ViaBTC Turns Eight: What’s Next for Leading Mining Platform? Interview With ViaBTC CEO Haipo Yang

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Haipo Yang, the CEO of ViaBTC, shared his vision and plans for the future development of the mining pool during an interview with U.Today. He emphasized that the company will remain user-centric and optimize its products and services to make it easier and more efficient for miners to use their platform. ViaBTC also plans to strengthen customer support and hold regular community events to gather feedback from miners.

As a crypto investor looking back at the history of ViaBTC, I’m reminded that in May 2016, I witnessed Haipo Yang single-handedly coding the ViaBTC Pool. This marked the birth of ViaBTC as an official mining pool. Exactly one month later, on June 5, we mined our first BTC block, starting a journey that would span eight years and counting. To celebrate this milestone anniversary, ViaBTC launched the “8 As One” carnival-themed event in early June.

I had the opportunity to sit down with Haipo Yang, the founder and CEO of ViaBTC, and he graciously shared his entrepreneurial journey over the last eight years as well as his perspective on the future direction of the crypto market.

As a proud member of the crypto community and an investor in ViaBTC, I’m thrilled to witness the impressive achievements this company has made throughout its eight-year journey in the blockchain industry. Personally, what drew me to this sector was the potential for decentralization, transparency, and security that blockchain technology offers. The opportunity to be part of a revolutionary technological movement that could reshape industries and economies was simply too compelling to pass up. ViaBTC’s commitment to innovation and its role as a pioneer in the mining industry made it an attractive investment choice for me.

Haipo Yang: I can be counted among the pioneers who embraced cryptocurrencies. Back in 2011, when Bitcoin was still a nascent concept on the internet, I was a college student with a strong affinity for computers and the web. I had even taken it upon myself to learn various computer-related courses. I admired the ingenuity of the tech world and its open-source culture. At first, like many others, I found Bitcoin’s premise too implausible. However, as I delved deeper into economics and social sciences, my perspective on Bitcoin’s potential began to shift. Thus, in 2014, I made my entrance into the blockchain sector and contributed to the creation of mining rigs, mining pools, cloud hashrate, wallets, and public chains.

Maintaining a curious attitude towards discovery, regularly engaging in extensive reading over extended periods, and setting up an effective error correction system are crucial practices for me. These habits played a significant role in my early identification of Bitcoin and my entry into the blockchain sector. I hadn’t anticipated such rapid growth when I started my entrepreneurial journey with Bitcoin, but now it boasts a market value of approximately $1.4 trillion, placing it 9th on the global asset market value ranking. Despite not anticipating its meteoric rise at the time, I firmly believed in its immense potential for future growth.

U.Today: ViaBTC has made its mark as a top player in the mining pool sector. Could you discuss some of the hurdles you faced during ViaBTC’s inception and how they were overcome? What drove your determination to press on?

Haipo Yang: Starting a business like ViaBTC in the cutthroat crypto mining sector is an uncertain journey full of obstacles. Along the way, we’ve faced numerous hardships and hurdles. Yet, through determination and resilience, we’ve managed to conquer each challenge that came our way.

Creating a robust technical foundation is essential for a mining pool’s success. Prioritizing stability and security is key as any oversight could result in significant losses for miners, leaving no room for error. As a developer, I demand meticulous implementation and closely monitor the execution process. The initial ViaBTC Pool team, personally recruited and assembled by me, played a pivotal role in establishing a reliable platform for its operation.

When we launched our mining pool, we weren’t the pioneers in the industry. The market had already begun shaping up as we entered it. To stand out in a crowded market, we needed to offer top-notch services and solutions, earn miner trust, and establish a solid foundation for long-term growth. From day one, our focus has been on putting miners first, refining technology, delivering high-quality service, and providing consistent returns.

I’ve long held the conviction that blockchain technology will bring about profound changes in the world. Entering this fast-evolving industry requires determination and resilience. Launching a business is no easy feat, and perseverance is all the more challenging. Yet, with unwavering dedication to our objectives and an ardent interest in the crypto sphere, we can press on and eventually achieve our mission: To serve as the Foundational Infrastructure for the Blockchain Universe.

As we celebrate ViaBTC’s eighth anniversary this year, I, an analyst, view this milestone as the commencement of a fresh cycle. Regarding our future plans for the mining pool, we are committed to continuous innovation and improvement. We aim to expand our global presence by forging new partnerships and collaborations. Additionally, we will invest in advanced technologies such as AI and machine learning to optimize our mining operations and enhance efficiency. Our ultimate goal is to provide superior value and service to our miners and stakeholders.

As a researcher studying ViaBTC’s development trajectory, I can confirm that the company has consistently prioritized user experience. Moving forward, we are dedicated to refining our offerings and improving our services to make mining on our platform more seamless and productive for our valued customers. Additionally, we plan to bolster our customer support team to ensure swift issue resolution and hassle-free experiences. These improvements will be instrumental in shaping ViaBTC’s future growth strategy.

Engaging in active listening to our users is essential for enhancing our product offerings and services. Going forward, we aim to strengthen our connections with the international mining community. Miners hold a pivotal role in our business, and their inputs are invaluable to us. Through hosting regular community gatherings, AMA sessions, and gathering feedback, we will persistently refine our products and services to cater effectively to miners’ genuine requirements.

Previously, we introduced groundbreaking products and services to the industry, including the PPS+ payment solution and BTC transaction booster. Moving forward, our dedicated team remains committed to keeping abreast of market developments and driving innovation. I am convinced that adhering to our founding principles, remaining responsive to market demands, and continuously pushing the boundaries of what’s possible are essential for maintaining a competitive edge in our industry.

As a researcher studying the crypto mining industry, I’ve noticed some significant developments this year. The approval of the Bitcoin spot ETF and the fourth halving have been major milestones. These events indicate increasing institutional adoption and a potential shift in market dynamics. In terms of mining trends, I believe there will be a continued focus on energy efficiency and cost-effective solutions. Miners are likely to explore renewable energy sources and optimize their operations for maximum profitability. Additionally, the ongoing competition among miners for limited block rewards may lead to further consolidation in the industry. Overall, these developments suggest an evolving landscape for crypto mining that requires continuous monitoring and adaptation.

As a researcher studying the crypto market, I’d like to emphasize that the crypto mining industry plays a crucial role as its production segment. Despite being an integral part, this sector is susceptible to the broader trends in the crypto market. However, with the industry’s maturation, the occurrence of “mining disasters” – a common phenomenon in past cycles – is highly unlikely in the current cycle. Moreover, given the growing involvement of users worldwide, regulatory policies enacted by various countries now have a more profound impact on the crypto market as a whole.

As a crypto investor, I cannot ignore the significance of energy efficiency and regulatory compliance in mining development. Based on the current global hashrate migration trends, North America emerges as an attractive destination for miners due to its favorable market conditions and stringent regulatory frameworks. Similarly, countries like Russia, Central Asia, the Middle East, and Southeast Asia draw large numbers of miners due to their low electricity costs and lenient regulatory environments.

Following the halving event, the mining expenses for all Bitcoin miners have risen. At present, the price of Bitcoin has yet to restore mining profits to their previous levels. In the long run, will miners shift to countries with lower electricity costs in order to decrease mining expenditures? Small-scale miners may consider this option despite potential uncertainties due to imperfect infrastructure in third-world nations. However, large-scale miners are expected to focus on regions with more politically stable environments.

Editor’s Note: A mining disaster occurs when the mining costs (mainly mining rigs and electricity) exceed the current coin price, making it unprofitable to continue mining, leading to a large number of miners stopping their operations.

In simpler terms, U.Today asks if I agree that people who favor long-term investments have a natural connection to the mining process.

Haipo Yang: In my opinion, long-term investors and miners share several key characteristics. Mining represents a form of long-term investment that necessitates a considerable amount of time, financial resources, and dedication. Miners must invest heavily in mining equipment, electricity expenses, and facility upkeep, while also dealing with the risks associated with Bitcoin’s price fluctuations and changing mining complexities.

As a researcher studying the mining industry, I’ve observed that long-term investors and miners share a common perspective: focusing on future potential returns rather than short-term market fluctuations. For miners, this means looking beyond current profits to consider the market outlook for the coming years.

In the realm of mining and other investments, those who have a long-term perspective need faith in the future and the resilience to weather short-term instability and uncertainties. ViaBTC is committed to providing miners with expert, streamlined, secure, and consistent mining services, enabling them to reap lasting benefits in this industry marked by possibilities and obstacles.

U.Today: What measures has ViaBTC taken in building its ecosystem?

Haipo Yang: Our blockchain business encompasses various sectors such as mining equipment producers, cryptocurrency exchanges, digital wallets, and both upstream and downstream applications. This industry continues to thrive. Our mining pool, which was our initial offering, has been consistently functional since its launch, providing a solid base for our future growth.

Moving forward, this market we’re in continues to thrive, with increasing numbers of individuals and organizations joining the fray. Due to its inherent ups and downs, this development process is more akin to a heartbeat than a straight line. In the coming 5-10 years, blockchain technology and cryptocurrencies are poised for significant growth, becoming essential components in our economic and social interactions.

To create a seamless experience for issuing, trading, and utilizing cryptocurrencies, as well as supporting underlying blockchain technology, we initiated our journey with ViaBTC Pool. Subsequently, we introduced key businesses including CoinEx Exchange, CoinEx Wallet, CSC (CoinEx Smart Chain), and ViaBTC Capital. Our company now represents a thoroughly integrated structure in the blockchain sector. With our goal of “Empowering the Blockchain World for a Better Tomorrow,” we strive to advance the industry while expanding our own horizons.

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2024-06-07 16:07