Vancouver, BC. March 13th 2019 – – The topic of misinformed crypto practice and where the future of cryptocurrency is heading was a common theme during Monday’s MPWR Crypto Mining Summit 2019. Wes Fulford, CEO of Bitfarms and Dina Matterson, BC Hydro representative, brought forth the powerful concept of millennials leading the multi-layered space.

Fulford presented the idea that generation Y captivates a new buying behaviour, encouraging the crypto currency pattern to progress, adapt and enhance to a playing ground understood by society. Bitfarms has initiated a partnership with the students of École De Technologie (ETS) in Montreal, towards developing new applications and growth in the industry.

“BC is a great place for mining companies that are looking to supply their operations with low cost and clean power. We ensure clean energy resources fulfill future demands and initiatives” BC Hydro’s, Dina Matterson says. The clean energy topic is an increasingly important subject to the next generation. It is an important puzzle piece to educating ourselves on the crypto currency landscape and leading with green practice in mind.

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Wes Fulford, Canadian powerhouse and CEO of BitFarms, which is one of North America’s largest vertically integrated blockchain infrastructure and cryptocurrency mining companies. Prior to joining Bitfarms, Wes led the financial institutions and fintech investment banking practice for one of Canada’s largest financial institutions, Desjardins Group, and during his career has led over 100 successful financings and M&A transactions.

Dina Matterson is a Business Development Manager with the Business & Economic Development team at BC Hydro. Dina works to proactively attract new customers to British Columbia by identifying the barriers to locating in B.C., and working collaboratively with key BC Hydro business groups, governments and non-government organizations to develop solutions to remove those barriers.

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About Blockchain Infrastructure Research

Blockchain Infrastructure Research is an independent research company specializing in cryptocurrency mining infrastructure. BIR provides clear, up-to-date information for major institutional investors, developers, and government organizations in support of: facilities location and design, energy management, hardware selection, supply and value chain management, regulation compliance, operations security, and understanding market and price trends.

With its team of clean energy engineers, the firm has significant expertise in identifying power solutions for medium and large scale mining operations. For more information on BIR visit www.biresearch.ca

For all media enquiries and additional information, please contact:

Director of Media Relations
Jalila Singerff
e: jsingerff@biresearch.ca m: 613.614.6777

Bitmain Technologies has abandoned its IPO enthusiasm after the company’s Hong Kong stock market proposal listing expired earlier this week, sparking debate on the future of the entire cryptocurrency market.

The company did say that it plans to reapply at an appropriate time in the future, saying that “despite the huge potential of the cryptocurrency and blockchain industry, it remains a relatively young industry which is proving its value.”

Bitmain IPO Abandonment

The bitcoin mining giant attracted $700 million from investors in Asia leading up to its much-anticipated initial public offering, which has spurred rumors that investors will be filing a class-action lawsuit against the company. Whether or not this lawsuit will come to fruition remains to be seen.

This morning Bitmain announced that its next-generation Antminer S17 series would be going on sale globally on April 9th. This more powerful bitcoin miner is expected to maximize mining profitability by significantly increasing hashrate and increasing energy efficiency by 28% compared to the previous model.

What Does Bitmain’s Hesitance Say About the Crypto Space?

As mentioned, Bitmain has shied away from its public listing because the cryptocurrency and blockchain industry is relatively young. Of course, the volatility of the cryptocurrency market isn’t a secret, with crypto prices dropping significantly.

Still, the decision not to follow through may be more related to Bitmain’s own profitability. Despite bringing in more than $700 million in profit in the first half of 2018, the company reported a net loss of $500 million in Q3 2018 and reportedly spent $500 million on failed chips in the last 18 months.

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The Hong Kong Exchange has stated in the past that it is reluctant to approve IPOs from Chinese bitcoin mining equipment manufacturers due to the volatility in the industry and uncertainties regarding how sustainable their profits are.

Add that to Bitmain’s poor sales, technical issues with failed chips, and the declining crypto price, and it seems that it may have not been the company’s choice to let its application lapse. It will be interesting to see if the company moves forward with another application in the future.

What do you think of Bitmain’s decision to let its IPO expire?

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