CMF North America: The Current Status and Future of the Cryptocurrency Mining Industry

On April 13, Bitman hosted the Crypto Mining Forum (CMF) online for the North American region. Everyone, including Antminer, AntPool, major customers and strategic partners, participated in the forum, delivering keynote lectures and panels aimed at the current state of the leading mining companies and insights into the future development of the cryptocurrency mining industry in the region. .

Bitman, Antiminer 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 establishment of Bitcoin in 2013, the company has spared no effort to develop advanced technology and innovation to take the industry forward.

Keynote speakers

In the forum, Irene Gao, Sales Director of NSCA, Antminar, announced the new global sales strategy for Bitcoin. The company will adopt an ordering procedure with insured clauses for users. To better meet the growing market demand for mining hardware, Antminar recently launched an annual batch order purchase for the Antminar S19J Pro. A strong hash rate at 100 TH / s and a low energy efficiency ratio of 29.5 J / TH can bring a truly long-term investment value for mining customers.

Eric Wang, North American Operations Manager at Entpool, launched Mining Pool Development. According to Eric, in recent years, he has seen a significant hash rate increase in the region and predicts that the region will continue to grow.

To further empower miners, Bitmain has announced at CMF that the company will create a global mining map to help customers find the best / new place to set up new facilities. In addition, Bitman will set up more cooperative mining centers in North America to develop the industry and promise to meet the repair goals of miners in the region to achieve a 3-day turnaround time (TAT). As the world’s leading cryptocurrency mining platform, Antpool will continue to provide miners with easy-to-use, secure and efficient services that will bring rich and transparent income to miners.

Foundry: Hardware became the focus of the Bitcoin mining race

Michael Collier, CEO of Digital Currency Group (DCG) Cryptocurrency Mining Subsidiary Foundry, shares his observations and forecasts on the current mining market. He said that due to the continuous advancement of bitcoin mining technology, the mining chip demand in the mining industry is competing with other sophisticated technology companies like Samsung and Apple, resulting in inadequate global chip supply and chip resource occupancy. In the meantime, institutional miners have entered the game, making it harder for people to find mines, and this has led to more competition because there is stronger access to insights investing.

The specialty of the North American market is that companies have access to the capital market. Therefore, more companies are planned to go public in the next six months. Moreover, many energy companies have also started investigating the bitcoin market, considering the possibility of its huge growth and will become more active over time.

In terms of industrial opportunities, Michael mentioned that mining hardware would be a great investment option, as most mining products can continue to operate for 4-5 years, which would bring long-term investment value for mining.

State of Mining 2021: Large scale operation with green development

Panel discussion 1 speaker

BitWorld CEO Tim Kelly, Core Scientific Chief Customer Success Officer Russell Kane, Greenwich Chief Mining Officer Greg Ohanesian, Cruso Energy CEO and Co-Founder Chase Lochmiller and Cruso Energy President and Co-Founder Work.

The panelists noted that as more users and organizations joined the camp, the mining industry was no longer as fragmented and rough as the “Wild West”, but now it was advancing to the level of institutional mining on a larger scale. Currently, there is greater financing happening in space, which extends to financing industries such as debt financing.

In addition, mining companies will pay more attention to relevant regulations and increase investment in environmental friendliness. The panel highlights that green energy operations for mining will bring more opportunities and will be important 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 one hand, more miners will place more importance on the relationship between mining and sustainable energy and use renewable energy to reduce electricity costs. On the other hand, the development and application of immersion mining technology is a future trend that should be monitored, which could improve the energy efficiency ratio of mining hardware, prolong mining life and provide opening opportunities for mining companies. Good mining location since optimal mining locations are usually in harsh environments.

Fuel suppliers are also beginning to understand the needs of the mining industry, providing more resources and services for large-scale digital mining. Hosting services are also growing, as it brings benefits such as lower electricity costs and professional management.

Over the next few months, miners should consider that mining companies will add more hash rates after receiving their future orders, which could affect mining profits. Altcoins, which provide a variety of innovations, can be considered, however, Bitcoin will be the main cryptocurrency from a long-term perspective.

Trends and Innovation: The flow of new business models and organizations

Panel discussion 2 speakers

Eugene NG, director of the Gemini Asia Pacific Business Development Bureau, Raymond Yuan, founder of Atlas Mining, Sheldon Bennett, CEO of DMG, Jacqueline Bradford, CEO of Clean Spark, and Ethan Vera II, co-founder of Luxor and CFO Evan Vera, discussed the future.

The panel points to new trends in the mining industry. First, adoption of cooling systems leads to new trends, as immersion cooling provides the same hash rate with lower power consumption. More importantly, with the rapid development of the Bitcoin mining industry and a number of favorable factors, a large number of new investment firms have entered the market, bringing a new business model, namely the financing of the hash rate.

The arrival of investors and organizations has barely begun. When more satellites participate in the cryptocurrency mining field on a larger scale, it will open the door for other digital currencies, and create more opportunities for the cryptocurrency market. In terms of technological innovation and application, issues related to software upgrades, financial equipment and energy improvements to reduce mining costs were discussed on the panel.

The North American session of the Cryptocurrency Mining Forum has ended successfully. The CMF Forum is a series of global events hosted by Bitcoin, aimed at creating an information-exchange platform for discussion, forecasting and prosperity of the global mining industry. The forum has been successfully held in Miami, Toronto, Kuala Lumpur and other cities, gaining widespread support and widespread popularity from Bitcoin customers, partners and miners worldwide. Soon, the CMF Forum will be back in Europe (online), so we look forward to more exciting insights from the European Division!

CMF North America Video Link

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