2019 China Mining Industry Summit – Recap and Summary


Submitted by Anonymous (not verified) on Fri, 06/07/2019 - 20:56

BEIJING, June 5, 2019 – BitDeer.com’s premier
industry event wrapped up successfully in Beijing. 2019 China Mining Industry
Summit has brought together the biggest names of the Chinese mining ecosystem.
Prominent Chinese blockchain and tech media attended the event and reported on
the significant industry announcements.

With
the leaders of the Chinese blockchain mining group in one conference, they
began to discuss the potential of computing power sharing platforms such as
Bitdeer.com, and new trends and emerging patterns in the mining industry.

The conference saw the likes of the following
crypto mining industry leaders:

  • Xiaojun Fan – Head of
    APAC Sales, Bitmain
  • Jiazhi Jiang – Senior
    Blockchain Developer
  • Baoqing Liang – CTO, Bitmain Data Center
  • Xiao Su – Chief
    Representative for China, Bitcoin.com
  • Yang Tong – Partner, Jinse
  • Qiuwei Gao – CMO,
    RiskHash
  • Feifan Li – Co-Founder, ChainDD
  • Lei Chen – Founder &
    CEO, BitWhale

As
the world’s leading computing power sharing platform, BitDeer.com has achieved
great success with 80% repurchase rate contributed by over one million monthly
active users in 223 regions since entering the market six months ago. The
platform also witnessed a 300% revenue growth within three months. Its market
share ranks among the top 3 in the computing power sharing industry, and will
continue to be the fastest growing platform.

BitDeer,
Empowering Win-Win Relationships

In retrospect, cryptocurrencies had lost 80%
of market value from the highs of 2017 to lows of 2018. Coming into 2019, the
market is giving positive signals: Hashrates have hit historic highs; and the
numbers of active Bitcoin addresses is rebounding rapidly with the number of
Bitcoin wallet users beginning to surge.

As an innovative creation in fintech, Bitcoin
is becoming increasingly accepted by users and merchants worldwide. In
addition, traditional finance and internet giants such as JP Morgan, Goldman
Sachs, Microsoft, Google and Facebook are beginning to enter the nascent
cryptocurrency industry. Celine Lu, CEO of BitDeer.com, sees this as a
must-take opportunity.

In her keynote speech “Computing Power Sharing: Ecological Synergy
Accelerator”, Lu mentioned since 2018, computing power sharing no longer
relied on bubble prices in the bear market. Instead, it focuses on providing
the best service to users by leveraging global resources in the areas of
technology, operations, and management. At present, the computing power
sharing industry is at a new starting point where BitDeer stands in the core
of resource aggregation. Teamed with respectable industry business partners,
BitDeer.com will bring higher value to its global users and build a
well-developed ecosystem to fuel the whole industry.

Lu shared valuable statistics from
BitDeer for the first time at the conference. The net profit of BTC mining
for BitDeer’s users exceeds RMB￥6 million (USD $0.87 million) per day, with 4 orders placed monthly on
average. The platform’s biggest spender who invested a total of RMB￥50 million (USD $7.24 million) is
expecting a profit of the same amount. Eight of BitDeer’s partner mining
pools have achieved a hash rate of over 3,000P and ten of BitDeer’s partner
mining facilities have achieved a total sales revenue of over RMB￥300 million (USD $43.39 million). More
than 20 of BitDeer’s global sales partners have received tens of millions in
profit sharing.

As the competition in the market turns white-hot, building a
diversified, healthy and stable business ecosystem is an irresistible trend.
“BitDeer has initially established a partnership mechanism,” said Celine,
while presenting BitDeer’s latest partnership plans to attendees.

Lu also introduced BitDeer’s computing power
partnership models with various industry members:

  • Mining pools can join BitDeer’s
    global users to obtain computing power, and receive additional services to
    promote their brands and share user traffic.
  • A lower entry barrier is now
    available for mining facilities and rigs, who can now start mining with only
    hundreds of mining machines. BitDeer will sell their computing power on
    consignment to achieve a better cash flow and thus maximize the value of their
    assets.
  • For sales partners, BitDeer
    provides three different collaboration models: traffic, affiliate sales and
    agent. With BitDeer.com, sales partners are able to share millions of active
    traffic and profits.
  • Partnering with third parties,
    BitDeer.com is working on building cryptocurrency payment and “coin to coin”
    exchange system.

Standing at year one of BitDeer.com, Lu
believes an open mind is essential to connect partners from mining facilities,
mining pools, sales, technology, traffic and service providers. BitDeer is
building a computing power ecosystem community by leveraging its resources and
utilizing its competitive advantages.

In his speech, Bitmain’s Head of APAC Sales
Xiaojun Fan shared his thoughts and experience of working together with
BitDeer.com. He was impressed with the computing power possessed by BitDeer and
its strategic vision. In addition, the latest firmware for Antminer S9 miners
made its debut at the summit.

Alongside representatives from eight
strategic partners, BitDeer.com’s founder & CEO Celine Lu kicked off the
mining ecosystem launching ceremony, signaling a new era for China’s crypto
mining industry.

Next
Chapter: Computing Power Sharing Industry Standard

Since its 2014 birth, the Computing Power
Sharing industry has been chaotic. As the leading platform, BitDeer will guide
the industry in compliance with business development and environment. To begin
the second half of the conference, Celine Lu read out content of the first
ever ‘Computing Power Sharing Industry Standard Draft’ issued by BitDeer. She
stated that she would love to invite all partners to join a discussion of the
Draft and the formation of an effective mechanism to help users and
practitioners.

The Draft regulated three key indexes:
transparent computing-power; open and fair modes; and reasonable fluctuations.
It also unified the access standard of mining pools, facilities and rigs.

On the one hand, from the three dimensions of
traceable, controllable and hash-rate mining pool, we can determine whether
the hash rate is true and transparent, which is very crucial, according to
Celine. On the other hand, the model needs to be open and transparent. Users
can independently choose the mining pool, switch the mining pool, check the
hash rate of their orders in the mining pool. While mining pools can regularly
remit to users directly, which can be inquired from the information chain of
the payment transaction. In addition, the fluctuating value should be up to
the standard. In terms of fluctuating standard-reaching rate for hash rate of
POW currency, the fluctuation of hash rate within 3% should account for more
than 98%, and the fluctuation of hash rate within 1% should account for more
than 85%. Based on the research and calculation of BitDeer, should the hash
rare be not within the standard range, users will suffer from the loss of the
mining earnings.

Last but not least, the criteria for access
to mines are mainly reflected in three dimensions: it is a must to ensure that
there is sufficient power to maintain 98% mining machinery and equipment under
normal operation and normal network communication at least 98% of the time.
There are strict network firewall settings, perfect fire prevention and
disaster prevention facilities and the positive response from operation and
maintenance personnel. And in terms of the access criteria of mining machine,
the fluctuation of its hash rate is not more than or less than 5%. The
equipment can operate normally under severe environmental conditions, such as
high temperature, low temperature, humidity, dryness and sand. At least two
spare mining pools should be set up to actively support the exploration of
mining pools. Should there be something wrong with the current connected
mining pools, they can be switched quickly. The life cycle of mining pools can
be maintained for more than six months.

According to Celine Lu, data in the draft
were extracted from key indicators in the operation and maintenance process of
BitDeer.com, which has teamed up with four of the major mining pools in the
world: ViaBTC, BTC.com, AntPool and F2PooL. The partnered mining pools account
for more than half the worldwide the computing power which provides up-to-date
accurate data for BitDeer. Not only does it provide valuable reference in
standardizing industry data, improving the operation systems, regulating
market, and establishing industry benchmarks, but also it proposes a perfect
direction guiding the crypto industry to develop in a healthy and orderly way.

Panel
Discussion: New Challenges and Opportunities

It is agreed by all panelists that, in the
age of Blockchain 2.0, members of the mining ecosystem are expected to
strengthen the capabilities to integrate resources in order to better serve
and bring more value to the users.

As a pioneer of the industry, BitDeer is
believed to have provided a white-glove service to global individual miners,
significantly reduced mining costs and thus lowered the barrier to entry.
BitDeer.com has enlisted an army of talents and professionals, and leveraged
global resources so that constrained parties could be better prepared and
contribute to the mining ecosystem in the next bull market.

Miners, the most essential party in the
mining ecosystem, are driven by profitability. In order to maximize mining
profits and solve the operations management problems faced by mining
facilities, Bitmain is soon launching a cloud monitor platform with joint
efforts from BitDeer.com.

Baoqing Liang, CTO of Bitmain Data Center,
believes that the intelligent connectivity of cloud will ensure a stable
output of computing power. The new cloud monitor platform will connect mining
pools, profits and the management and operations.

According to Qiuwei Gao, CMO of RiskHash,
mining profitability is directly affected by the price and mining difficulty,
and sense of risk control cannot be overemphasized in the mining process. “By
partnering with BitDeer.com, the platform connecting computing power providers
and individual miners, costs beared by mining pools are relatively more
stable. Individuals miners are able to increase their risk resistance
capabilities as well.”

Cobo Wallet VP Yao Li stated that as one of
the top three wallet service providers, Cobo Wallet is looking forward to
collaborating with BitDeer.com to connect the underlying payment system and
support instant transfers. He believes the partnership will speech up the
growth of crypto mining economy.

In terms of the influence brought to the
mining ecosystem by the halved Bitcoin price, panelists believe mining will
continue to be a sound investment strategy. However, individual miners are
still faced with costs to run professional facilities. BitDeer’s computing
power sharing model will provide an easier solution.

The 2019 China Mining Industry Summit has shed light on the
new mining ecosystem led by BitDeer and brought the leading computing power
sharing platform’s competitive advantages as well as its potentialities to the
crypto mining community.

About
BitDeer.com

BitDeer.com is the world’s leading computing
power-sharing platform, enabling global users to mine cryptocurrencies in a
transparent, reliable, and convenient way. It saves users from the complicated
process of purchasing, installing, and hosting mining machines. Individual
miners can enjoy the service with just one click.

For more information, please visit https://www.BitDeer.com or connect on Facebook, Twitter, YouTube, and VK.

Media
Contact

MagicFew

Email: [email protected]

The post 2019 China Mining Industry Summit – Recap and Summary appeared first on Ethereum World News.