Voell agrees that industrial mining is growing, but suspects that if the space encounters a true bear market, the plucky home miners will be more likely to ride it out. “It’s much more difficult to squeeze a retail miner out of the market,” said Voell. The big shops are only mining bitcoin to make money, he said, whereas the home miners – who also care about profit, sure – enjoy getting KYC-free bitcoin, they’re in it partly for the ideology, and sometimes they’re heating 17,000 gallon swimming pools. “Even if they’re running at a small loss,” said Voell, “they’ll run an ASIC or two just to participate in the network.”
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