Cihan Wu, co-founder and CEO of Bitmain, a Chinese manufacturer of mining equipment, believes that the next BTC halving is unlikely to provoke bull activity, however, in the long term, the flagship cryptocurrency will appreciate.
Wu announced his assumptions during the international mining summit in Frankfurt. The head of Bitmain explained that the development of the crypto market is carried out cyclically, and in the near future the bull phase may not start until the halving. He, however, is confident that in the long term, crypto enthusiasts will be more confident in investing in mining equipment.
Wu added that there are still a lot of uncertainties, however, currently investing in crypto mining is profitable. If he was a miner, he would not stop his activities, but, on the contrary, he would continue to invest in equipment. Now BTC is experiencing a short-term correction of the rate, however, those interested in cryptocurrency should be aware of the long term. Wu believes that if the cost of BTC does not change before halving, then the effectiveness of today's devices will need to be improved.
Personally, Bitmain is going to continue to develop more advanced devices for cryptocurrency mining. In addition, the company plans to launch a platform that will provide the opportunity for owners of mining equipment to get in touch with farm holders for cryptocurrency mining.
