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.
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.
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.