on April 13 Bitmain a necklace Online Cryptocurrency Mining Forum (CMF) for the North American region. AntminerAnd the AntipolTogether with key clients and strategic partners, they all participated in the forum to deliver powerful speeches and sessions, aiming to bring together the insights of leading mining companies on the current state and future development of the cryptocurrency mining industry in the region.
Bitmain, Antminer, and AntPool continue to empower users and the mining industry
The cryptocurrency mining industry has entered a new phase of maturity and stability. Since the founding of Bitmain in 2013, the company has spared no effort to develop advanced technologies and innovations to push the industry forward.
At the forum, Irene Gao, NSCA’s Director of Sales, Antminer, announced Bitmain’s new global sales strategy. The Company will adopt an ordering method with secured terms for users. To better meet the needs of the growing market for mining hardware, Antminer recently placed an annual batch order for Antminer S19j Pro. Featuring a powerful hash rate of 100 TB/s and a low energy efficiency ratio of 29.5 g/s, the miner can truly bring long-term investment value to customers.
Eric Wang, Director of North American Operations at AntPool, presented the development of the mining pool. According to Eric, in recent years he has witnessed a significant growth in the hash rate in the region and expects that the region will continue to grow.
To better empower miners, Bitmain announced at CMF, that the company will develop a global mining map to help clients find the best/new locations to build new facilities. Besides, Bitmain will set up more cooperative mining hubs in North America to enable the industry to thrive and has promised to achieve the miners reform target in the region to achieve a 3-day time period (TAT). As the world’s leading mining platform, AntPool will continue to provide miners with more user-friendly, secure and efficient services, providing rich and transparent income for miners.
Foundry: Hardware Becomes Focus of Bitcoin Mining Race
Michael Collier, CEO of Foundry, a cryptocurrency mining company affiliated with the Digital Currency Group (DCG), shared his observations and predictions about the current mining market. He said that due to the continuous advancement of bitcoin mining technology, the mining industry’s demand for chips is competing with other high-tech companies such as Samsung and Apple, resulting in insufficient global supply of chips and a situation of grab for chip resources. Meanwhile, institutional miners have entered the game, making it difficult for people to get miners, which leads to more competition as intuition has strong access to investments.
The specialty of the North American market is that companies have access to the capital markets. Therefore, more and more companies are scheduled to go public in the next six months. Moreover, many energy companies have also started investigating the bitcoin market, considering its huge growth potential and it will become more active over time.
Regarding the industry opportunity, Michael noted that mining hardware will be a great investment option, as most mining products can last for 4-5 years, which will bring long-term investment value to miners.
Mining State 2021: Large-scale operation with green development
Managed by BitOoda CEO Tim Kelly, Chief Scientific Officer for Customer Success Russell Kahn, Greenidge Chief Mining Officer Greg Ohannessian, Crusoe Energy CEO and Co-founder Chase Lochmiller, Crusoe Energy President and Co-founder Cully Cavness join the committee set in the mining mandate in 2021.
At the session, panelists noted that with more and more users and institutions joining the camp, the mining industry is no longer as fragmented and coarse as the “Wild West,” but is now advancing to the stage of institutional miners at large. Nowadays, greater financialization is taking place in the space, increasing industry financing methods such as debt financing.
Moreover, mining companies pay more attention to relevant regulations and will also increase investment in environmental friendliness. The team highlights that pushing green energy for mining will provide more opportunities and will be crucial for the future.
In the United States, there is an interrelationship between energy and mining. Experts predict that the use of renewable energy and innovative technologies will become a new trend in the development of the mining industry. On the other hand, more miners will attach more importance to the relationship between mining and sustainable energy and will use renewable energy to further reduce energy consumption. On the other hand, the development and application of submersible mining technology is a future trend to be watched, which can effectively improve the energy efficiency ratio of mining equipment, extend the life of miners, and provide mining companies with opportunities to open up to better mining sites because suitable mining sites are usually in harsh environments.
Energy suppliers are also beginning to understand the demands of the mining industry, providing more resources and services for digital mining on a large scale. The hosting service is also on the rise, as it comes with advantages such as low electricity prices and professional management.
In the next few months, miners should take into account that more hashrate will be added once miners receive their future orders, which could affect mining profitability. Altcoins, which provide various innovations, can be considered, however, Bitcoin will be the primary cryptocurrency from a long-term perspective.
Trends and innovation: a new business model and enterprise flow
Gemini Asia Pacific Business Development Office Director Eugene Ng, Atlas Mining Founder Raymond Yuan, DMG CEO Sheldon Bennett, Clean Spark CEO Zachary Bradford, Luxor Co-Founder and CFO Ethan Vera discussed and forecast mining direction and innovations in the second session .
The committee noted new trends in the mining industry. First, the adoption of cooling system is driving new trends, whereby immersion cooling provides the same hash rate with lower energy consumption. Much more importantly, driven by the active development of the bitcoin mining industry along with many favorable factors, a large number of new investment institutions entered the market, which led to the introduction of a new business model, that is, the hash rate financialization.
The influx of investors and institutions is just the beginning. When more speculators get involved in cryptocurrency mining on a large scale, it will open the door to other digital currencies, and the digital currency market will open up more opportunities. In terms of technology innovation and application, the topics discussed in the session are about software upgrades, financial tools, and energy improvements to reduce mining costs.
The North American Crypto Mining Forum session has concluded successfully. The CMF Forum is a series of global events held by Bitmain, with the aim of building an information exchange platform to discuss, forecast and thrive the global mining industry. The forum has been successfully held in Miami, Toronto, Kuala Lumpur and other cities before, which has gained wide support and popularity from Bitmain clients, partners and miners around the world. Soon the CMF Forum will be sailing again in Europe (online), let’s look forward to more exciting insights from the European section!
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