Bitmain CEO – Bitcoin Halving May Not Trigger a Rally Next Time
Jihan Wu, co-founder and CEO of Bitmain, arguably the biggest Bitcoin miner, does not anticipate the forthcoming Bitcoin (BTC) block reward halving process to trigger a bull market. However, Wu expects the cryptocurrency’s price to appreciate in the long-term.
As per Chinese business news magazine 8BTC’s report, Wu gave his opinion while speaking at the World Digital Mining Summit which took place in Frankfurt.
Wu detailed that the cryptocurrency market, similar to other financial markets, follows a cyclical pattern and it indicates that a bullish phase may not begin when Bitcoin block reward halving happens.
Wu is also confident that in the long-term crypto supporters should start investing in mining equipment. Wu explained the need to do so through the following statement
“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.”
Wu also guaranteed that Bitcoin’s five nanometer mining application-oriented integrate circuits will see mass production by early next year. He also revealed that three nanometer chips are already being manufactured. Additionally, he mentioned that the firm has established service centers which are anticipated to minimize service period to three days by the end of 2019.
Wu also asserted that Bitmain will introduce the World Digital Mining Map, a facility which will link mining hardware owners with mining farm owners and the Ant Training Academy, which is mining training facility.