What are the benefits of standardizing crypto mining?
Different mining machine models and their parameters — such as computing power and energy consumption ratios — can be difficult for users to understand. Fluctuations in hash rates can also have an adverse impact on a user’s income.
BitFuFu says it is the world’s first platform that offers standardized mining hash rates. We talk to the company’s independent director, Celine Lu, about how it works, how users benefit, and the key trends that are set to dominate the mining sector in 2021.
1. Hello! What does crypto mining standardization involve?
The energy efficiency ratios of different brands and models of mining machines currently vary. This is a critical factor that influences the miners’ electricity supply, and overall productivity.
That’s why BitFuFu brought up the idea of standardizing mining hash rates — making it much simpler for consumers who are making a purchase. Now, they just need to focus on the energy efficiency ratio instead of a multitude of factors. We’ve adopted a smart algorithm that divides regular computing power into homogenous units that are easy to understand.
Our models have been split into three streamlined categories: The classic 30Series, the balanced 40Series, and the more aggressive 50Series.
Taking the 30Series as an example, this collection includes the S19Pro Antminer, the S19 Antminer and other mining machine models that offer about 30J/T.
2. What are the benefits of this for users?
A standardized hash rate is much more convenient and intuitive for users, and ensures making estimates is far easier. From here, they’ll be better equipped when choosing plans on the basis of mining performance.
For the mining industry, this leads to more efficient trading and hash rate liquidity, which in turn promotes healthy industry growth. As the hash rate is standardized, it can also be distributed and exchanged between DeFi products, Bitcoin options and other derivatives, and the market’s growth would be a hundredfold.
3. What is the significance of Bitmain selecting BitFuFu?
Bitmain’s cooperation brings valuable resources to the platform and optimized economies of scale. As the largest mining company, Bitmain has a wide range of mining resources.
When it comes to mining pools and mining machines, Bitman and BitFuFu will be joining forces — starting sales of next-generation equipment in order to expand the global market. The partnership will also make an important contribution to innovation.
As the mining platform officially endorsed by Bitmain, BitFuFu has advantages in terms of computing power resources — including lower hash rate costs and stable operations.
Of course, the long-term objective of BitFuFu is to reduce barriers to entry so more users (including retail and institutional investors) can obtain high-quality mining services.
To meet this goal, BitFuFu has three key areas of focus: Acquiring users, high-quality supply chain integration based on Bitmain’s resources, and developing new business models and…