Miners Convinced of Bitcoin's Bright Future

Despite the decline in the cryptocurrency market in 2018, the heads of many mining companies believe that there is no need to worry about low prices, because the market has previously shown the same behavior.

Speaking on stage at CoinDesk at the Consensus Singapore conference, Alex Ao, founder of Chinese firm Innosilicon, said the current bear market is the right time to grow the business. 

Ao said:

"We founded the company in 2014, we have seen the price of Bitcoin go up and down over the years, but we are still confident in its bright future. History always repeats itself, these are the laws of economics."

Henry Monzon, chief revenue officer of Bitfury, believes that the mining industry is in a stage of consolidation and continues to develop. Monzon also said that his company has no plans to switch to other currencies, but will continue to mine Bitcoin. “It’s too early to talk about mining other cryptocurrencies,” he added. Just recently, Bitfury announced the release of a new and improved ASIC chip for Bitcoin mining. 

Many mining companies have begun planning to launch their own IPOs. Mining firms Canaan Creative and Bitmain have already filed for an IPO in Hong Kong, according to CoinDesk. According to Monzon, this is a sign that the cryptocurrency market is becoming more mature and more people are becoming interested in it. 

Despite this, some experts who spoke at the conference were skeptical about the intentions of mining companies to conduct IPOs. Alex Ao, for example, stated: "If a company truly believes in blockchain, it will come up with original and creative solutions without public funding. Money is not always the main driving force."

Henry Monzon, however, expressed doubts that any of the mining companies will have an IPO in 2018. 

According to coindesk.com