[Global Crypto Assets & Finance Conference 2021] “Bitcoin mining outlook for 2021”_ Lee eun chul, President of Bitfury Korea

DUCATO
DUCATO
Feb 4 · 3 min read
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  • Global Crypto Assets & Finance Conference 2021
  • Host: Delio DUCATO, Korea Crypto Finance Association (KCFA)
  • Date: January 27th — January 29th, 14:00–16:10
  • Website: https://conf.delio.io

Session 1: Current Status and Prospect of the Crypto Asset Financial Market in 2021

▣ Bitcoin mining outlook for 2021"_ Lee eun chul, President of Bitfury Korea

Eun cheol Lee, President of Bitfury Korea, made a presentation on the Bitcoin mining investment. “In the case of bitcoin investment, you can participate in bitcoin mining through mining center investment, and there is an advantage that you can get a total of 7.25 bitcoins because 6.25 bitcoins are currently produced and the mining fee is 1BTC per block.” I said. “Bitcoin mining can be an efficient and safe investment than buying,” he said, citing various advantages.

Basic concept of Bitcoin mining

President Lee said, “If bitcoin mining finds a lower value than the target hash, the difficulty is adjusted every two weeks so that if it finds only one per 10 minutes, the difficulty is adjusted once every two weeks. The more users participating in bitcoin mining, the more it is It requires a lot of computing power. If you remove the equipment and installation costs, you can see that pure energy is the amount of bitcoin production,” he explained, explaining the basic concept of mining.

Bitcoin block mining and future price prediction

He also said, “Bitcoin was produced about 3 million in 2011 and 2.6 million in 2012, but since 2016, production has been decreasing due to half-life. As the bitcoin half-life goes through, production will be cut in half.” And, “When referring to the stock to flow model, the bitcoin price is currently rising to the level of 330,000 dollars as demand increases after the half-life, and is expected to rise to more than $100,000 and then to 1 million dollars after adjustment. I looked. “I don’t know how long I will be able to accurately predict the price of bitcoin, but if we follow the model, the market will increase in terms of the dollar, despite decreasing production as the price amplifies.”

Relationship between mining and energy

President Lee said, “It is important not to build a mining center near a city that requires a lot of energy, and it is important to build a mining center in an efficient place.” In addition, he said, “Considering the time it takes about 10 months in terms of equipment setting, it can move differently from the bitcoin market price.” Mining can be profitable for a long time.”

DUCATO

DUCATO

Written by

DUCATO

Hybrid DeFi 2.0 Blockchain Protocols for Finance

DUCATO

DUCATO

The DUCATO Protocols aims at developing an optimized blockchain technology, providing user-centric services, expanding of network participants and developing credible algorithm and decentralized governance for network users profit.

DUCATO

Written by

DUCATO

Hybrid DeFi 2.0 Blockchain Protocols for Finance

DUCATO

DUCATO

The DUCATO Protocols aims at developing an optimized blockchain technology, providing user-centric services, expanding of network participants and developing credible algorithm and decentralized governance for network users profit.

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