Compass Mining, the world’s first online marketplace for Bitcoin mining hardware and hosting, is proud to announce the release of the North American Bitcoin Mining Index (NABMI), a holistic study and analysis of the Bitcoin mining industry in the United States and Canada.
Studied and compiled over a six month period, Compass Mining’s NABMI covers the full landscape of North America’s evolving mining landscape, includes insights from dozens of industry insiders, and offers a full analysis of the ongoing shift in bitcoin mining toward both the US and Canada. From the region’s top public mining companies to off-grid mining startups, NAMBI breaks down the real state of bitcoin mining in North America and clarifies its limitations and growth potential in energy markets, hosting capacity, hardware manufacturing, and more.
Historically, the majority of Bitcoin mining hashrate resided in China. With the invention of the Bitcoin mining ASIC in 2013, strong economies of scale emerged in China, taking advantage of cheap excess energy and robust hardware markets. Indeed, some 65% of hashrate was located in China as of April 2020.
Recent regulatory changes have triggered a mass exodus of hashrate from China. Key industry players are now conducting herculean logistical transfers while searching for cheap energy sources and hosting facilities. North America – with strong capital markets, mature energy grids and lean competition – stands as an attractive solution.
“Compass is built on bringing transparency to an otherwise opaque industry,” said Whit Gibbs, CEO of Compass Mining. “Our research and media efforts continue to be focused on disseminating industry-leading data so that Bitcoin Miners have the actionable information they need to build and scale profitable mining operations.”
Compass Mining – operating a retail miner network in 7 countries with 0.5% of the Bitcoin network’s hashrate under management – provides a uniquely comprehensive insight into the largest transition the Bitcoin network has experienced to date as miners migrate to North America. Competitive edges of incumbent North American firms, regional regulatory regimes, the development of hardware markets, and energy sources in North America are all addressed.
Compass Mining is a bitcoin-first, proof-of-work mining company on a mission to strengthen Bitcoin’s network by democratizing hashrate. Compass’ mining marketplace offers easy procurement and deployment of mining machines for institutional and retail clients. Compass also produces industry-leading research and educational content through a variety of tailored media product offerings. Mining is a notoriously opaque sector of the Bitcoin industry, but Compass now serves as the guide for everyone’s path to successfully mining bitcoin. Thanks to Compass, mining bitcoin has never been easier.
Media Contact for Compass: