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What’s next for the major mining platform? Interview with ViaBTC CEO Haipo Yang — TradingView News
In May 2016, Haipo Yang single-handedly completed the code for the ViaBTC pool, marking the official establishment of ViaBTC. On June 5 of the same year, ViaBTC’s BTC mining pool mined its first block, starting its history from that moment. This year marks ViaBTC’s eighth anniversary, and to commemorate this milestone, ViaBTC launched the carnival-themed “8 As One” event in early June.
We recently caught up with ViaBTC founder and CEO Haipo Yang, asking him to share his entrepreneurial journey over the past eight years and his vision for the future of the cryptocurrency market.
U.Today: First of all, congratulations to ViaBTC for achieving such success over the past eight years. Could you tell us what motivated you to enter the blockchain industry?
Haipo Yang: I should be considered one of the first people to get involved in cryptocurrencies. In 2011, the concept of Bitcoin was just beginning to spread across the Internet. I was still in college at the time, very interested in computers and the Internet, and had taught myself many computer-related courses. I admired its geek and open source spirit. Initially, like most people, I thought the vision of Bitcoin was too far-fetched, but once I started combining my thoughts on economics and social sciences, I started to have a deeper understanding of the value of Bitcoin. Then, in 2014, I entered the blockchain industry and participated in the development of mining platforms, mining pools, cloud hashrates, wallets and public chains.
I believe that maintaining a curious mindset for exploration, cultivating the habit of long-term in-depth reading, and establishing a feedback mechanism for correcting errors is very important. This is also the key to my early recognition of Bitcoin and entry into the blockchain industry. Although I didn’t expect Bitcoin to develop so quickly at the beginning of my entrepreneurial activity, it has now surpassed Meta with a market value of about $1.4 trillion, ranking 9th on the global asset market value list . At the time, I still simply believed that it had vast growth potential in the future.
U.Today: ViaBTC has secured a leadership position in the mining pool industry. Can you share some of the challenges you encountered while founding ViaBTC? What motivated you to keep going?
Haipo Yang: Entrepreneurship is a path full of unknowns and challenges, especially in the highly competitive cryptocurrency mining industry. Since we founded ViaBTC, we have encountered many difficulties and challenges, but fortunately we have overcome them one after another.
Building the underlying technical architecture is especially important for a mining pool. Ensuring the stability and security of the mining pool is the highest priority and greatest challenge; even the smallest mistake can cause losses to miners, leaving no room for any negligence. As a programmer, I set high standards for technical implementation and strictly supervised the execution process. The first technical team of ViaBTC was personally recruited and created by me and played a crucial role in ensuring the stable operation of the ViaBTC pool.
We were not the first mining pool to go live. When we entered this sector the market was already taking shape. How to establish a competitive advantage in an already highly competitive market, provide quality services to attract miners to join us and obtain a basis for sustainable development were the problems we had to think about and solve at the beginning of our venture. We have always insisted on starting from the interests of miners, continuously optimizing technology, providing quality services and more stable returns to win the trust of miners.
I have always believed that blockchain technology will become a transformative force in changing the world. I also know that only with perseverance is it possible to gain a foothold in this rapidly developing industry. Starting a business is hard and persevering is even harder. Only with a constant commitment to our goals and a passion for the cryptocurrency sector can we continue on this path and one day realize our vision: to be the infrastructure of the Blockchain world.
U.Today: This year marks the eighth anniversary of ViaBTC. The number 8 is seen as the beginning of a new cycle. What is your vision or plan for the future development of the mining pool?
Haipo Yang: ViaBTC has always been user-centric, and we will continue to optimize our products and improve our services in the future. Our goal is to make it easier and more efficient for miners to use our platform, while strengthening customer support to ensure they receive timely help and can easily resolve any issues. These are key aspects of our future plans.
Listening to our users is a fundamental strategy to optimize our products and services. Moving forward, we will continue to enhance our interaction and collaboration with the global mining community. Miners are our most important partners and their needs and feedback are critical to us. By organizing regular community events, AMAs and collecting feedback, we will continuously improve our products and services to meet the real needs of miners.
In the past, we have introduced a range of innovative products and services to the industry, such as the PPS+ payment method and the BTC transaction accelerator. Looking to the future, our team will continue to follow market trends and innovate. I firmly believe that maintaining our original mission, respecting the market and continuous innovation are fundamental to remaining at the forefront of the industry.
U.Today: This year, major events such as the approval of the BTC spot ETF and the fourth halving occurred one after another. How do you see the current development trends in the global cryptocurrency mining industry?
Haipo Yang: In fact, the crypto mining industry is the production segment of the entire cryptocurrency market. This part is indispensable but is also influenced by the general trends of the cryptocurrency market. However, as the industry matures, the likelihood of “mining disasters” that occurred in past cycles being repeated in this cycle is very low. At the same time, due to the growing participation of users in the entire cryptocurrency market, it is now influenced more significantly by the regulatory policies of various countries around the world.
Energy and compliance are the two key points that mining development cannot avoid. In the global migration path of hashrate, North America is the first destination, followed by Russia, Central Asia, the Middle East and Southeast Asia. These locations can attract large numbers of miners due to their market compliance advantages or low electricity costs.
After the halving, mining costs for all Bitcoin miners increased. The current price of Bitcoin has not yet brought mining yields back to pre-halving levels. In the future, will miners move to third world countries in search of cheaper electricity to reduce mining costs? I think small scale miners could give it a try, although electricity costs in these countries could be cheaper, imperfect systems make many things unpredictable. Large-scale miners are likely to prioritize regions that are relatively stable politically.
Editor’s Note: A mining disaster occurs when mining costs (primarily mining facilities and electricity) exceed the current price of coins, making it unprofitable to continue mining, leading large numbers of miners to shut down their operations.
U.Today: Some argue that those who prefer long-term investments align well with the mining process. What is your opinion on this?
Haipo Yang: I think there are many similarities between long-term investors and miners. Mining is fundamentally a long-term investment that requires a significant commitment of time, money and resources. Miners make significant investments in mining equipment, electricity costs, and facility maintenance, and also face the risks of Bitcoin price volatility and changes in mining difficulties.
Long-term investors focus more on future returns and potential rather than short-term market fluctuations. Likewise, miners need to have this long-term perspective. They need to consider not only current profits but also the market outlook for the next few years. The price of Bitcoin and the block reward halving cycle are important factors that influence miners’ earnings, but historical data shows that the overall value of Bitcoin tends to increase over time.
In both mining and other investments, long-term investors must have confidence in the future and be able to tolerate short-term fluctuations and uncertainties. ViaBTC is committed to offering miners professional, efficient, secure and stable mining services, helping them achieve long-term value in this industry full of opportunities and challenges.
U.Today: What steps has ViaBTC taken to build its ecosystem?
Haipo Yang: The blockchain industry we operate in covers multiple segments, including mining equipment manufacturers, exchanges, wallets, and upstream and downstream applications, and is still thriving. Mining pool, our first business and product launched, has operated stably to date, laying the foundation for our subsequent development.
Looking to the future, we are still in a growth market. More and more users and institutions are entering and participating in this market, and given its cyclical nature, this growth process is pulsating rather than linear. In the next 5-10 years, blockchain and cryptocurrencies will further develop and expand, occupying an important position in our economic and social activities.
To break down barriers to entry and build a comprehensive ecosystem around cryptocurrency issuance, circulation application, value discovery, and support of the underlying blockchain technology for a wide range of potential users, we started with ViaBTC Pool and We gradually launched core businesses such as CoinEx Exchange, CoinEx Wallet, CSC (CoinEx Smart Chain) and ViaBTC Capital. We have become one of the most comprehensively structured companies in the blockchain industry. With the mission “Via Blockchain, making the world a better place”, we hope that ViaBTC can continue to contribute to the development of the blockchain industry as it grows.