Will Canny is CoinDesk's finance reporter.
Architect Partners said miners want to secure large data center capacity with access to low cost power and capital."The strategic driver is to secure large and scalable data center capacity with access to low cost power and capital, all made easier as a company gets larger," managing partner Eric Risley and analyst Arjun Mehra wrote.
"Sometimes the best defense is offense," the authors wrote, adding that Bitfarms has subsequently announced the acquisition of Stronghold together with management and board changes. Still, hostile M&A can be tricky, the report cautioned, and such deals are unusual in technology and financial services business which rely on the talent of people."However, bitcoin mining is very different where physical facilities with access to electricity and widely available computing equipment are the core assets."
Architect Partners said the current consolidation phase is ironic as the bitcoin creator Satoshi Nakamoto's original vision was that anyone could set up a computer to mine the cryptocurrency, that everyone could run the network, and that no one would control a large amount of the hashrate.
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