Jihan
Wu, co-founder, and CEO of Chinese mining giant Bitmain believes that the next halving of the Bitcoin block reward (BTC) may not lead to a bull market, but
the price of the currency will grow in the long term.
According
to the report of the Chinese industry news media 8BTC, published on October 11,
Wu made these comments during the World Digital Mining Summit in Frankfurt.
The
bulls may be late this time
According
to the report, Wu explained that the crypto market moves in cycles and this
time the next bullish phase may not start after halving. He is also confident
that, in the long term, cryptocurrency enthusiasts should invest in mining
hardware, and adds:
“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 continue to invest in mining equipment. We are currently in a short-term price correction. Having a long-term perspective is significant. If the price of bitcoin remains unchanged after halving, the efficiency of the existing equipment must be improved to balance the efficiency and computing power. "
Long term perspective
Wu also
promised that the company's integrated five-nanometer mining application
integrated circuits will go into mass production in early 2020, while three
nanometer chips are already in production. In addition, he said the company has
established repair centers that are expected to reduce the repair time to three
days by the end of 2019.
Wu also
confirmed that Bitmain would launch the World Digital Mining Map, a service
that will connect mining hardware owners with mining farm owners, and Ant
Training Academy, its mining training service.
SOURCE: Cointelegraph
