Exclusive Interview: Navigating Three Cycles, MineBest's Path to Becoming a Top Global Mining Company

Article: 0xjs@Jinse Caijing

“One day in the crypto world equals one year in the human world.” This phrase is often used to describe the rapid changes in the narrative of the cryptocurrency industry.

However, as a pillar of the crypto industry, Bitcoin has maintained a consistent activity since its inception—mining Bitcoin.

Bitcoin mining hash rate and difficulty continue to rise

As the foundational industry of Bitcoin, the mining sector has experienced significant upheavals—from the disappearance of “Kao Mao” in 2014 to the collapse of CoinPrint Mining in 2022. Many once-prominent mining farms have not withstood market shocks or tests of human nature. Those mining farms that have persisted through multiple cycles are rare and precious.

Undoubtedly, mining companies that have endured through multiple cycles and gained trust reflect the founders’ character, prudent management, and passion for the industry. MineBest, established in 2017, is such a Bitcoin mining company. Since its founding, driven by the founders’ love for the industry and prudent operations, MineBest has successfully navigated three major crypto market cycles: 2017, 2021, and 2025.

Recently, Jinse Caijing conducted an exclusive interview with Eyal Avramovich, founder of MineBest and director of BillMining. In the interview, Eyal Avramovich shared the origins of MineBest, its global layout, the cloud computing services launched in 2023, and future industry trends.

About the Founder

Eyal Avramovich is primarily an outstanding inventor. He holds multiple patents, including the world’s thinnest weighing scale, the world’s thinnest mobile phone charger, and the world’s first massage robot. These products have been bestsellers on Amazon and QVC in the US.

However, his greatest achievement may be in the cryptocurrency field. He first encountered Bitcoin in 2016 and was deeply attracted by its solutions in independence, flexibility, and technological opportunities. He discovered that Bitcoin and its mining activities perfectly combined his lifelong passions: technology, entrepreneurship, and finance.

For this reason, Eyal Avramovich founded MineBest in 2017, aiming to help people enter the Bitcoin mining industry without requiring professional technical knowledge, so more people can enjoy the long-term benefits of cryptocurrency mining.

By 2019, MineBest became one of the top ten Bitcoin mining farms globally, managing over 210,000 mining machines, making it one of the industry’s largest operators. It also received the Professional Design Award and Excellent Construction Award at the 2019 Frankfurt World Digital Mining Summit (WDMS@E3.

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Currently, MineBest operates over 15 mining farms worldwide, including in South America, the US, and Central Asia, equipped with advanced hardware and infrastructure, maintained 24/7 by expert technical teams. The company is also continuously exploring new mining site locations.

Origins of Entering Bitcoin Mining

Eyal Avramovich revealed that he entered the Bitcoin mining industry in 2016. When asked why he chose to enter this field, he explained that he saw the market maturing rapidly and recognized the long-term potential of the technology. As an electrical engineer, he knew he could improve the standards of large-scale infrastructure, making industrial-grade mining accessible to both small and large participants.

Eyal Avramovich believes that Bitcoin is evolving into a “sound currency” and a “reliable store of value.” His goal in entering the mining industry is to build an efficient, transparent, and secure operational system, allowing people to accumulate Bitcoin steadily—whether through direct holding or smart mining.

Global Layout and Compliance Strategy of MineBest

We know that two factors are particularly important in Bitcoin mining: mining location and compliance. The location directly affects electricity costs, while compliance determines the long-term sustainability of the mining operation.

According to Eyal Avramovich, MineBest currently operates two large farms in Texas, with a total available power capacity of about 400 MW. The electricity prices in Texas are highly competitive.

Additionally, Texas is a crypto-friendly region with clear regulatory rules and a resilient power grid, enabling MineBest to balance reliability and cost-effectiveness. Each site has its own advantages—from redundant substation-level design and modular construction to heat management adapted to local climate.

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MineBest Texas Farm

Eyal Avramovich mentioned that when expanding internationally, MineBest follows simple principles: choose regions with stable energy policies, sign long-term power contracts, find local partners familiar with compliance requirements, and ensure engineering standards meet utility-grade benchmarks. The legal and compliance team adjusts policies based on regional regulations to ensure operations are legal, responsible, and sustainable.

BillMining Cloud Hashpower Model

After navigating two market cycles, MineBest entered the cloud hashpower mining business following the third cycle. On September 6, 2023, MineBest President Eyal Avramovich and BillMining CEO Zhang Haibiao held a formal signing ceremony in Jeju Island, South Korea, launching their partnership in cloud mining. MineBest and BillMining are deeply intertwined, with cross-shareholding.

Eyal Avramovich explained that BillMining’s cloud hashpower model allows retail users to purchase predefined hashpower shares for fixed terms. MineBest and BillMining are responsible for hardware, electricity, uptime, and maintenance. Users earn mining rewards after deducting electricity and service fees and can view transparent reports. Cloud hashpower earnings are mainly influenced by three variables: Bitcoin price, total network hash rate and difficulty, and energy and operational costs.

Why do retail investors choose cloud hashpower mining? Eyal Avramovich said that the core appeal is operational simplicity, institutional-level cost advantages, and the ability to gradually accumulate mining rewards through long-term averaging.

Regarding concerns about cloud hashpower returns or potential scams, Eyal Avramovich stated that MineBest and BillMining’s contracts differ from other cloud mining providers. They focus on high operational uptime, transparent fee structures, secure payments, and do not promise fixed returns. Since prices and difficulty can fluctuate inversely, they educate clients to view Bitcoin as the unit of account and approach mining with a cyclical mindset.

Staying True to the Original Aspiration and Upholding Bitcoin Mining

Since the rise of AI in 2022, Bitcoin mining companies like Coreweave and IREN have entered AI data center business, generating substantial profits. Does MineBest have plans to diversify?

Eyal Avramovich said that for MineBest and BillMining, the core remains Bitcoin mining because there is still significant natural growth potential. They will continue to evaluate opportunities in related computing fields but currently focus capital on expanding hashpower, improving efficiency per megawatt, and deepening understanding of electricity markets.

MineBest’s assessment is straightforward: AI hosting could be a good business, but its risk-return profile and investment returns differ from Bitcoin mining, and its operational DNA is not the same.

Eyal Avramovich stated that the growth opportunities for MineBest and BillMining lie in continuously scaling and improving efficiency to become among the top global mining companies, while maintaining a healthy balance sheet and long-term electricity strategies.

Industry Trends and Future Competition in Bitcoin Mining

After the Bitcoin halving, the network hash rate has continued to rise, mining difficulty has increased, and more miners are competing for the halved Bitcoin block rewards.

What does this mean for the Bitcoin mining industry? What are the future trends?

Eyal Avramovich said that the future evolution of mining will depend on three key factors: electricity strategy, hardware lifecycle, and software optimization.

• Electricity Strategy: signing long-term power contracts, participating in demand response programs at appropriate times, and diversifying energy sources.

• Hardware Lifecycle: maintaining disciplined upgrade cycles, high residual value recovery, and extending equipment lifespan through thermal management.

• Software Optimization: maximizing hashpower efficiency through firmware, scheduling systems, and real-time load shedding, while protecting equipment.

He also mentioned that industry consolidation will continue, with inefficient mines being phased out, and capital flowing toward operators with low costs, strong compliance, and good community relations. In short, mining is transforming into “advanced energy infrastructure,” with winners being those who operate like power companies but speak fluent “Bitcoin language.”