Next Bitcoin Halving can cut down profitability: Bitmain Co-founder

The Bitcoin halving is the next big event on the cards, and patrons seem to disagree on the beneficial effects that can follow. The World Digital Mining Summit held in Frankfurt last week, organized by Bitmain, was taken over by the miners to debate the issue. Jihan Wu, the ex-CEO of the platform, supports a pessimistic outlook for BTC halving. As analyzed, the profitability is predicted to cut down in 2020.

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Bitcoin’s next halving is scheduled in May 2020. However, in contrast to the first two halvings, the third time might not be a charm. Bitmain organized the World Digital Mining Summit in Frankfurt, where the stage was taken over by the miners to discuss the upcoming event.

The co-founder and ex-CEO of Bitmain, Jihan Wu, holds a gloomy perspective about the probability of a price surge post halving. He suggests that the initial uptrends were probably a “catching up with the bubble-and-bust cycle” phases. “Maybe people speculate too much before the halving, and then you can’t sell the good news anymore. Maybe, this time, a bullish cycle is not coming yet,” said Wu. He also dictated how Litecoin plunged after its halving in August this year.

Nevertheless, patrons are exceptionally divided in terms of thoughts on BTC halving. Matthew Roszak, chairman of Bloq, the blockchain software company, expects the price to reach somewhere between $15,000 and $100,000.

Halving is a significant process in the crypto industry. Streng, of Genesis Mining, states that the main effect of the halving will be the wipeout of small individual miners who account for 20% of the market.

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Alexander Aryan
Alexander Aryan
After completing his Masters in Business Administration and Management from the California State University, Alexander dedicated his life into studying and writing about bitcoin and the technology behind it as he believes it to be the money of the future. Apart form being a writer, Alex is also a great speaker and loves to participate in blockchain events.

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