BEVM's HashFi Strategy: Building a Sustainable Bitcoin L2 Ecosystem

BEVM, a Bitcoin L2 project backed by Bitmain, the world’s largest Bitcoin mining hardware manufacturer, is making a strong push towards “HashFi”, or on-chain computing power finance. They see this as a key to building a sustainable ecosystem, leveraging the proven, decade-long business model of the mining industry. BEVM argues that users buying mining power gain real mining income, while miners have genuine and substantial lending and other financial needs. This strategy aims to bring real community users and a sustainable on-chain business model to the BEVM ecosystem.

The crypto market has seen numerous bull and bear cycles, leading to community users becoming jaded by various crypto narratives. BEVM believes that a chain with a genuine business model and a focus on fundamentals can attract real users and achieve sustainable, healthy growth. With Bitmain’s backing, BEVM aims to transfer the \(20 billion yearly mining market onto the chain, unlocking a \)100 billion on-chain HashFi market.

BEVM has already launched a $10 million HashFi ecosystem support program, funding 10-20 HashFi startups. They are also prioritizing on-chain computing power RWA (Real-World Assets) as a crucial component of their airdrop strategy, emphasizing their commitment to this direction. To ensure security and profitability, BEVM has established partnerships with multiple mining companies, including BitFuFu, a Nasdaq-listed mining company headquartered in Singapore.

BEVM’s strategy is rooted in three key reasons:

1. The proven and sustainable nature of the mining industry: While mining has existed for over a decade, it has remained largely separate from on-chain finance. Users can earn real mining income, while miners have genuine needs for lending. BEVM aims to bridge this gap, potentially unlocking a $100 billion market.

2. The need for sustainable business models and user retention: The current crypto market, including L1s and L2s, often lacks sustainable models and effective user retention mechanisms. Many chains rely on airdrops and short-term incentives, leading to a decline in active users after the initial hype. By bringing real-world mining to the chain, BEVM hopes to attract real users and foster long-term engagement.

3. Bitmain’s strategic investment and resources: Bitmain’s expertise and resources in mining, mining pools, and related markets provide BEVM with a unique advantage. This allows BEVM to leverage Bitmain’s knowledge and connections to bring the $20 billion off-chain mining market onto the chain, driving the development of a unique on-chain HashFi ecosystem.

BEVM’s strategy involves continuing to support HashFi startups, prioritizing on-chain computing power RWA in airdrops, and expanding into areas like on-chain mining pools and lending. Their goal is to build a Bitcoin L2 ecosystem centered around HashFi, attracting real users and sustainable business models.