Jihan Wu: “After halving, the pressure of miners on the value of bitcoin will decrease”

Bitman co-founder Jihan Wu said that after the block reward was halved, pressure fromminers on the cost of bitcoin will decrease, but wait for a sharp rise in prices is not worth it.

On Tuesday, after the next recount, the difficultyBitcoin mining increased by 8.45% from 14.72 trillion to 15.96 trillion. It is expected that in two weeks, at the next recount, the complexity will increase by another 8.7%. As the 8btc portal notes, the increasing complexity of bitcoin mining means that miners are returning, and this is a positive factor for the first cryptocurrency.

During a recent online event, the founder andJihan Wu, CEO of Bitmain, a Chinese mining company, said miners' pressure on bitcoin prices will decrease after the block reward has been halved and the rainy season has begun in Sichuan, where more than 50% of the Bitcoin network hash is concentrated. He said:

"I think the halving of the block rewardforce miners to take a wait and see attitude until network and market indicators stabilize. In the past, hashrate and complexity grew before halving and after, but along with that, the price of bitcoin also increased. This time, the cost of the first cryptocurrency not only does not grow, and sometimes even drops very much, as it was recently. Therefore, I think that after halving the hashrate of the Bitcoin network will drop by 20%. ”

Bitman co-founder also urged investors not to expect a sharp increase in the value of the first cryptocurrency:

“Do not expect the price of bitcoin to rise sharply after halving. We need to take a long-term position and keep risks under control. ”

The growth of hashrate and complexity has not yet affectedon the value of bitcoin in the spot market. The price continues to attempt to gain a foothold above $ 7,000 and many traders hope that halving the block reward will have a positive impact on the rate of the first cryptocurrency.

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