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“China is Right to be Crypto Cautious,” Says Bitmain’s Jihan Wu

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“China is Right to be Crypto Cautious,” Says Bitmain’s Jihan Wu

November 25
10:14 2019

At Frankfurt’s “World Digital Mining Summit” Jihan Wu talked with Bitcoin.com (broadcast on the bloxlive.tv site stream network) about his history, Bitmain, China’s take on mining, the ecological footprint of the industry, and what to expect at the upcoming halving. 

This crypto billionaire whose careful long-term planning united broad economics and computer science expertise, into incredible results, was an early adopter.  

When “crypto” was almost unknown as media began labeling it a scam, he was the first to translate Satoshi’s White Paper into Chinese. He did this in order to, “Attain positive feedback for the project via Chinese social media.” 

Watch the full interview on Bloxlive.tv: https://bloxlive.tv/video/MzA3OA==/will-china-ever-ban-mining-and-what-will-happen-at-the-next-halving

Jihan Wu is one of the influencers, who made China more “crypto-friendly”. That, in turn, helped him to co-create the mining company “Bitmain”. In the interview, Jihan told Bitcoin.com that “The past year was pretty difficult for Bitmain. Fortunately, in recent months we are seeing significant improvement.”

What is the reason behind such growth?

“We were at the bottom of the bearish trend last year, but we saw a very fast recovery of the crypto money industry. Currently, the hash rate is growing very fast… 

We also released a new generation of mining rigs and mining chips. The power efficiency of mining rigs has been pushed to a new level. Also, we have released a new artificial intelligence to benefit our mining pools… Generally, it has been quite a good year for Bitmain.”

Such AI tech improvement news should inspire Bitcoin Cash mining future hopes, but there’s halving uncertainties too. Projected to occur before mid 2020, Jihan has quite an interesting opinion on this topic:

“During past experience at halving event, the prices surged. Whether it’s just a coincidence or it will be happening again – we will see. 

Even if we do not consider the halving, I think the capital price will have quite good years, because this is a highly cyclical industry… And we also see more retail users, institutional investors getting into this industry so I am quite optimistic about the price.”

Despite a ray of sunshine on the price, there are a lot of concerns regarding a mining ban in China. Since the giant “Bitmain” is headquartered in Beijing, there is a risk that its operations can become illegal. Regardless of such a risk, Wu is quite “empathetic” to Chinese precautionary measures:

“I think that the Chinese government is right that it keeps us cautious about the cryptocurrency things. First, China has a captive control system. Their currency needs to be regulated not to have too much collective impact on the existing regulatory framework… And it is actually a good thing for the country and the practitioners in China. So it is still possible to do the cryptocurrency business in China… It is a much more complicated system to work there, but it is indeed, it still works.”

Moreover, concerning the particular impact on mining companies, especially on Bitmain, Jihan expressed a well-developed backup plan:

“China has respect for private properties. So, the companies will be able to move overseas or to some other places. Since the overseas market will recover some of the losses, the companies will get minimal impact.”

In addition, Jihan Wu’s optimistic view expressed in the interview aligns with the latest developments in the country’s crypto regulation and it is not a rumor any more that China passed a Cryptography Law, enacting on January 1st, 2020. 

Not only had Jihan Wu optimistic insights about the price, The Crypto Lark agrees in one of his most recent videos that crypto markets are on a surge-wave. 

Watch the full interview on Bloxlive.tv:

https://bloxlive.tv/video/MzEyMA==/china-makes-a-move-on-crypto-and-bitcoin-price-pump-explained

Conclusively, Jihan Wu is upbeat on the future, the halving and possible risks with crypto bans. This optimism, however, is based not only on the belief in cycles, but backed too by his well-developed plan.

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