2024-3-1 13:05 |
With Bitcoin halving around the corner, the buzz in the crypto world has hit the roof. Bitcoin is nearing all-highs and mining is the talk of the town. Invezz spoke to Mark Zalan, CEO of GoMining, to gather insights on BTC mining. Edited excerpts:
With the BTC mining competition at peak levels and the upcoming Bitcoin halving, how is GoMining preparing for the mining reward reduction and its uncertainties?
From the perspective of our mining operation company, maintaining the highest standards of equipment efficiency is paramount.
We continuously focus on strategic planning and regularly renovate our ASIC miner fleet to stay abreast of the latest industry trends, ensuring our clients’ success.
Collaborating closely with industry leaders like Bitmain, our strategic hardware partner, keeps our services at the cutting edge.
Our ongoing efforts in infrastructure development and business expansion, coupled with meticulous planning, negate the need for extraordinary measures at this time.
Looking from the users’ perspective, our product offers flexibility to a diverse audience, accommodating various mining approaches, demands, and expectations.
Leveraging our data centers’ exceptional efficiency, we proactively inform our clients about upcoming changes, providing them with opportunities to update and scale their digital miners to the most advanced standards available.
For instance, our digital miners currently boast a remarkable energy efficiency level of 20 W/TH, comparable to the newest ASIC devices entering the market in 2024.
This assurance allows us to confidently anticipate our clients’ NFT miners remaining efficient and profitable.
Considering the global variance in electricity costs, how do you see the industry accessing cheaper electricity, and how crucial are efficient logistics for profitability post-halving?
The primary objective for individual miners and larger players alike would be cost auditing and optimization.
Energy efficiency emerges as the most crucial factor for sustaining mining profitability, particularly as rewards decrease to 3.125 BTC.
The initial weeks or even months following the halving could prove to be the most challenging period. A potential slight drop in total hash rate may occur as some miners shut down operations in response to the new economic reality.
However, historical BTC cycles suggest that price growth in the subsequent months gradually compensates for the decrease in miner rewards.
Indeed, it’s likely that those larger players who deemed relocation expedient have already taken action to migrate from regions with higher electricity costs.
Big mining businesses are known for their long-term planning, so the upcoming halving is unlikely to catch them off guard.
Anyway, all mining majors are likely to have already implemented strategies to mitigate the effects of the halving, ensuring they remain competitive in the evolving landscape of Bitcoin mining.
As energy efficiency becomes crucial in mining, what is your strategy for upgrading to the most efficient ASIC miners, and how do you weigh the cost against the expected ROI?
As we mentioned before, we are committed to maintaining all of our over 28,000 ASIC miners, which are distributed among nine GoMining data centers worldwide, at the forefront of progress.
We regularly expand and renew our hardware park through our long-term development plan, which is clearly outlined in our roadmap.
I’m proud to say, that GoMining is a well-established yet rapidly growing project.
According to our strategic plan, we aim to nearly double our existing hash rate in the next few months, reaching a milestone of 5,000,000 TH/s.
Over the following year, we intend to further increase our hash rate to 25,000,000 TH/s, representing almost 10% of the current world’s total hash rate. It comes as no surprise that our growth surpasses the obsolescence of our existing devices.
With Bitcoin’s price surging past USD 60k, how does this affect your strategies for operation expansion or technology investment in both the short and long term?
Of course, I couldn’t be happier to see Bitcoin regaining momentum. I’m not just referring to the rise in price on the charts, but also to the increased interest both within and outside the current crypto community.
Bitcoin’s vitality is crucial for the entire crypto ecosystem, just as mining is vital for Bitcoin. Therefore, the more virtual miners’ holders we onboard, the more sustainable and significant our contribution to the ecosystem becomes.
Additionally, it’s no secret that the higher the price of BTC, the more profitable Bitcoin mining becomes.
We aren’t daunted by potential competition brought by increases in mining difficulty, as our product offers superior mining capabilities, ensuring that our clients need not worry.
We make mining easy and seamless for our users, providing them with the tools to stay ahead in the game.
How is GoMining addressing sustainability and environmental concerns in its operations, especially regarding the pursuit of cheaper electricity and the use of energy-efficient mining devices?
First and foremost, I’d like to emphasize that the most environmentally friendly mining practices involve utilizing the most energy-efficient devices.
This is precisely what we achieve through our strategic partnership with Bitmain.
Another crucial aspect is our careful selection of locations for our data centers.
We avoid countries with highly strained or underdeveloped power grids, thereby preventing shortages while enabling our users to benefit from mining with some of the world’s most affordable electricity.
Furthermore, we devote significant efforts to innovation. This includes developing energy-saving solutions such as optimizing cooling systems and implementing AI monitoring on our end.
The post Bitcoin halving unlikely to catch big mining companies off guard, says GoMining CEO Mark Zalan appeared first on Invezz
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