Apr 16, 2022
#WislyWrapUp: Bitcoin 2022 Miami
The much anticipated Bitcoin 2022 Miami conference has recently concluded amidst much fanfare, with an estimated 35,000 Bitcoin lovers from across the globe descending on Miami’s shores for this latest edition of Bitcoin Week.
Bitcoin 2022 Miami is an important annual event in the world of crypto for those interested in the latest industry developments, together with the amalgamation of ideas that promote and further advance the utility, space, and awareness of Bitcoin and related crypto networks.
Miami Beach was certainly abuzz with crypto-themed pop-ups, creating the illusion that Miami is the home of Bitcoin’s cultural movement. Miami’s Mayor — Francis Suarez — even unveiled a 3,000-pound charging bull statue, hoping to attract Bitcoin lovers in their droves. Perhaps the organizers saw fit to elevate the power of Bitcoin to a more mainstream audience — considering how fast BTC adoption is spreading across the globe.
The world’s most famous cryptocurrency has enjoyed unprecedented highs in the past two years, attracting an expectant crowd with a thirst for what the future of BTC holds. Amongst the many crypto dignitaries in attendance were Jack Dorsey (CEO of Block), Saifedean Ammous (author of The Bitcoin Standard), and Michael Saylor (CEO of Microstrategy) — some of the key speakers at this year’s event. The latter recounted the many different ways that the crypto space has evolved since the pandemic.
With that being said, the Bitcoin mining industry took center stage at this year’s conference after being the crypto bridesmaid at previous Bitcoin events.
Looking into the future of Bitcoin Mining
Bitcoin mining was the much-talked-about topic at Bitcoin 2022 Miami, with almost half of the exhibition floor space at the conference dedicated to this niche facet of the crypto space. The conference featured many lively discussions on the trajectory of Bitcoin mining that kept the thousands of eager crypto enthusiasts enthralled and brimming with hope.
In addition, throughout the Bitcoin Week conference, new and innovative Bitcoin mining rigs were unveiled — much to the delight of those wanting to explore crypto mining activities. Long lines of visitors were observed exploring the many booths of BTC mining services companies — with many firms saying that they anticipate a flood of business due to the interest.
To add to the Bitcoin mining fever at the conference, Wall Street investment firms and financial institutions like B. Riley, HC Wainwright, and BNY Mellon (BK) hosted BTC mining-specific events dedicated to BTC miners — with attendees from pools to venture capitalists making the most of it.
If that wasn’t enough to get Bitcoin 2022 Miami going, some incredible deals were also announced during this Bitcoin Week of thrills and spills. Two notable ones were Applied Blockchain filing for a mining initial public offering (IPO) and Core Scientific’s (CORZ) amazing $75 million debt transaction — items that raised more than a few eyebrows from those who attended.
Companies like Hive Blockchain (HIVE) were seen scouring the convention in the hope of striking some good deals, with Hive Executive Chairman — Frank Holmes — describing the conference as a “real deal center”.
Mining rig manufacturers enjoyed a massive presence at Bitcoin 2022 Miami, with Bitmain, MicroBT, and Canaan enjoying plenty of floor space to showcase the very latest equipment — more efficient and powerful rigs designed for optimal BTC mining. Bitmain went one better by showing off its giant mobile Antbox containers that can house up to 180 machines — a welcome reprieve for miners who don’t have to create their own costly setups.
Such was the caliber of BTC mining equipment on show, CEO of Compass Mining — Whit Gibbs — was particularly impressed as he said, “When it comes to the hardware side, there’s more of a presence from different providers than I’ve ever seen at a conference before.” He did, however, express some skepticism when he said, “I think we have some people here that are promoting products that are not proven, so it could pose a risk for people who are interested in buying them.”
Irrespective of his thoughts, the BTC mining rig exhibitions appeared to be a hit with the majority — judging by the attendees’ reactions and interest.
Final thoughts
With Bitcoin 2022 Miami still fresh in the minds of Bitcoin enthusiasts, many have been wondering how BTC has actually been performing in the lead-up, duration and after the conference ended.
Many analysts anticipated BTC to shoot up in value as the conference approached, with industry sentiment that major announcements would shift BTC to another level. The conference, however, proved to be underwhelming in that respect, with more focus on the mining aspect and little regard shown for greater mainstream adoption.
In fact, Bitcoin slid under $41,000 earlier this week — a continuation of a downward trend as the bearish macro headwinds prevailed, and BTC ended about 7% down. Another contributing factor to BTC’s slow recent decline is the conflict in the Ukraine, where the EU targeted crypto wallets as part of sanctions on Russia to plug loopholes — a move that negatively affected the crypto market as a whole.
While that may be the case, attendees of Bitcoin Week have described it as a resounding success, with celebrity speakers bellowing with confidence about Bitcoin’s future and instilling much-needed confidence in the crypto community.
The next few months will reveal exactly how impactful Bitcoin 2022 Miami really was. As always, Wisly will keep you up to date with the latest developments!
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