September 27, 2020

Bitmain CEO claims halving may not increase BTC price

Bitmain CEO claims halving may not increase BTC price

The head of the largest manufacturer of mining equipment Bitmain Cihan Wu expressed skepticism about Bitcoin's possible bull run after his halving next year.

Speaking at the World Summit on Mining in Frankfurt, he called for investing in Bitcoin mining, and not in cryptocurrency itself.

CEO disagrees with analysts who argue that the upcoming halving could provoke another massive parabolic rally and usher in a new era of growth for BTC.

Emphasizing the high volatility of the first cryptocurrency, Cihan said miners should be prepared for the fact that reducing the reward to miners will not lead to an increase in the price of BTC.

Despite uncertainty about the futureBitcoin in the medium term, Wu positively assesses the long-term trend of the asset price. China's largest mining device maker is gearing up to launch two new products next year. In addition, the launch of the first platform is planned for 2020, which will connect owners of mining equipment with owners of mining farms using the World Digital Mining Map (WDMM).