Written by: 0xjs@Jinse Finance
“A day in the crypto world is like a year in the real world.” This phrase is often used to describe the rapid changes in the narrative of the crypto industry.
But Bitcoin, as the mainstay of the crypto industry, has had one activity that has remained consistently running since its inception, unwavering and steadfast: Bitcoin mining.
Bitcoin mining hashrate and difficulty continue to climb
However, the mining industry, which forms the basis of Bitcoin, has seen many once-glorious mining farms fail to withstand market shocks or the test of human nature, from the disappearance of Friedcat in 2014 to the collapse of Poolin Mining in 2022. How rare and precious are Bitcoin mining farms that have been able to persevere through multiple cycles!
Bitcoin mining hashrate and difficulty continue to climb
However, the mining industry, which forms the basis of Bitcoin, has seen many once-glorious mining farms fail to withstand market shocks or the test of human nature, from the disappearance of Friedcat in 2014 to the collapse of Poolin Mining in 2022.
MineBest currently owns more than 15 different mining farms around the world, including South America, the United States, and Central Asia, providing state-of-the-art equipment and infrastructure, maintained 24/7 by an expert and technical team. MineBest is also constantly exploring new mining locations.
Eyal Avramovich revealed in an interview that he entered the Bitcoin mining field in 2016. Why did he enter the Bitcoin mining industry at that time?
Eyal Avramovich stated that he saw the market rapidly maturing and the technology had long-term potential. As an electrical engineer, he knew he could raise the standards of large-scale infrastructure, making industrial-grade mining accessible to both small and large participants. Eyal Avramovich believes Bitcoin is evolving into a "sound money" and a "reliable store of value." His goal in entering the Bitcoin mining industry was to build an efficient, transparent, and secure operating system that would allow people to accumulate Bitcoin in a robust way, whether through direct holding or smart mining. MineBest's Global Expansion and Compliance Strategy We know that two factors are particularly important in Bitcoin mining: mining addresses and compliance. Mining addresses directly determine electricity costs, while compliance determines the long-term sustainable operation of a mining farm. According to Eyal Avramovich, MineBest currently operates two large mining farms in Texas, with a total available power capacity of approximately 400 megawatts, where electricity prices are highly competitive. Furthermore, Texas is a cryptocurrency-friendly region with clear regulatory rules and a resilient power grid, allowing MineBest to balance reliability and cost-effectiveness. Each site has its own advantages—from substation-level redundancy and modular construction to thermal management adapted to the local climate. Eyal Avramovich revealed that when MineBest expands internationally, the principles followed are simple: choose regions with stable energy policies, sign long-term power contracts, find local partners familiar with compliance requirements, and ensure that engineering meets utility-grade standards. MineBest's legal and compliance team adjusts policies according to the regulatory requirements of different regions to ensure legal, responsible, and sustainable operations. After the first two cycles, MineBest entered the cloud mining business in its third cycle. On September 6, 2023, MineBest President Eyal Avramovich and BillMining CEO Zhang Haibiao held a formal signing ceremony in Jeju Island, South Korea, to launch a joint venture for cloud mining. MineBest and BillMining are deeply intertwined, with cross-shareholdings. According to Eyal Avramovich, BillMining's cloud mining model allows retail users to purchase pre-defined shares of computing power for a fixed period. MineBest and BillMining are responsible for hardware, electricity, operating time, and maintenance. Users receive mining rewards after deducting electricity and service fees and can transparently view reports. Cloud mining revenue is primarily influenced by three variables: the price of Bitcoin, the total network hashrate and difficulty, and energy and operating costs. Regarding why retail investors choose cloud mining, Eyal Avramovich stated that for retail users, the core appeal of cloud mining lies in its ease of operation, access to institutional-level cost advantages, and the ability to gradually accumulate mining revenue through long-term average cost methods. Addressing concerns about cloud mining revenue and even the risk of platforms running away with users' money, Eyal Avramovich explained that MineBest and BillMining's contract structures differ from other cloud mining services, focusing on high uptime, clear fee structures, secure payments, and never promising fixed returns. Furthermore, because price and difficulty can fluctuate inversely, MineBest and BillMining educate their clients to use Bitcoin as the pricing unit and to view mining with a cyclical mindset.
Since the rise of AI in 2022, Bitcoin mining companies such as Coreweave and IREN have successively entered the AI data center business, bringing huge profits. Does MineBest have any future transformation plans?
Eyal Avramovich stated that for MineBest and BillMining, the core remains Bitcoin mining because there is still significant organic growth potential here. MineBest and BillMining will continue to evaluate opportunities in related computing fields, but the current focus of capital allocation is still on expanding computing power, improving efficiency per megawatt, and deepening professional expertise in the electricity market.
MineBest's assessment is straightforward: AI hosting business may be a good business, but its risk-reward structure and ROI are different from Bitcoin mining, and its operational DNA is also different.
MineBest's assessment is straightforward: AI hosting business may be a good business, but its risk-reward structure and ROI are different from Bitcoin mining, and its operational DNA is also different.
Eyal Avramovich stated that the growth opportunity for MineBest and BillMining lies in continuously scaling up and improving efficiency to become one of the world's top mining companies, while maintaining a robust balance sheet and a long-term power strategy. Bitcoin Mining Industry Trends and Future Competition Following the Bitcoin halving, Bitcoin hashrate has been steadily increasing, mining difficulty is rising, and more and more miners are vying for the halved Bitcoin block rewards. What does this mean for the Bitcoin mining industry? What are the future trends in the Bitcoin mining industry? Eyal Avramovich stated that the future evolution of the mining industry will depend on three key factors: power strategy, hardware lifecycle, and software optimization. • Power Strategy: Signing long-term power contracts, participating in demand response programs when appropriate, and diversifying energy sources. • Hardware Lifecycle: Maintaining disciplined upgrade cycles, high residual value recovery rates, and thermal management to extend equipment lifespan. • Software optimization: Maximizing computing power per kilowatt-hour while protecting equipment through firmware, scheduling systems, and real-time power limiting technologies. He also stated that industry consolidation will continue, inefficient mining farms will be eliminated, and capital will flow to operators with low costs, strong compliance, and good community relations. In short, mining is transforming into "advanced energy infrastructure," and the winners will be those companies that can operate like power companies but speak fluent "Bitcoin language."
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