>Butterfly Labs, HashFast, and CoinTerra were all US-based. Then you had KnCMiner in Sweden, Spondoolies in Israel, etc. None of them produced anything. CoinTe

>Butterfly Labs, HashFast, and CoinTerra were all US-based. Then you had KnCMiner in Sweden, Spondoolies in Israel, etc. None of them produced anything. CoinTerra was the only that didn't close as a result of charges related to fraudulent activity. Not to be a jerk, but that's not what I was asking. You provided supporting evidence to my claim. >I would say that Bitmain was a huge gamble in the early days since the ASICs depreciate very fast and thus any delay in developing them can be fatal. But after selling eight generations of hardware at very high margins they can probably coast now. That's more in line with what I asked. I'm not in disagreement, but rather looking for any research into why the mining market currently stands this way.