The crypto market has had a bad 2018. A relentless bear storm has brought the prices of most cryptocurrencies down and with the overall market capitalization. However, executives from several bitcoin mining firms refuse to be discouraged by the current downturn in the market. Speaking at CoinDesk’s Consensus Singapore 2018 event, officials from different mining concerns said that a crypto market downturn is nothing out of the ordinary. The officials who spoke at the event explained about the efforts to widen their reach despite a bearish market.
Henry Monzon, chief revenue officer of Bitfury, believes that the mining industry is starting a consolidation phase before it becomes a mature market. He said that the company currently had no plans to extend its operations to mine cryptocurrencies on other networks, for now. “It’s too early to decide on going to other cryptocurrencies,” he said, according to a Coindesk report.
Alex Ao, the founder of Innosilicon, a bitcoin ASIC maker, said that this particular business has its own ‘cycles’ and he thinks that the current bear market is a good time for the firm to boost its efforts. “We started out in 2014 and saw the price of bitcoin go up and down over the years, but we still believe in the future. … History always repeats itself and that’s the nature of the economy,” he said.
Xin Xu, CEO and co-founder of ethereum mining pool, SparkPool, said that the mining industry is starting to catch the eye of the crypto world which mostly only concentrates on the prices of cryptos. He takes this as a sign that the crypto market is on its way to become a mature market. Monzon sided with Xu stating that increased awareness implied some maturity.
One of the industries that face high competition within the broader blockchain industry is mining hardware manufacturing industry. Many companies and startups are developing their own better versions of Application Specific Integration Circuits [ASIC] and raising the competition in the market. Mining firms are increasingly gaining prominence in the market. With improved innovations in the mining hardware, mining businesses are bound to exhibit growth and earn better returns.
Image via Shutterstock
Join our Telegram group