Get in the game now: mining experts talk about the current situation in the crypto industry
«The bear market», cryptozyme, the fall in the value of the bitcoin – all this worries many people who are interested, tightly engaged in mining or crypto in general. There is also no shortage of high-profile news. Such as the collapse of FTX, the collapse of Core Scientific stock and so on.
But what is the first-hand information? What do industry experts have to say?
At the WDMS Global 2022 event, which took place in Mexico, Ultramining.com specialists also visited. We asked current questions to representatives of the mining industry. What has come out of it? Read in the article.
How the industry was affected by the bitcoin crash
«I think you know it was a pretty painful six months last year, – says Block30.digital spokesman Alex Pelecanos. – But we managed to keep a profitable business. So it makes sense to keep mining bitcoin.»
The expert also expressed hope that the process of "survival" will end and the BTC market will stabilize.
Other analysts agree with him. And if they believe them, the bitcoin market will not just stabilize, but take off «to the sky». According to rbc.ru, venture capitalist Tim Draper predicted that the price of BTC will reach about $250,000 in 2023.
The figure, of course, is exorbitant, but we're used to not being surprised.
According to ACCO Engineered Systems service manager Erica Sonnera, the collapse of bitcoin is slowing down. But this process cannot but harm the representatives of the crypto-industry.
But according to Priority Power Senior Business Development Specialist Nick Gates, everyone understands what's going on. And they are trying to move toward a better future.
Many industry experts were prepared for the collapse of the bitcoin, and they are aware of the fact that it is a cyclical process.
Someone is continuing to increase their existing crypto holdings. To prepare for the bitcoin price going up again.
Konstantin Krayniy, Head of International Relations and Partnerships (Stella), calls the BTC collapse part of the overall situation in the global crypto market. And there are all the prerequisites for it to stabilize.
Arseniy Grusha, head of Wattum, shared the secret, which, according to the specialist, will help investors not to lose their investments during the collapse of BTC:
«If you want to succeed in cryptocurrency, don't bet on leverage, don't borrow a lot of money. That's how you can succeed.»
When the situation with BTC will change for the better
Here experts are divided in their opinions. Some hope for the best. Some are closer to the idea that the dark times have not yet come and the grand collapse of BTC is yet to come.
«A very good question, – smiles Alex Pelecanos. – It's hard to determine a specific time in which the bitcoin situation will stabilize. Will it be in three months, six months, two years?!», – he said.
The expert advised to look at the situation from a macroeconomic point of view. Working with the crypto market implies risks on a global scale. For example, it is not known what decisions the Federal Reserve is going to make regarding interest rates, whether the world is going to go into recession or not.
«I think these are serious questions that we need to ask. You know that bitcoin and cryptocurrency are a big risk to invest in», – Alex stressed.
What the specialist probably meant was that you can't be sure of anything, and when the bitcoin situation will stabilize, hardly anyone can predict.
Asicxchange co-founder and vice president of sales Michael Dustaliyev suggested that another big drop in bitcoin is coming. Before the crypto gets anywhere near its high value.
According to some speakers, people are trying to prepare for the rise in the value of BTC and the excitement associated with that event. Theoretically, those who can do that will be in a very good economic situation.
However, these are processes that are difficult to predict. We are sure that few would have predicted that the price of bitcoin would fall so much in the middle of 2022. And will continue to fall...
What to expect from mining in the future, how crypto mining experts should prepare for even the worst outcomes
The most positive answer to this question is that everyone learns. And the situation with BTC is another lesson for representatives of the cryptosphere. However, in the opinion of many specialists, there is a movement forward within the industry, people become more experienced.
And in doing so, they manage to reduce costs, optimize all the steps, processes, be effective as long as possible, help each other to pass through this «winter».
Electricity consumption is also expected to decrease. Experts predict that in the near future - within the next five to ten years – it will be possible to mine virtual coins in an economically safe zone.
The mining industry can be expected to improve the efficiency of virtual coin mining and work on all the little things in the industry. This also applies to the financing of the business plan. Experts believe that it is necessary to optimize all the nuances of the virtual coin mining industry.
«Get in the game now»
Vice President of Business Development (Lancium) Travis Ely expects that a really good time is coming for those who are going to build new bitcoin farming facilities and get into the mining business.
And on that positive note, we will end our WDMS Global 2022 retrospective. And we will continue to follow the developments in crypto mining. In the meantime, let's watch the video from this event.