F2Pool cryptocurrency mining pool founder, Mao Shixing (Discus Fish), has called China the best place to mine cryptocurrency and talked extensively about Bitcoin mining in an interview with Longhash.
Mao, who is a co-founder of F2Pool, a successful mining group, spoke of the difficulties that miners have faced during the bear market. He estimated that the plummeting of Bitcoin’s value forced 800,000 miners to abandon their operations due to the poor profits being taken.
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F2Pool has not had that similar path, this Mao believes, is down to their business strategy and gradual development that’s given them a better understanding of the market, an aspect that ensures they pick the most profitable cryptocurrencies.
Another reason for F2Pool’s continued success Mao believes is due to the location of their mines, which are based in China. He holds that this is the best place to mine because of the availability of skilled manpower. Furthermore, the electricity costs in the country are cheaper than in other locations. China is also home to many chip manufacturers making it easier to assemble the parts needed to construct mining rigs.
Mao touched upon the increased hash rates, believing it is down to powerful computers by cryptocurrency miners and the increase in mining rewards. Another possibility that may have increased the hash rates is the return into operation of mining hardware that was left dormant at the height of the Bitcoin bear run.
The future plans for F2Pool are big, with Mao expecting life to get better for miners as prices reduce due to the ear market. Mao also noted that the company is keeping a look over the privacy based coins like Monero, Dash, Grin, and Beam that have been making headlines in the space recently. F2Pool currently lists Grin and Beam, yet Mao conceded that these coins were not the finished article.