Is decentralized mining the future trend? Read the latest speeches of big names such as Wu Jihan, Ge Yuesheng, Du Jun, etc. in one article | WDMS highlights review

From October 8th to October 10th, Bitmain held the Global Digital Mining Summit in Frankfurt, Germany. The summit brought together digital currency mining elites from around the world, more than 30 industry-leading experts, more than 100 top crypto mining companies and more than 1,000 participants. The most senior and innovative authorities in the mining industry gathered together.

This summit focused on investment and innovation in the mining industry, and discussed various financial solutions and optimization plans for digital mining. Some of the highlights of the conference guests’ speeches are summarized below.

Wu Jihan: The prosperity of the mining ecosystem has encouraged more investors to participate

Bitmain will continue to improve the design of mining machines. Moore's Law will never end, it will only slow down. Design work is becoming more and more difficult, especially the technology of process chips. The solution of crossing the river by feeling the stones is not suitable for chip design. The new 5nm chip will start mass production at the beginning of next year, and we have already started producing 3nm chips. The industry is already planning to develop 2nm and 1nm chips. This is the effect of Moore's Law! Bitmain has not made any official announcement, but Bitmain is constantly optimizing chip technology. We will have a new generation of 7nm chips on the market in the near future.

Wu Jihan is proud of Bitmain's contribution to Bitcoin Cash. Bitcoin Cash is different from Bitcoin. It was originally a movement independent of Bitcoin with its own technical route. Bitcoin Cash was born because Bitcoin's transaction fees were artificially pushed up and related technologies were immature. With Bitmain's participation in the ecosystem, the entire ecosystem is more prosperous, encouraging more investors to participate. Bitcoin Cash has become a payment method. May the force be with Bitcoin Cash!

Matrixport Ge Yuesheng: One-stop crypto financial solutions have broad prospects

Matrixport plays a role similar to an intermediary rather than a trading platform during the user's use, helping users meet their needs. Matrixport has cooperation with most trading platforms and OTC service providers, so it can choose the best market prices, discounts and algorithms to help users complete transactions at the best prices and ensure high liquidity. In addition to trading functions, highly transparent lending is another feature of Matrixport. Matrixport plays the role of a lender, providing a stable lending method to support users in obtaining funds and avoiding missing investment opportunities.

Overall, Matrixport is a platform that provides one-stop solutions in the cryptocurrency industry, providing secure custody, trading, lending, and payment services to meet all user needs.

Du Jun: Privacy computing is a hot topic in China, but we should not remain optimistic

The reason why the privacy computing market is booming is that the transactions are very direct, but most of the participants are not experts, and big players are needed to join this field. Privacy is a huge problem, and it is easy to break the law. Therefore, there are issues to be solved such as transparency, legality, and security.

Marco Streng: The future of mining is green and decentralized

Streng believes that mining needs to be more decentralized at the mining pool and hardware level, and expects that we will emphasize environmental responsibility more in the future. The mining industry must use renewable energy. The earth has sufficient renewable energy reserves, such as hydropower, wind power, geothermal energy, solar energy, etc. The reason why BTC mining uses renewable energy is that mining projects do not need to be located in big cities, but can be located near hydropower plants or wind farms, as long as there is a stable network and environment.

Tian Xin: The primary meaning of mining is to ensure the security of the blockchain

Tian Xin discussed the true meaning of mining and mining pools and the future of mining in his keynote speech. The meaning of mining is to ensure the security of the blockchain. Centralization means the consistent production of blocks and the prevention of decentralization at the same time, because decentralization will damage the entire network. Another dominant factor in mining is the hash rate and voting rate. Assets can also be protected through the hash rate.

Since the beginning of time, one of the main driving forces of human society has been to make money. In this context, risks cannot be ignored. Why use a mining pool? Because it is convenient and safe. Events such as the DDoS attack in 2015 have proven that the security of Bitcoin is supreme. However, this also means that creating an independent mining pool will have a series of difficulties: it is difficult to provide sufficient security.

Sigmapool Rustam: Providing efficient and convenient mining solutions and committed to solving problems encountered in the mining process

Sigmapool is a cryptocurrency mining company dedicated to solving any problems encountered during the mining process, such as miner failures, hash rate crashes, etc. How to detect these problems as early as possible and solve them properly? Miners lost about $7 million from the beginning of this year to July due to these problems, mainly due to reduced hash rates or failed transactions. Of course, the larger the mining farm, the greater the loss.

Sigmapool believes that the factors that are usually overlooked are the key: lines and infrastructure, network hardware, construction problems, and network routes, all of which can cause a sharp drop in hash rate. The risk of delay is high, and there are several solutions: you can change to a more suitable mining pool, and look for a mining pool with lower prices and suitable geographical locations.

Bijan Alizadeh: Blockchain market value is expected to reach $23.03 billion in 2023

At the summit, Bijan Alizadeh, founder and CEO of Block One Technology, delivered a keynote speech titled "The Road from Power Plants to Bitcoin Mining". He pointed out that the market value of blockchain is expected to reach $23.03 billion in 2023, and said that there are several factors affecting this trend: more financing investment, the necessity of simplifying business processes, the requirement for transparency, reducing operating costs, and increasing popularity. With the continuous development of blockchain and cryptocurrency, more funds are entering this market, and research on it is also increasing, which will accelerate its development.

Bijan Alizadeh pointed out that miners are a very important part of the entire industry and many aspects need to be considered. When choosing a mining machine, you need to understand the popularity of mining, mining difficulty and halving. In terms of electricity costs, you need to consider high costs, lower coin prices, and secure long-term contracts. In terms of supervision, you also need to consider the laws of relevant governments. Not all governments are friendly to cryptocurrencies. In addition, climate and liquidity issues need to be resolved.