Canaan executive says opportunity outweighs crisis as Bitcoin miners battle falling profits

This bear market is proving particularly difficult for Bitcoin miners, but Canaan Senior Vice President Edward Lu says the industry "moves towards a positive evolution". long term."

2022 has been an exceptionally tough year for the crypto market, and the last few months of Bitcoin (BTC) price action could be a sign that the bears aren't even close to being ready to to relax. Crushing crypto prices also equates to diminished profits for Bitcoin miners and the regulatory action taken this week by US lawmakers requesting power consumption data from four major BTC mining companies is sure to be a hit. put a little more pressure on an already fragile situation.

Despite the increasingly bearish sentiment, most Bitcoin miners Cointelegraph spoke to are incredibly optimistic about Bitcoin's short-term and long-term price prospects.

Sharing similar sentiments, Canaan Senior Vice President Edward Lu spoke with Cointelegraph Head of Markets Ray Salmond about how industrial Bitcoin miners have matured and new synergies that they created with the oil and gas sector and the large energy sector in the United States. and the Middle East.

Ray Salmond: Edward, what's going on in the mining industry right now, from your perspective?

Edward Lu: Wow. This is a very big question. A lot is happening in this industry, especially in the last few months. If you see Bitcoin dropping a bit and coming back to stabilize in terms of days, it looks like the cycle is shorter than we expected. I think by the end of the year, the price will be a little better, increasing a little. In the mining industry, you can see a lot of activity going on.

I remember before last year, China and the US market were the two main mining markets, a mining generating hash rates, then Chinese miners left the country for the Kazakhstan in the first phase. And then from the beginning of this year, we see a lot of movement to the United States m...