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On July 29, RRMine Global CEO Steve Tsou said in a pre-event interview with Cointelegraph China Great Bay Area International Blockchain Week that the future of cryptocurrency mining will transition from labor-intensive to high-tech companies. capital and technology intensity. It will all be a question of computing power.
IT power and digital economy
With the rapid development of next-generation information technologies such as 5G, big data and cloud computing, the demand for computing power is likely to increase. Tsou believes a computing power revolution is imperative. He continued:
“Therefore, as a new infrastructure industry in the new market, computing power will play the role of ‘engine’ in the digital economy and grow rapidly. This is a vast blue ocean market, which can host multidimensional competition. Both businesses and individuals can develop their strengths in capital, technology, supply chain, resources, market and other aspects based on their own advantages, playing a role in the appropriate path to join the trend of the time.
Computer power also has financial attributes, according to Tsou, so the introduction of financial technology and the innovation of technology is an inevitable challenge and opportunity for the platform.
Potential Risks of Cryptocurrency Mining
Tsou argues that there are risks in any sector. The main risks in the cryptocurrency mining business involve sufficient preparation for effective products, strategies and tactics, market forecasts and hedging methods. He explained that:
“It needs global implementation and large-scale anti-risk capability, which requires companies to have sufficient technical strength and global deployment to accommodate the rules of the IPFS mainnet and its business model. Hence, the core mining pool technology is needed to ensure a stable block generation rate and stable output at the unit cost of computing power. “
Tsou concluded that mining today is more centralized than before. It’s an inevitable trend, he believes. He explained that:
“But this kind of centralization is after decentralization and I call it” weak centralization. “This is centralized with respect to individuals, while it is a healthier and more solid decentralization than the whole network. It can be defined as joint individuals in the form of a tribal federation, which also reflects the characteristics of the blockchain and is more in line with the development trend of real human society “.
