It can be difficult for users to understand the various mining models and their standards, such as processing power and energy consumption. Hash rate fluctuations can negatively impact user income.
BitFuFu claims to be the first platform in the world to offer uniform retail mining prices. We will speak with Céline Lowe, independent director of the company, about how it works, how it benefits users, and the main trends that will dominate the mining sector in 2021.
1. Hey! What does cryptocurrency standardization mean?
The relationship between the energy efficiency of different brands and models of mining equipment currently differs. This is a critical factor affecting the power supply of miners and overall performance.
This is why BitFuFu supported the idea of standardizing retail mining prices to make it easier for consumers to buy. Now they just need to focus on the energy efficiency ratio rather than a number of factors. We used an intelligent algorithm that regularly divides computing power into homogeneous, easy-to-understand devices.
Our models fall into three simplified categories: the classic 30 series, the balanced 40 series and the more aggressive 50 series.
Taking 30Series as an example, this group includes the S19Pro Antminer, S19 Antminer, and other mining models that offer around 30 J / t.
2. What are the benefits of this for users?
Standard hash rate is more convenient and intuitive for users, and also makes it easier to evaluate. From here they will be better equipped when choosing plans based on mining performance.
For the mining industry, this increases trading efficiency and hashrate liquidity, which in turn promotes healthy business growth. Since the hash rate is standardized, it can also be shared and traded between DeFi products, bitcoin options and other derivatives, and the market will grow a hundredfold.
3. Why is Bitmain important to BitFuFu?
Bitmain Collaboration provides valuable platform resources and improved economies of scale. As the largest mining company, Bitmain has a wide range of resources for mining.
When it comes to mining pools and mining machines, Bitman and BitFuFu will team up to sell next-generation hardware to expand the global market. The partnership will also make an important contribution to innovation.
As an officially approved Bitmain mining platform, BitFuFu has advantages in terms of computing resources, including lower hash costs and stable performance.
Of course, BitFuFu’s long-term goal is to lower barriers to entry so that more users (including private and institutional investors) can access quality mining services.
To achieve this goal, BitFuFu has three main pillars: user engagement, high-quality supply chain integration based on Bitmain’s resources, and new business model development and scalability.
4. What are the ultimate goals of BitFuFu for the future?
In the mining sector, opportunities are still great – and widespread mining threatens to shut off people on a daily basis.
BitFuFu’s goal is to increase liquidity at hash rates and turn computing power into real income.
Attracting more potential users can bring significant benefits to the entire mining industry.
5. Why is mining authentication so important?
Authenticity is of paramount importance not only in the mining region, but also in the blockchain and in the cryptocurrency world in general. In particular, the cloud mining market has been volatile and we have faced a number of serious fraud cases lately. For us, the strategic partnership between BitFuFu and Bitmain lends legitimacy through their industry expertise. Our hash rate management framework allows users to track the hash rate on a third party mining pool platform while the revenue is delivered to users directly through the mining process.
6. There have been many concerns about Bitcoin’s power consumption. How will BitFuFu react to this?
China is facing dilemmas in its search for solutions to the energy supply problem. In particular, there is a huge surplus of electricity and the authorities must find ways to reduce waste. Since supply exceeds demand, societies cannot fully absorb resources. In addition, the channels that can be used to allocate these resources are limited.
The data show that the total unused hydropower, wind power and solar panels in 2018 were 69.1 billion kWh, 27.7 billion kWh and 5.49 billion kWh, respectively. In total, about 102.3 billion kilowatt-hours of energy were spent.