According to co-founder and former Bitmain CEO Jihan Wu, halving the award to Bitcoin miners may not affect the price of the first cryptocurrency.
At the World Digital Mining Summit in Frankfurt, Jihan Wu noted that while Bitcoin should grow in the long run, halving the reward for Bitcoin miners next year may not affect the price.
Bitmain co-founder emphasized that cryptocurrency markets are cyclical, and the moment the reward is reduced for miners may not coincide with the new bullish cycle.
“There are many uncertainties, but now is a good time to invest in mining. If I were a miner, I would not stop mining, but, on the contrary, I continued to invest in equipment for mining cryptocurrencies. Now the cryptocurrency market is in a correction, but we need to look at the long term. If the price of bitcoin remains unchanged after halving the reward to the miners, then the efficiency of the equipment should be increased to balance the load, ”said Jihan U.
CEO Bitmain also said that the company is working on ASIC on the 5 nm process technology. Such equipment will be released early next year. In addition, Bitmain is developing chips with a 3 nm process technology. The mining giant plans to deploy a network of equipment repair centers to reduce the repair period to 3 days. A World Digital Mining miner card will also be launched, which will allow owners of mining equipment to contact farm owners to host ASIC miners.
The next scheduled halving of the award to Bitcoin miners is to take place at block 630,000, which will be mined in May next year.
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