Compliance and Popularization: 2020 Crypto Mining Thriving

Last week, from August 22-23, the HashCon 2020 & New Infrastructure Mining Summit was held jointly by inbtc, the Bitcoin mining machine maintenance service provider founded by leading mining pool Poolin co-founder Zhu Fa; 8BTC, China’s oldest and most influential crypto and blockchain media; and ChainNode, China’s largest and foremost Bitcoin forum, as well as supported by Chengdu’s government.

Twenty five speeches and six forums, over 70 speakers and 40 exhibitors gathered in Sichuan to share new information and explore the future potential of the crypto mining industry, covering mining rig producers, mining farm managers, miners, and entrepreneurs.

Representatives from about 70% of the power suppliers of the whole network, 80% of the blockchain supercomputing server companies, and more than 90% of the network’s blockchain computing power gathered. The event welcomed more than 5,000 participants, refreshing the historical record of the crypto mining themed conference.

On the first day of the summit, two leaders from the Chengdu government made opening speeches and introduced the investment environment. In addition, Chenghua District and 8btc signed a strategic cooperation agreement, and the first blockchain industrial park with the characteristics of blockchain computing power was settled in Chengdu. Eight blockchain enterprises, including inbtc and Valarhash, signed contracts and settled down.

“As crypto mining becomes compliant, the government can obtain considerable tax revenue and create more jobs, as well as create a stable business environment for enterprises. This is also one of the things that we hope to promote when we set up the blockchain industrial park.“

According to Qu Zhaoxiang, co-founder of 8btc and ChainNode, mining compliance, which was discussed throughout August 22nd, was the core issue of the summit.

“The government of Chengdu shows great interest in mining business model, u blockchain technology, even hopes to get involved the crypto mining. Government’s attitude to the industry has changed.”

Said Zhu Fa, inbtc co-founder, Sichuan province has recently revealed the second batch of demonstration enterprises for hydropower consumption. Earlier in April, the region encouraged blockchain companies to help consume excessive hydroelectricity during the rainy season and revealed the first batch of the model enterprises in hydropower consumption.

Years of development has witnessed a complete industrial chain of the blockchain computing industry. From chip design, miner manufacturing to surrounding supporting services, more than one enterprise can provide professional services, in particular, in the field of computing power chip design.

There were 39 exhibitors covering most of the participants in mining ecology. Apart from leading projects such as Whatsminer and Innosilicon, F2Pool and BaBel also attended the conference. Enterprises from other fields like Seagate, Gongyi Alloy and Surma also took an active role at the event.

At the conference, distributed storage projects began to integrate into the “traditional mining space”. XianHe System, Mass, HeiBen Technology, Mirror World Network, KeyPool and a large number of storage project parties drew a lot of attention at the conference.

Said Zhu Jiaming, the well-known Chinese economist,

“There are limitations in the mining space. The industry needs to achieve a breakthrough from ‘mining space’ to ‘mining industry’, and construct the infrastructure supporting digital economy. In order to support the growth of digital wealth in the future, the computing power industry system will be formed by expanding the computing power related to Bitcoin mining to the whole field of digital economy.”

The whole society has begun to understand blockchain technology and form a positive attitude towards cryptocurrency.

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