Despite the recent bear market, industry insiders are predicting that bitcoin will double in value on a yearly basis.
Talking at the New Era Mining Industry Summit held in Chengdu China on October 14, which gathered Chinese bitcoin miner makers like Canaan, MicroBT, and Innosilicon, as well as mining pool operators, Wu Gang, CEO of Bixin, a crypto wallet provider and mining pool operator based in China, gave the audience his suggestion to survive the bear.
“No futures transaction, no gambling. Hold bitcoin instead of other altcoins; cryptos that are not mined are ‘air coins’.”
He also predicted that bitcoin would double in price on an annual basis, as he believed that bitcoin is the cryptocurrency with the best technology development and network effect.
The disappointing performance of the crypto market not only affects investors but also bitcoin miners. In the last three months, the hash power of bitcoin network has surged by 40% from 39E to 55E.
“As the mining difficulty increases, many small-scale mining operators had no choice but to shut down their hardware, while large fund flows in and the competition upgrades, which, in turn, pushes up the mining difficulty.” said Ao Gang, co-founder of Innosilicon.
The company has been on a rapid rise in the past few years. When its Terminator2 Miner hit the market, it triggered quite a stir among the community; its newly updated T2T+32T miner is claimed to deliver a hashrate up to 36T, outperforming most competing products in the market. At the summit, Ao also revealed that the company’s next-gen miner, T3 48T, had been successfully taped out.
Canaan, world’s second largest manufacturer of bitcoin mining hardware, also introduced its latest products at the event, including the hotly-anticipated AvalonMiner A911, a cloud computing heater and a mobile mining farm “Avalon Box” as well as an AI chip named Kendryte.
“There are about 3mln-4mln miners running in the current bitcoin network. The mining industry is walking into a new era. Power efficient miners with power consumptionof 60-80W/T will be the new trend, and thus the market will be more open and flourishing. It will push up the technical requirement for mines and miners which tend to be more connected, mobile and globalized,” commented Zhu Fa, co-founder of Poolin, world’s seventh largest crypto mining pool with over 8% of global hashrate.
*Edited based on an article from 8btc.