The next Bitcoin rise may come later after the halving, according to Jihan Wu, Co-founder, and CEO of Bitmain, the big mining authority in China.
He also said that he knows that the incoming halving of the Bitcoin reward fees will not cause the prices to go up again in the short-term, but from the long-term standpoint, then there may be a chance.
Next Bitcoin rise may come later, much later
China news agency 8BTC has reported this claim from Wu on October 11th, in the World Digital Mining Summit at Frankfurt City.
The next Bitcoin rise may happen much later than this. Yep, next Bitcoin rise may come later.
As the news outlet stated, Wu claimed that what makes the cryptocurrency market so exciting is its ups and downs but after the next halving which is a down of the chart we will not see a rise. Aside from this perspective, he claims that crypto lovers have to invest more in their mining devices as the difficulty will go up as the reward halves.
He adds that people may think there are too many “uncertainties” about Bitcoin but he assures that it is the best time to start investing in Bitcoin mining. He stresses that those who have mining equipment should not stop mining but instead, upgrade their equipment.
What is happening is a short-term event that will make the prices right. You guys should look at the far future. If the price of bitcoin does not change after the halving happens then you should upgrade the current hardware that you have so you can make it relevant and more compute-intensive.
Stakeholders should have a long-term view
Mr. Wu has claimed that Bitmain has created a 5-nanometer application-specific-integrated-circuit and will push these into the customer’s hands in the first quarter of 2020. Which happens at the same time that 3-nanometer devices are in use by the masses.
He also added that by the end of 2019, the company will open up branches in which they will correct the buggy miners if people get into problems with them and they will do it as fast as three days.
Wu added that Bitmain is going to launch “The World Digital Mining Map“, a platform that will get people who own hardware to be in touch with people who own mining farms. The platform could also be used to connect clients with the “Ant Training Academy” which is another platform that sells educational mining stuff.
With regards to the Cointelegraph news report which gone on the web on October 9th, Bitmain made the declaration of two models and 17 other Bitcoin mining hardware.
Some quick tips from Wu
- Now is a good time to invest in crypto mining.
- 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.
Jihan Wu maintains AntPool which holds the largest hashrate distribution among mining pools. Currently, AntPool mines 16.4% of all blocks, which makes Jihan Wu highly influential in the Bitcoin community.