins showing long-term confidence in this asset.