Jihan Wu, co-founder and CEO of Chinese mining big Bitmain, believes the following Bitcoin (BTC) block reward halving might not result in a bull market, however the coin’s value will develop in the long run.
According to Chinese trade information outlet 8BTC’s report printed on Oct. 11, Wu made his remarks through the World Digital Mining Summit held in Frankfurt.
Bulls could also be late this time
Per the report, Wu defined that the crypto market strikes in cycles and this time the following bullish part might not begin after the halving. He can be assured that in a long-term perspective crypto lovers ought to put money into mining {hardware}, including:
“There are many uncertainties, but now is a good time to invest in crypto mining. If I were a miner, I would not stop mining but continuing to invest in mining equipment. We are currently in a short-term correction of price. Having a long-term perspective is significant. If bitcoin’s price remains unchanged after halving, the efficiency of existing equipment must be improved to balance efficiency and computing power.”
Long-term perspective
Wu additionally promised that the corporate’s 5 nanometer mining application-specific built-in circuits will enter mass manufacturing in early 2020 whereas three nanometer chips are already in manufacturing. Furthermore, he said that the agency has arrange restore facilities that are anticipated to scale back restore time to a few days by the top of 2019.
Wu additionally confirmed that Bitmain will launch the World Digital Mining Map, a service which can join mining {hardware} house owners with mining farm house owners, and the Ant Training Academy — its mining coaching service.
As Cointelegraph reported on Oct. 9, Bitmain introduced two new collection 17 Bitcoin mining machines.
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