Bitmain Jihan Wu: Bull Market may not Come after Bitcoin Halving, but Bitcoin Price will Keep Going up
Bitcoin halving may not lead to bull market, but I am positive about the long-term trend of Bitcoin’s price, Jihan Wu, co-founder and CEO of the bitcoin mining hardware maker Bitmain shared his opinion about bitcoin halving on World Digital Mining Summit held in Frankfurt, Germany.
He argues that cryptocurrencies themselves own cycle, respectively. Compared with Litecoin halving, Bitcoin halving has its cycle. The cycle of bear market to bull market of bitcoin is prolonging. It’s possible that the bull market will not come after bitcoin halving this time.
“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”.
Preparing for hardware improvement, Jihan Wu revealed that brand-new 5nm chips will start mass production early next year, and they have begun to produce 3nm chips. 2nm and 1nm chips production have been planned. On Oct.9, Bitmain launched its two latest Antminer 17 models to the eager market, Both new mining rigs from the top two bitcoin miner makers feature much higher hashrate and efficiency，with Bitmain’s S17+ model delivering a hashrate of 73 terahashes per second (TH/s) operating at 40 J/TH.
Wu mentioned that Bitmain has set up repairing centers around the world to solve the problem of breakout during machine repairing and it is expected to reduce repairing time to three days by the end of this year.
Wu confirmed that Bitmain will launch its plan ‘The World Digital Mining Map (WDMM)’ soon to offer the crypto world the first resource that will connect mining hardware owners with mining farms that have the available power resources to host them.
Bitmain has also established an ‘Ant Training Academy’ to provide training for clients and technicians. Bitmain encourages clients go to ‘Ant Training Academy’. The academy will issue a diploma to prove that the graduates can provide reliable services.
Although the price increase slowed down, the current cycle hasn’t come to end. Without government support, Bitcoin is still growing well. Wu firmly believes that cryptocurrency will become a common-used currency in the future as the number of crypto users around the world has increased to 20-30 million now.