The room at Mining Disrupt Miami was quiet when Tommy Walker asked, “Who here mines Bitcoin?” Only one hand went up. It was a small gesture, but it set the tone for a five-minute keynote that challenged the prevailing assumption of the crypto industry: that Bitcoin is the default, and therefore the best, choice for new miners. Walker, the Chief Business Development Officer at Mim, stood before the audience and suggested that the question of Bitcoin versus altcoins is not a matter of ideology or brand loyalty. It is a question of hardware economics. He argued that the dominance of Bitcoin in mining power is slowly eroding, not because the asset is failing, but because the profitability of mining it has shifted to favor different types of hardware. This shift, he contended, means that a miner’s choice of coin should be dictated by the specific ASICs they own, not by the market price of the token itself.
This session was recorded at Mining Disrupt Miami between June 24–26, 2024. At the time of the keynote, Bitcoin was trading at $61,272. By October 29, 2026, it was $79,778. While the nominal value of Bitcoin has increased significantly since Walker took the stage, the core of his argument regarding hardware mismatch still holds for those entering the space today. In fact, the passage of time has only highlighted how quickly the mining sector can shift from one reward structure to another, making the initial choice of hardware even more critical. Walker’s point was not that Bitcoin is dead, but that it is no longer the most efficient use of capital for every type of miner.
The Hardware Mismatch: Why One Litecoin Rig Beats Two Bitcoin Rigs
Walker began by dismantling the idea that mining is a binary choice between Apple and Android. He noted that while many people choose a coin based on personal preference or brand recognition, professional miners operate on tighter margins. The real friction point, he explained, is the mismatch between the energy efficiency of specific hardware and the current block reward structure of the coin it mines. He used a concrete comparison to drive the point home. A single L7 ASIC, designed for mining Litecoin and Dogecoin, can generate revenue comparable to two S21 ASICs, which are top-tier machines for Bitcoin mining. This is a clear illustration of how hardware specialization can outperform raw power in the wrong context. If a miner invests in high-end Bitcoin hardware but ignores the efficiency gains available in altcoin mining, they are effectively leaving money on the table. Walker emphasized that this is not a theoretical scenario but a current reality that affects daily operations.
one L7 ASIC for mining Litecoin and Doge generates as much as two S21 ASICs
Tommy Walker · 2:49
Beyond Price: The Real Metric for Miner Profitability
The most common mistake Walker identified among new entrants is conflating the market price of a cryptocurrency with the profitability of mining it. These are two distinct metrics. A coin can be expensive and still be unprofitable to mine if the block reward has been halved or if the hashrate competition has increased. Conversely, a lower-priced coin might offer a higher return on investment if the hardware used to mine it is more efficient relative to the network difficulty. Walker argued that miners must look at the “profitability of the mining process itself,” which includes electricity costs, hardware depreciation, and the current block reward, rather than just the spot price on an exchange. This shift in perspective is essential for anyone looking to scale their mining operation. It moves the conversation from speculation to industrial management. By focusing on process profitability, miners can make decisions that are grounded in physics and engineering rather than market sentiment.
when a miner chooses which coin to mine, they look at the profitability of the mining process itself
Tommy Walker · 2:32
The Erosion of Bitcoin's Hashrate Share
Walker pointed to historical data to support his argument. He noted that Bitcoin has always been the leader in mining power, but its share of the overall market has been decreasing year over year. This trend, he said, is “quite interesting” and indicative of a broader shift in where mining capital is flowing. Before Ethereum’s transition to proof-of-stake, many miners were already diversifying into other altcoins to find better yields. Since that transition, the options have expanded further. Walker did not present this as a failure of Bitcoin, but as a normalization of the market. In a mature industry, no single asset holds a monopoly on profitability. The erosion of Bitcoin’s hashrate share is a sign that the market is becoming more efficient, with capital moving toward where the returns are highest. For miners, this means staying static is a losing strategy. They must continuously evaluate which coins offer the best return on their specific hardware setup.
it's share of the overall market continues to decrease each year, which is quite interesting
Tommy Walker · 1:49
The AI Mining Horizon: A New Reward Structure
Perhaps the most forward-looking part of Walker’s presentation was his discussion of AI mining. He argued that the next major shift in mining rewards will come from the artificial intelligence sector. As large language models and neural networks require immense computational power, there is a growing demand for data centers that can provide this capacity. Walker suggested that soon, there will be tokens specifically designed to reward miners who direct their power toward neural network computations. This represents a fundamental change in what mining is. It is no longer just about securing a blockchain; it is about providing a service to the AI industry. This new reward structure could make mining more lucrative, but it also requires different infrastructure. Miners will need to consider not just their ASICs, but their networking capabilities and their proximity to data centers. Walker’s point here is that the definition of “mining” is expanding, and those who fail to adapt to this new horizon may find themselves stranded in an obsolete market.
soon there'll be loads of tokens that'll work as rewards for miners
Tommy Walker · 3:41
It's Never Too Late: A Counter-Intuitive Take on Market Entry
Walker closed his keynote with a message of optimism. He acknowledged that many people believe it is too late to enter the mining business, citing the high costs of hardware and the dominance of established players. However, he argued that this belief is a self-fulfilling prophecy. “I say this, it's never too late,” he told the audience. He emphasized that the answer to the question of entry timing is always changing. New technologies, new coins, and new reward structures create new opportunities. The key is to enter with the right hardware and the right strategy. Walker’s message was that mining is still alive and well, but it requires a more nuanced understanding of the market than it did a decade ago. For those ready to learn and adapt, the opportunities are still there. He invited the audience to visit Mim’s booth at the conference, where they could discuss these trends in more detail. As he handed over the microphone, the theme of his talk lingered in the room: that in the world of mining, the most expensive coin is not always the most profitable one to mine.
I say this, it's never too late
Tommy Walker · 3:16
The debate over Bitcoin versus altcoins is likely to continue for years, but the underlying principles of hardware economics and process profitability will remain constant. As the industry moves toward AI-centric rewards, the focus will shift even further away from pure coin price and toward computational utility. Readers interested in seeing how this conversation has evolved can find further insights at Intelligence Disrupt 2027, March 22 to 24 in Irving, Texas, where the next generation of infrastructure leaders will gather to discuss the future of mining and AI.