Stuttering profits can't stop this crypto executive from being optimistic.
Despite the increasingly bearish climate, most of the Bitcoin miners Cointelegraph has spoken to are incredibly optimistic about Bitcoin’s short and long-term price prospects.
The availability of cheaper electricity, comparatively speaking, and also friendly policies and as well as engineers. There are decent, well-trained engineers in those industries. So really, a lot of things are happening in the mining industries.Electricity prices are soaring in the European Union and the United States, and at the same time, Bitcoin continues to trade near its 2018 all-time high.
RS: Is it incorrect to assume that with each having, ASICs must become more powerful and therefore use more power?No. It’s not right, to be honest. If you look at the machines and technology, even if it is going to have 100 TH/s, 120 TH/s or 140 TH/s, the consumption power versus the terahash — which is the efficiency we call per joule per TH/s — is becoming less and less.
But slowly, when I look at my partners, my Canaan partners, the profiles have been changing, or let’s say evolving, over the last three years. From the individual Chinese entrepreneur to now, more and more, I see that our long-term partners of Canaan and Avalon are traditional energy companies, institutional investors, financial-institutional clients and traditional financial investors.
RS: I personally think that Bitcoin is a legitimate asset. There are always a number of investment theses that explain why a person should have exposure to Bitcoin. You’ve said Bitcoin has gone from a grassroots or a community-led entrepreneurial hobby for making short-term gains to an industrialized arm of the energy sector.
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