Are Chinese Bitcoin Miners Being Marginalized?

Without halving, fork, frequent updates of bitcoin’s underlying network, when will bitcoin miners have the opportunity to stand on the stage of history?

There is a feeling that the mining industry is about to be marginalized, at least away from the center of the industry.

Bitcoin is becoming more and more stable, and the mining industry has become the guardian of the value network

In the next four years, it can be foreseen that bitcoin will not halving, and it is unlikely that there will be a fork, and the basic network of bitcoin will become more stable.

Lightning network? Although it has been developing, there will be almost no news in the whole year of 2020. It can be said that with layer 2 of Ethereum, the value of the lightning network has changed from what it used to be. Bearers can directly say: it’s meaningless.

Perhaps the only significant upgrade is Taproot, which improves the privacy, scalability, flexibility, and speed of bitcoin network. And it’s going to bring about a soft fork, but it’s really not a lot of people’s concern.

Compared with Ethereum, on the one hand, Ethereum will gradually switch from POW to POS in 2021, the underlying code will continue to update, and the community will continue to split, so hard fork is inevitable. On the other hand, DeFi is advancing, and liquidity mining is becoming more and more intense. It can be said that Ethereum will lead the whole year 2021 without any suspense.

In 2021, maybe bitcoin will become a configurable asset for financial institutions. There are countless beautiful stories, but that’s not the stage for miners.

Miners are the maintainers of bitcoin network. Without the suspense and story of the underlying network, there is basically no stage for mining practitioners.

Today, many bitcoin mining farms are seeking financing, and some are even filing IPO. Therefore, instead of thinking of it as a bitcoin factory, consider it as a computing power center in the blockchain world is better, which is a vast blue ocean market.

Although bitcoin mining practitioners can’t erase the label of bitcoin, mining industry is more and more like traditional industry. This may be the general mentality of mining practitioners.

Publication date: 
01/08/2021 - 11:48
Author: 
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