41 Show Time Episode 4——BTC.com: Halving is imminent, where are the opportunities in the mining industry?

As the halving market approaches, Bitcoin has completed a jump in eight days, from US$7,700 to US$8,300 to the current US$9,200. The halving market + macroeconomics + global epidemic have brought opportunities and challenges to the cryptocurrency market.

Everyone is eagerly looking forward to the arrival of the halving, and many believe that the halving will bring a surge in Bitcoin prices.

"We should remain optimistic. Judging from the halvings in previous years, the price of the currency will not skyrocket after the halving, but will continue to fluctuate and rise in the next one to two years." BTC.com COO Hu Jing holds a different view on the halving market. Bitcoin has been rising and falling, what should miners do, and where are the opportunities in the mining industry?

On the occasion of 41 Finance’s second anniversary, 41 Finance launched 41 Show Time, an online AMA. The fourth session will be held on May 7. 41 Finance specially invited BTC.com COO Hu Jing to be a guest in 41 Finance’s live broadcast room. Hu Jing explained to us the changes brought about by the halving and where are the opportunities in the mining industry?

In addition to being live-broadcasted on the 41 Finance community, this conference was also strategically forwarded in communities by 10 media outlets, including Mars Finance, Worldchain Finance, Wansha Information, Evangelism Finance, ChainSecurity Finance, Interstellar Vision, ChainTiger Finance, CoinValue Finance, AntChain Finance, Blockchain Bus, and Wall-E Finance.

The following is the AMA live content

41 Finance Four Young Masters: btc.com is a large mining pool that basically everyone who enters the mining circle knows. Boss, can you give us a brief introduction of btc.com?

Hu Jing: BTC.com was founded in 2015. Starting with industry infrastructure such as block browsers, BTC.com block browser ranks among the top three in the world, supporting multiple currencies such as BTC, BCH, ETH, etc. Users can easily query chain-related information and operations.

BTC.com mining pool was established in 2016 and successfully became the world's number one mining pool within half a year, and has been so for nearly three years. The mining pool currently supports multiple currencies such as BTC, BCH, ETH, and will continue to add new currencies with potential. The mining pool supports mainstream functions such as joint mining and machine gun pool, aiming to maximize the benefits of miners.

In addition to the two product lines of mining pools and browsers, BTC.com is also the industry's top data provider and technical solution consultant. BTC.com can customize and develop APIs according to customer needs and provide customers with various types of on-chain data; BTC.com can complete the development and online deployment of new mining pools required by customers within 7 days, and customers do not need to have their own professional technical team.

(OKB red envelope provided by OKEX)

41 Finance Four Young Masters: As a mining pool that has long been in the top five of the Bitcoin computing power rankings, can the boss tell us how to maintain and increase its attractiveness to miners?

Hu Jing: For miners, there are three key points in mining pool products: 1. High returns; 2. Safety and stability; 3. Considerate service. BTC.com mainly operates around these three key points. First of all, in terms of revenue, BTC.com adopts the fpps model for revenue distribution, and miners do not need to bear any luck value risk; at the same time, BTC.com supports multiple joint mining, and the mined candy coins will be fully distributed to customers according to the computing power ratio; in addition, BTC.com is currently promoting the machine gun pool function, which can increase the pool's average revenue by 3-4%, and the highest revenue can increase by about 16%.

In terms of security and stability, BTC.com adopts multi-node deployment, and users can connect to different nodes as needed to ensure the network stability of mining; at the same time, BTC.com also provides exclusive VIP service addresses for large customers to make mining more independent and secure.

BTC.com has always placed user service at the forefront of its operational planning. It is the first mining pool in the industry with a professional service team at home and abroad. It supports multi-language services such as English, Russian, and Korean, and is online in shifts 24 hours a day. It has an exclusive service team for major customers, including offline training support and other services.

(OKB red envelope provided by OKEX)

41 Finance: In addition to handling fees, what is the main source of income for mining pools? Is btc.com planning any new business this year?

Hu Jing: The income of the mining pool mainly comes from the handling fee. At present, BTC.com is also doing some business cooperation, as well as providing technology and service output as a technical consultant as mentioned before. This year, the main focus is to improve the deployment of the machine gun pool, better open up the cooperation with upstream and downstream, and provide customers with integrated, fast and efficient services.

At present, we have some such investment cooperation, including what I just mentioned, where we, as a technical consulting team, provide some technical and service outputs, which are all part of our revenue.

This year, because everyone knows that the halving is coming, and the price of the currency has not increased significantly, we also took into account the special circumstances of this year. We are committed to spending this halving cycle with the miners as much as possible. At present, we are mainly improving the functions of our machine guns, hoping to better increase the income of miners and ensure that their mining output can cover the cost. At the same time, we are also cooperating with upstream and downstream companies to provide customers with such integrated services, reduce the cost of our users at every link, and maximize the benefits of miners.

(Customized power bank provided by BTC.com)

41 Finance Four Young Masters: We have seen that after the plunge in Bitcoin prices, many mining machines have reached their shutdown prices. For mining machine owners, how should they deal with the current situation?

Hu Jing: Whether it is the plunge of Bitcoin or the halving, the most direct impact is that the income of our miners has become less, so little that it is not enough to cover our mining costs, so we have to shut down.

In this case, we must first find cheap electricity resources as soon as possible, such as hydropower; secondly, replace mining machines in an orderly manner; in mining, our miners all know that the highest cost is our electricity bill. Now happens to be the flood season, and the electricity bills in places like Sichuan and Yunnan are very cheap, so we can choose cheaper electricity resources for mining.

Secondly, as we mentioned that the halving is coming, some old models have relatively high power consumption, so they are no longer suitable for mining after the halving. Therefore, it is recommended that miners replace their assets in an orderly manner, dispose of some old models, and then purchase new machines one after another. This will ensure that there will not be much impact after the halving.

Everyone can form a group to come to BTC.com to get preferential rates and reduce mining costs.

(41 Finance & BTC.com AMA live broadcast process)

41 Finance Four Young Masters: The mining situation this year is complicated, with the halving event and the flood season overlapping. In response to this situation, what suggestions does the boss have for newcomers entering the mining circle in 2020 and old people who are about to leave this circle?

Hu Jing: First of all, we should remain optimistic. Judging from the halving in previous years, the halving will not lead to a sharp rise in the price of the currency, but will continue to fluctuate and rise in the next one to two years. So in the next one to two years, we can look forward to it.

Secondly, the industry has gradually formed a situation where various business chains are connected and integrated services are provided. Newcomers to the industry must choose reliable suppliers. I have been in this industry for more than three years, and I can also feel the changes in this industry. At present, the mining industry has changed from a state of single-handed efforts in various links to an integrated state. The upper and lower industrial chains are gradually being connected, which actually reduces the threshold for newcomers to join the industry to a great extent.

For example, our company BTC.com can complete the deployment of all links at one time, reducing costs and ensuring safety and convenience. For the elderly who are leaving, we hope to reunite someday. This circle is still in its early stages of development and there are endless possibilities and opportunities in the future.

(Group chat live broadcast)

After the interview, in the face of the enthusiastic questions from the community members, Hu Jing interpreted the questions from various angles and gave satisfactory answers. At the same time, during the interview, OKEx provided OKB coin red envelopes to the audience, and BTC.com provided BTC.com power banks as rewards, and the atmosphere on the scene was quite warm.

（Winners list）

Finally, I would like to thank again the guests and media friends who participated in this AMA.