Jihan Wu, co-founder and CEO of Chinese mining big Bitmain, believes the following Bitcoin (BTC) block reward halving power not result in a bull market, yet the coin's value will develop in the long run.
According to Chinese trade information outlet 8BTC's report written 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 optimistic part power 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:
Ethereum Rate
"There are many uncertainties, but now is a blast to invest in crypto mining. If I were a miner, I would not stop mining but continued to invest in mining equipment. We are presently in a short-term correction of price. Having a long-term perspective is significant. If bitcoin's price stiff unchanged after halving, the efficiency of existing equipment must be improved to balance efficiency and computing power."
Long-term perspective
Wu additionally secure that the corporate's 5 nm mining application-specific built-in circuits will enter mass manufacturing in early 2020 whereas three nm chips are already in manufacturing. Furthermore, he said that the agency has arrange restore facilities that are hoped-for to scale back restore time to 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 according on Oct. 9, Bitmain introduced two new collection 17 Bitcoin mining machines.
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