{"id":401237,"date":"2019-10-12T19:00:00","date_gmt":"2019-10-12T19:00:00","guid":{"rendered":"https:\/\/wncen.com\/?p=401237"},"modified":"2024-06-11T08:08:30","modified_gmt":"2024-06-11T08:08:30","slug":"bitmain-ceo-claims-bitcoin-halving-may-not-spark-bull-run","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitmain-ceo-claims-bitcoin-halving-may-not-spark-bull-run\/","title":{"rendered":"Bitmain CEO Claims Bitcoin Halving May Not Spark Bull Run"},"content":{"rendered":"<p>Analysts and investors alike have long looked towards Bitcoin\u2019s halving as a potential catalyst that could spark the next massive parabolic rally and usher in a new era of growth for BTC and the aggregated crypto markets.<\/p>\n<p>It is important to note, however, that one prominent figure within the Bitcoin mining industry is now noting that miners should prepare for the possibility that the halving will not propel BTC\u2019s price higher.<\/p>\n<h2><strong>Bitmain Founder: Now is a Good Time to Invest in Bitcoin Mining<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>Jihan Wu, the co-founder and CEO of <a href=\"https:\/\/wncen.com\/2019\/04\/08\/bitmain-reveals-sales-details-of-next-gen-bitcoin-miners\/\">Bitmain<\/a>, <a href=\"https:\/\/news.8btc.com\/bitmain-jihan-wu-bull-market-may-not-come-after-bitcoin-halving-but-bitcoin-price-will-keep-going-up\" rel=\"nofollow\">spoke<\/a> about the upcoming Bitcoin halving during a speech at the World Digital Mining Summit in Frankfurt, Germany, in which he explained that he believes now is a good time to invest in crypto mining, while also noting that the current correction that Bitcoin is caught in is \u201cshort-term.\u201d<\/p>\n<blockquote><p>\u201cThere are many uncertainties, but now is a good time to invest in crypto mining. If I were a miner, I would not stop mining but continuing to invest in mining equipment. We are currently in a short-term correction of price,\u201d Wu noted.<\/p><\/blockquote>\n<p>The correction that Wu is referring to is likely Bitcoin\u2019s <a href=\"https:\/\/wncen.com\/2019\/10\/11\/more-whales-are-hoarding-bitcoin-after-accumulating-during-bear-market\/\">recent drop<\/a> below $10,000 that sent its price reeling down to recent lows of $7,800, which is where it has consistently found support over the past couple of weeks.<\/p>\n<p>Moreover, Bitcoin is also trading down significantly from its year-to-date highs of $13,800 that were set in late-June, and it has shown few signs in recent times of gaining any momentum to climb back towards these highs in the foreseeable future.<\/p>\n<h2><strong>Jihan Wu Claims Halving May Not Spark Massive BTC Uptrend<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>Bitcoin\u2019s upcoming <a href=\"https:\/\/wncen.com\/2019\/10\/08\/uk-bitcoin-mining-firms-revenue-jumps-75-despite-bearish-q3\/\">mining rewards halving<\/a> \u2013 which is currently set to occur in early-May of 2020 \u2013 has been widely look towards as an event that will spark another parabolic uptrend.<\/p>\n<p>During the same speech, Wu explained that miners should prepare for a lackluster response to the halving next year, and that a failure for BTC to surge after the event will require miners to find ways to increase the efficiency of their existing equipment.<\/p>\n<blockquote><p>\u201cHaving a long-term perspective is significant. If bitcoin\u2019s price remains unchanged after halving, the efficiency of existing equipment must be improved to balance efficiency and computing power,\u201d he explained.<\/p><\/blockquote>\n<p>Only time will tell as to whether or not this event will truly impact the trajectory of the markets, but history shows that this event has always been directly followed by parabolic uptrends.<\/p>\n<pre>Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Analysts and investors alike have long looked towards Bitcoin\u2019s halving as a potential catalyst that could spark the next massive parabolic rally and usher in a new era of growth for BTC and the aggregated crypto markets. It is important to note, however, that one prominent figure within the Bitcoin mining industry is now noting that miners should prepare for the possibility that the halving will not propel BTC\u2019s price higher. Bitmain Founder: Now is a Good Time to Invest in Bitcoin Mining\u00a0 Jihan Wu, the co-founder and CEO of Bitmain, spoke about the upcoming Bitcoin halving during a speech at the World Digital Mining Summit in Frankfurt, Germany, in which he explained that he believes now is a good time to invest in crypto mining, while also noting that the current correction that Bitcoin is caught in is \u201cshort-term.\u201d \u201cThere are many uncertainties, but now is a good time to invest in crypto mining. If I were a miner, I would not stop mining but continuing to invest in mining equipment. We are currently in a short-term correction of price,\u201d Wu noted. The correction that Wu is referring to is likely Bitcoin\u2019s recent drop below $10,000 that sent its price reeling down to recent lows of $7,800, which is where it has consistently found support over the past couple of weeks. Moreover, Bitcoin is also trading down significantly from its year-to-date highs of $13,800 that were set in late-June, and it has shown few signs in recent times of gaining any momentum to climb back towards these highs in the foreseeable future. Jihan Wu Claims Halving May Not Spark Massive BTC Uptrend\u00a0 Bitcoin\u2019s upcoming mining rewards halving \u2013 which is currently set to occur in early-May of 2020 \u2013 has been widely look towards as an event that will spark another parabolic uptrend. During the same speech, Wu explained that miners should prepare for a lackluster response to the halving next year, and that a failure for BTC to surge after the event will require miners to find ways to increase the efficiency of their existing equipment. \u201cHaving a long-term perspective is significant. If bitcoin\u2019s price remains unchanged after halving, the efficiency of existing equipment must be improved to balance efficiency and computing power,\u201d he explained. Only time will tell as to whether or not this event will truly impact the trajectory of the markets, but history shows that this event has always been directly followed by parabolic uptrends. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":401056,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,6664],"class_list":["post-401237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\n<title>Bitmain CEO Claims Bitcoin Halving May Not Spark Bull Run<\/title>\n<meta name=\"description\" content=\"One prominent figure in the Bitcoin mining industry is noting that miners should prepare for the possibility that the halving will not propel BTC\u2019s price.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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