Entering Mining Today: Risks and Rewards

We welcome JSBIT as a sponsor of Blockchain Life 2023! So, this is not the first time you have participated in our Forum. As stated on your website, you regularly attend various crypto events and exhibitions. What are the current pressing questions that concern the crypto audience?

Cryptocurrency enthusiasts are eagerly anticipating the next bull market, and it’s natural for them to be curious about its timing. With the halving cycle in 2024 drawing closer, miners like us are certainly keeping a keen eye on several critical factors that heavily influence our operations and profitability. These factors include machine pricing, electricity costs, and the payback cycle.

A bull market is indeed one of the hottest topics right now, and we are interested in your opinion as one of the leading companies in the field of mining. What are your thoughts on the best cryptocurrency coins to mine in 2023? Additionally, what equipment would you recommend for mining these coins?

In 2023, Bitcoin continues to be the top choice for cryptocurrency mining. Our analysis suggests that the WhatsMiner M50 and Antminer S19 Pro models offer exceptional performance with a remarkably low power consumption ratio. This feature is essential in reducing potential risks and optimizing profitability. Moreover, these machines are attractively priced, making them an excellent investment option for miners. Their cost-efficiency also contributes to a relatively fast payback period, ensuring optimal returns.

On the topic of crypto staking vs crypto mining, which one do you believe is the better option? Why?

As avid supporters of the Proof of Work (PoW) consensus, we strongly believe in the importance of decentralization within the cryptocurrency ecosystem. PoW serves as an embodiment of this principle, allowing a wider range of individuals to actively participate and contribute to the growth and success of cryptocurrencies. It ensures a fair and transparent process that empowers users to validate transactions and maintain the security of the network.

You mentioned that you carefully monitor market prices. Compared to when Bitcoin was at its peak, how much have the prices for similar mining equipment dropped currently?

When considering the historical price trends of mining equipment, it’s noteworthy that the current cost of the machine stands at just 10% of its peak price. During its peak, the unit price reached $10,000 USD. This significant price decrease signifies a substantial opportunity for potential miners, as it allows for access to powerful and efficient hardware at a fraction of the cost observed during the peak period.

Could you share the most expensive model of mining equipment that you sell, and what sets it apart?

When it comes to air-cooled miners, our flagship model in this category is the S19 XP miner. With an impressive hash rate of 141T, this machine demonstrates formidable performance and efficiency, making it a standout choice for miners looking to optimize their operations.

However, if the specific type of machine is not a limiting factor, the Whatsminer M53S+ offers an even more compelling option. This hydro-cooled machine boasts a remarkable hash rate exceeding 300T. The hydro-cooling technology not only enhances the overall efficiency of the miner but also positions it as a robust contender for achieving high levels of mining output. 

The choice between these two models depends on your specific preferences, operational needs, and budget considerations. Both options hold their own merits and can significantly contribute to a successful mining venture.

The description of this equipment is simply amazing, but it is clearly more suitable for those who have been mining for some years. What equipment do you recommend for beginners who are just starting their journey?

The WhatsMiner M30S+ and Antminer S19 series are known for their competitive pricing while still delivering solid mining power. By carefully evaluating their features, specifications, and efficiency, you can determine whether these machines align with your mining goals and budget.

So, the beginners bought the equipment following your advice. What should they do next? How to start the mining journey?

Gaining a solid understanding of the fundamentals is paramount before delving into the world of mining. Bitcoin, the pioneer of cryptocurrencies, is a decentralized digital currency that operates on a peer-to-peer network.

Mining, in the context of cryptocurrencies like Bitcoin, is the process by which new coins are created and transactions are verified and added to the blockchain. Miners employ powerful computer hardware to solve complex mathematical puzzles. Successfully solving these puzzles validates transactions, and miners are rewarded with newly minted coins and transaction fees. 

This foundational knowledge will empower you to make informed decisions as you venture into the world of cryptocurrency mining and explore the intricacies firsthand.

Can you provide some perceptions of JSBIT’s long-term vision and goals for the future? How does the company plan to stay innovative and adapt to the evolving needs of the mining industry?

Our primary objective revolves around providing exceptional service to miners while upholding the highest standards of integrity. Looking ahead, we have ambitious plans to further enhance our offerings. These plans encompass the establishment of comprehensive facilities, including warehousing, logistics, testing, and maintenance centers. 

Additionally, our vision extends to introducing follow-up financial services in Russia. This strategic expansion allows us to elevate the quality of our service, streamline operations, and provide comprehensive support to our valued clientele in the mining community. By pursuing these initiatives, we are committed to fostering enduring partnerships and contributing to the growth and success of miners across the spectrum. 

Why did you participate in Blockchain Life 2023 for the second time? How did the spring Forum contribute to the company’s growth and success? What are your expectations for the upcoming event?

The unwavering enthusiasm of miners in the Middle East, coupled with their strong belief in PoW, enriches the Bitcoin and cryptocurrency ecosystem. Their commitment strengthens our confidence in these markets. 

We eagerly anticipate seizing opportunities to secure significant on-site orders, fueled by their dedication and our shared vision. This partnership promises a vibrant cryptocurrency landscape that benefits miners and the entire industry.

We heard that JSBIT is showcasing some exciting equipment at the Forum. Could you give us a sneak peek into the type of equipment that will be on display?

We’re excited to showcase our cutting-edge and cost-efficient models at the upcoming exhibition. We invite everyone to visit our booth and witness firsthand the outstanding options we have to offer. The presence of attendees will provide a valuable opportunity to explore our latest innovations in cryptocurrency mining technology. 

We look forward to welcoming everyone to our D1 booth at Blockchain Life 2023!