“The Markets Will Find a Way” Says Bitmain VP Who is Not Concerned By Sales

Bitmain Not Concerned By Sales: ‘The Markets Will Find A Way’, Says Bitmain VP

Bitmain, a virtual asset mining giant based in China, last year opened another branch in Israel after the pioneers of the firm Jihan Wu and Micree Zhan visited the nation. After seeing thirty startups in just three days, they were convinced that the industry was growing in leaps and bounds in Israel, thus necessitating their physical presence in Israel.

According to Gadi Glikberg, Bitmain’s VP, the Israeli branch will not only take care of a mining pool, it will also be a development hub which will go a long way in assisting in the firm’s AI vision.

Mining Pool

Connect BTC works on the mining of Bitcoin as well as Bitcoin Cash. On the question concerning the pool’s policy with regard to the two rival coins, Gadi asserted that miners make the decision on what they want to mine. It is worth noting that Bitcoin Cash was added to their alternative since it can be mined by making use of the same machines that also mine Bitcoin.

People who make use of the pool can decide on the automatic option, this implies that their machines will only mine the most lucrative virtual asset at any given time. The good thing is that the pool shows comprehensive performance figures. In spite of the fact that they are branches of the same firm, there are times when the pools compete for miners.

Gadi asserts that the Israeli pool’s promotion financial plan is bound to realize a considerable increase in the not so distant future. Statistics published on btc.com indicate that ConnectBTC users have the tendency of preferring Bitcoin to Bitcoin Cash. Over the past couple of months, the pool has mined 0.14 of Bitcoin, and 0.04 of Bitcoin Cash. Interestingly, Gadi says that ConnectBTC miners do not accept Israelis.

Safety Anxieties

On the question of hacking, Gadi asserts that this should not be an issue since cryptos are hot cakes to hackers, and being that even large fiscal institutions suffer from hacking attacks, it should not deter crypto enthusiasts.

The mining activities of Bitmain currently controls approximately 48% of all Bitcoin mining, which unfortunately raises concerns of a 51% attack. However, Gadi is of the idea that this should not be a cause for alarm. Bitcoin is not vulnerable to a 51% attack as a result of the quantity of committed hardware.

The fact that the firm has invested large sums of money on a large amount of hardware is a key indication that executing a 51% attack will only work towards lowering the value of the digital currency, which is akin to throwing away investments. No one can do allow this.

Security is ever a game of the cat and the mouse, and it is pretentious for one to believe that achieving 100% safety is possible. Gadi goes ahead to explain that in as much as the pool may roll out large sums of money, it doesn’t hold back much of it.

AI and Algorithms

According to Gadi, the mining pool is just a commercial venture, whose major purpose is to be a development hub. Precisely, the Israel team is engaged in supporting Bitmain’s AI ambitions with a team which is involved in the development of algorithm, where they work on vital aspects like image recognition and capturing.

He further said that this is a growing market which is expected to develop. Conspicuously, the Israeli branch has a whole wing of the office which presently has no occupants. Future employees are expected to take over before the end of this year, since the firm expects to continue growing well into next year.

Mining Equipment Sales

Gadi asserts that the ASIC devices are currently responding to the crypto’s fairly low prices as well as higher difficulty. Additionally, there is always a sway on the sale of units. The units are usually sold in accordance with their lucrativeness. This means they are sold in accordance with the difficulty of the mining process, as well as the price of the digital currency.

In many ways, the price of a coin determines the price at which the device is sold, though in most cases, where there is money, market will definitely perfect itself. Gadi also believes that the market still has much room to develop.

Regulations in Israel

Regarding the way in which the firm deals with complaints from clients, Gadi says that since they began operations in Israel, they have not had any complaints so far. This is basically because everything is crystal clear and miners have the options of switching to different pools in case they are not satisfied.

Finally, with regard to how they deal with the nation’s fiscal regulations, the firm reports their revenues like any other firm in the nation. Additionally, as a service provider, the company does not engage in complex regulations.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,486FansLike
2,795FollowersFollow
4,268FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

ETH Locked on Aave & Uniswap Records a Sharp Rise

Decentralized Finance (DeFi) is back to recovering, currently at over $11 billion, reaching an all-time high of nearly $12 billion from last week, as...

Alameda Research and Three Arrows Capital Outdoing Each Other to Mint Record WBTC

On Friday, FTX CEO Sam Bankman-Fried’s Almeda Research minted the biggest wrapped Bitcoin (WBTC) ever, as per WBTC Network. 2317 BTC was minted on Sept....

“Nothing Compares to My Bitcoin Bet,” Says Social Capital CEO Chamath Palihapitiya

Bitcoin was the best performing asset of the last decade, and in 2020, it remains a winner again. Compared to the S&P 500 hitting a...

The XRP Ledger Foundation Launches To Accelerate XRPL Adoption And Development

The XRP Ledger Foundation, a non-profit, announced its official launch on September 24. The Ledger Foundation would be responsible for supporting the development as...

Bitcoin Trading Like a ‘High Beta' But Social Sentiment Remains Subdued

After a somber start of the week, Bitcoin is all set to end it on a higher note. In the late hours of Thursday, the...

Ant Group Launches Blockchain-Powered Cross-border Trade Settlement Platform ‘Trusple'

Ant Group, owner of mobile payment app Alipay, launched a blockchain-powered platform for cross-border trade settlements this week. The move came ahead of its...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today