Mapping out crypto mining

Quick Take

  • The crypto mining ecosystem has three distinct parts — manufacturers, contractors, and pools
  • In 2018 alone, we’ve seen multiple 51% attacks from miners on networks like Verge and Electroneum
  • Whether miners run a network or are “hired” by it is often debated in the crypto community, but they are doubtless essential

Despite the ongoing bear market, cryptocurrency mining is still a very lucrative business. In less than a decade, crypto mining has become a multi-billion-dollar industry creating entirely new businesses. In 2017 alone, Bitmain, the leading mining-hardware manufacturer, generated $2.5B in revenue.

The role of miners is often debated in the crypto community.