From October 8th to 10th, the 2nd Global Digital Mining Summit was held in Frankfurt, Germany. Wu Jihan made a theme sharing. He is still co-founder of Bitland and still holds Bitcoin cash.
In his speech, Wu Jihan announced that Bitcoin will release two new bitcoin mining machines, S17+ and T17+. The former has a standard computing power of 73T/S and an energy consumption ratio of about 40J/T. Coincidentally, at about the same time, Jia Nan Zhizhi also announced the A11 series of the new Avalon Bitcoin mining machine, in which the A1166 rated power is close to 73T/S, and the energy consumption ratio is about 46J/T. As a result, the battle for new mining machines with high computing power and low power consumption will continue to heat up.
Wu Jihan said that Moore's Law will only slow down, but there is no end . For example, chip design is getting more and more difficult, trial and error costs are getting higher and higher, and the scheme of touching stones and crossing the river is not suitable for chip design, and Bitland will continue to improve the design of mining machine. The new 5nm chips will start mass production early next year, and the development of 3nm chips is on the way. Each factory (referred to as a chip manufacturing company) has invested 20 billion US dollars and made progress. Even 2nm and 1nm chips are on the agenda. This is the role of Moore's Law. There is no relevant official announcement in Bitcoin, but Bitcoin continues to optimize chip technology, and a new generation of 7nm chips will be available in the near future.
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In addition, Wu Jihan also mentioned some interesting points, which were organized by Babbitt as follows.
The cryptocurrency may slow down, but the cycle is not over yet
The driving factor in the digital currency industry is the cryptocurrency price. Looking at 2019 is a good year. However, prices will reach a stable phase over time. The price increase may be slightly slowed, but the cycle is not over yet.
Investment mining is the best way to adapt to risks. The cryptocurrency price is currently lower than the historical peak, and everyone has passed the previous cycle.
Compared to the stock market, cryptocurrencies have great potential. The current market value is 0.2 trillion US dollars, while the US stock market value is 73 trillion US dollars. The balance sheet shows that the Fed tried to control expansion in 2018. But this year the situation has improved, the Fed said that this trend may continue.
The central bank controls the financial panic and the monetary system, but this power has limitations.
There have been three major inventions in human history: fire, wheels and central banks. The Federal Reserve was founded in 1913 and made an important contribution to stopping the financial panic during the financial crisis. Today, people are less likely to panic. Because they believe that unless the bank has serious problems, they can always withdraw money, and the number of financial crises is decreasing.
In addition to controlling the financial panic, the central bank also controls the monetary system. Money is a miracle in human civilization. Before the Industrial Revolution, there were many different types of currencies in every corner of the world. Whenever human civilization develops to a certain extent, the monetary system will develop.
This is part of psychology, sociology, and civilization. It can be compared to the concept of the Force of Star Wars. In Star Wars, people who are sensitive to this energy can move objects in the air and predict in advance. They are called Jedi Knights.
However, the power of this force has limitations, and it cannot resurrect the dead. In the Star Wars, Anakin Skywalker discovered that his new wife was dying, so he sought help from Master Yoda. Yoda said he should be happy because death is a natural part of the world. Evil politicians told him that the dark side of the Force could save people from death, Anakin could not resist, turned to the dark side in frustration, and finally became the most important villain in Star Wars: Darth Vader.
Negative interest rates have their dark side, which may push up asset bubbles
Negative interest rates are actually like the dark side of the Force in Star Wars.
A recession has occurred. This is a natural process that occurs when innovation slows down, or when there is too much debt accumulated and investment slows. However, most people are reluctant to accept this fact. Statistics show that many investment banks adopt a negative interest rate system, which is contrary to human instinct. After all, people hope that today's investment will bring a certain profit tomorrow.
However, investors speculate that the central bank will push up negative interest rates further, which will lead to a bubble in the bond market. Negative interest rates undermine the incentives to invest in productive, high-risk projects that will create more crises in the long run. Central banks are set up to stop the crisis, but in fact, they are likely to trigger future crises.
The cryptocurrency is a stable monetary system that resists the temptation of "the dark force"
At the same time, the cryptocurrency that emerged 10 years ago is building a sound monetary policy system in a mathematical and decentralized manner. It resists the temptation of the dark forces, and despite its lack of government support, it has grown considerably. There are currently 20 to 40 million users worldwide. Most of the world's most educated middle-class people have heard of cryptocurrencies, and cryptocurrencies will soon be adopted.
Wu Jihan specifically mentioned that he is proud of Bitcoin's contribution to Bitcoin cash. Bitcoin cash is different from Bitcoin. It is a bitcoin-independent sport with its own technology roadmap. Bitcoin cash was born because transaction costs were artificially pushed up and the original technology was not mature. When Bitcoin participates in the construction of ecosystems, its ecology will be more prosperous.