Marching to China! Entering China has become a consensus in overseas mining circles | International Mining Summit

On October 12th, the Global Mining Leaders Summit held by the overseas mining media MinerUpdate was successfully held in Chengdu. This conference not only invited domestic mining giants such as Jianan Zhizhi, Core Dynamic Technology, mining pool, but also mineral pools, mines and research institutions from all over the world. Babbitt was invited to participate in the meeting and interviewed many overseas guests such as Genesis Mining CEO Marco Streng and Luxor Mining CFO Ethan Vera to take a look at China in the eyes of foreign mining circles and their judgment on the market.


Overseas companies look at the Chinese market: expecting clear and friendly supervision

Luxor Minig is a mining company in North America. It has not yet been involved in many popular competitions for mining. It has decisively cut into PoW currencies such as Grin and Siacoin. It has only announced the new bitcoin mining business this year. Luxor Technologies CFO Ethan Vera said in an interview with Babbitt that he is familiar with the Canadian market. "There is my home."

“In Canada, the mining industry is more transparent because there are many companies that are listed companies, such as Bitfarm. Each quarter, listed companies will hold investor meetings to answer questions from various investors about their business. Similarly, in North America, you can get more transparency and more in-depth analysis. In China, we can rely more on connections."

Founded in 2017, MineBest is a Polish mine construction and mining services company with a team of nearly 200 people. CEO Eyal Avramovich told Babbitt that in terms of investment, China gave him the impression of “fast”, but in the long run, the profit that can be obtained will be less because China's electricity price is more expensive. “Many of our mines are in Central Asia, where electricity prices are much cheaper than in China.” At the same time, he is also very worried about regulatory issues.

“China does not have clear regulations at present, but many countries have already introduced regulations, and some countries that are mine-friendly are even tax-free. With clear regulations, we will feel safer.”

WechatIMG12213 Right on the right is MineBest CEO Eyal Avramovich

Genesis Mining is one of the world's largest providers of cloud computing power, and CEO Marco Streng is proud to tell Babbitt that the company has served more than 2.8 million users. He said that in terms of cost and cost, China's capital expenditure (expenses for obtaining fixed assets) is lower, and other countries' operating costs (manpower, electricity, etc.) are lower. “Outside China, there are many uses of renewable energy, such as geothermal, wind power, etc., especially in Europe.”

“In terms of regulation, European regulators are very friendly. In the United States, the risk of mining is relatively low. In China, it seems that there have been various news and speculations in the market. I very much hope that there will be no problems in supervision.”

Mining research: Chinese institutions are slightly more powerful

In the research and analysis of mining, there are also certain differences between China and foreign countries. In MinerSummit, in 2019, Apolline Blandin, head of CCAF blockchain research at Cambridge University, and Amanda Fabiano, senior project manager at Fidelity (FCAT), shared their research on mining power consumption. John Lee Quigley, head of research at MinerUpdate, also compared the price/performance ratio of several existing mining machines. Blockware Solutions CEO Matt D'Souza started with the relationship between “mining machine price and bitcoin price” and analyzed the mining machine and market. It can be seen that whether it is an independent encryption research institution, a research department of a university or a research team under the financial company, overseas research on mining is relatively keen.

In China, TokenInsight senior analyst Qin Shize told Babbitt that although the mining pool and the mine itself will conduct research and analysis on industry data, there are only a handful of independent research institutions in China. "There may be 3-4 companies including TokenInsight." Look like." Compared with the situation in which the mining pool is on the round table, half of the country and the outside, on the round table of the research institute, TokenInsight is a bit of a pattern of "swords and wars."

D4S_7381 John Lee Quigley, Head of MinerUpdate Research

The market is in a downturn, the miners are filling your faith

In the second half of this year, the encryption market has been cooling down, especially after the September plunge, many investors have a feeling of going to bears. As miners, are they still confident as always?

Luxor Technologies CFO Ethan Vera believes that bitcoin will be halved next year and the macroeconomic trend is good, so he is optimistic about the market. "In the next few months, even if it doesn't rise, it will at least remain relatively stable. We are not worried that the big bear market will come."

Genesis Mining CEO Marco Streng is very calm and thinks this is just a normal cycle. He still does not forget the advantage of Amway mining compared to buying Bitcoin directly: "If you buy cryptocurrency directly, the price will fall and you will lose. But if you mine, mining can keep you profitable. ”

However, for the bear market, Marco does not feel repulsive, but thinks it is a good thing.

“The bear market is a good thing. It can eliminate the low-productivity miners and make the mining business more competitive. For the mining industry, the bear market is a very interesting and very important issue, it will involve many companies. Business expansion."

WechatIMG12214_gaitubao_1000x600 On the right is Genesis Mining CEO Marco Streng

Similarly, research institutions are not worried about the current downturn. Block D. Souza, CEO of Blockware Solutions, predicts that we are in the top third of the bull market. The culmination of this bull market will have a 50% probability of falling within the range of $60,000-$90, and there will be a probability that the currency will return to zero. Is being reduced), such as encountering large hacking incidents, or strong policies to shut down transactions, killing liquidity, etc.

Compared to most miners' positive and optimistic, MiniBest CEO Eyal Avramovich has poured a cold water. He said that the market did not turn from a cow, the real situation is that the last bear market did not end. However, he still recognizes the positive effect of halving next year on the market.

Consensus of overseas mining companies: entering China

The scale and market of China's mining industry is undoubtedly the number one in the world. Even though the differences between the East and West mining industries are obvious, and the regulatory risks are also worrying, overseas mining companies still have a deep love for China. It is the consensus of many companies to enter China. Luxor Technologies CFO Ethan Vera said that the company has established a BD team for the Chinese market. He currently lives in Hong Kong and often runs to Shenzhen and Shanghai. He is very keen to cooperate with Chinese miners. MiniBest CEO Eyal Avramovich said that they have set up an office in Shenzhen, "more than 400 square meters." At present, there are already 5 employees. “We expect to increase to 40. In addition, there will be more than 50 people in China in the mines in China.” Bitfury, a full-service provider, has also entered China and established in Shanghai. The office.

When asked about China's plan, Genesis Mining CEO Marco Streng first boasted of China: "I like China, China is a great country." He revealed that the company now has many Chinese users buying cloud computing power. They are asking when Genesis Mining will enter the Chinese market. Therefore, the company is now ready to enter the Chinese market. It is worth expecting that Marco Streng will come to China again in November to attend the 2019 World Blockchain Conference, Wuzhen, hosted by Babbitt.

Does cloud computing represent future trends? What surprises does Genesis Mining bring to China? The application is unbounded and breaks the border. On November 8, we met in Wuzhen.

The 2nd World Blockchain Conference·Wuzhen official website has been launched ( ), please click on the link to link the latest news of the conference.


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