In May 2016, Haipo Yang single-handedly completed all the code for the ViaBTC Pool, marking the official establishment of ViaBTC. On June 5th of the same year, ViaBTC's BTC mining pool mined its first block, starting its history from that moment. This year marks the 8th anniversary of ViaBTC, and to commemorate this significant milestone, ViaBTC launched the "8 As One" carnival-themed event in early June.
Recently, we had the pleasure of interviewing ViaBTC founder and CEO Haipo Yang, asking him to share his entrepreneurial journey over the past eight years and his outlook on the future of the crypto market. Below is a summary of the interview highlights.
Q: First, congratulations to ViaBTC for achieving such success over the past eight years. Could you tell us what motivated you to enter the blockchain industry?
A: I should be considered one of the earliest people to get involved with cryptocurrencies. In 2011, the concept of Bitcoin was just beginning to spread on the internet. At that time, I was still in college, very interested in computers and the internet, and had taught myself many computer-related courses. I admired the geek and open-source spirit. Initially, like most people, I thought Bitcoin's vision was too far-fetched, but once I started combining my thoughts on economics and social sciences, I began to have a deeper understanding of Bitcoin's value. So, in 2014, I entered the blockchain industry and participated in the development of mining rigs, mining pools, cloud hashrate, wallets, and public chains.
I believe that maintaining a curious mindset for exploration, cultivating a habit of long-term deep reading, and establishing an error correction feedback mechanism are very important. This is also the key to my early recognition of Bitcoin and entry into the blockchain industry. Although I did not expect Bitcoin to develop so rapidly at the beginning of my entrepreneurship, now it has surpassed Meta with a market value of about $1.4 trillion, ranking 9th on the global asset market value list. At that time, I still held a simple belief that it had vast growth potential in the future.
Q: ViaBTC has secured a leading position in the mining pool industry. Can you share some of the challenges you encountered while founding ViaBTC? What motivated you to keep going?
A: Entrepreneurship is a path filled with unknowns and challenges, especially in the highly competitive crypto mining industry. Since founding ViaBTC, we have encountered many difficulties and challenges, but fortunately, we have overcome them one by one.
Building the underlying technical architecture is particularly important for a mining pool. Ensuring the stability and security of the mining pool is the top priority and the biggest challenge; even the smallest mistake can cause losses for miners, leaving no room for any negligence. As a programmer, I set high standards for technical implementation and strictly supervised the execution process. The early technical team of ViaBTC was personally recruited and built by me, and they 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 field, 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 foundation 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 through perseverance can one gain a foothold in this rapidly developing industry. Starting a business is difficult, and persistence is even harder. Only with a steadfast commitment to our goals and a passion for the crypto industry can we continue on this path, and one day realize our vision: To be the Infrastructure of the Blockchain World.
Q: 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?
A: ViaBTC has always been user-centric, and we will continue to optimize our products and enhance our services in the future. Our goal is to make it easier and more efficient for miners to use our platform, while also 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 core strategy for optimizing 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 crucial to us. By holding regular community events, AMA, and collecting feedback, we will continuously improve our products and services to meet the real needs of miners.
In the past, we introduced a range of industry-first products and services, such as the PPS+ payment method and the BTC transaction accelerator. Looking ahead, our team will continue to follow market trends and innovate. I firmly believe that maintaining our original mission, respecting the market, and ongoing innovation are key to staying ahead in the industry.
Q: This year, major events such as the approval of the BTC spot ETF and the fourth halving have occurred successively. How do you view the current development trends in the global crypto mining industry?
A: In fact, the crypto mining industry is the production segment of the entire crypto market. This part is indispensable but also affected by the overall crypto market trends. However, as the industry matures, the likelihood of "mining disasters" that occurred in past cycles happening again in this cycle is very low. At the same time, due to the increasing participation of users in the entire crypto market, it is now more significantly influenced by the regulatory policies of various countries around the world.
Energy and compliance are the two core points that mining development cannot avoid. From the global hashrate migration path, North America is the first destination, followed by Russia, Central Asia, the Middle East, and Southeast Asia. These places can attract a large number of miners either due to their market compliance advantages or low electricity costs.
After the halving, the mining costs for all Bitcoin miners have increased. The current price of Bitcoin has not yet returned mining returns 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 might try, even though the electricity costs in these countries might be more cost-effective, the imperfect systems make many things unpredictable. Large-scale miners are likely to prioritize relatively politically stable regions.
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.
Q: Some say that those who prefer long-term investments align well with the mining process. What is your opinion on this?
A: I think there are many similarities between long-term investors and miners. Mining is fundamentally a long-term investment that demands a substantial commitment of time, money, and resources. Miners make significant investments in mining equipment, electricity costs, and facility maintenance, and they also have to navigate the risks of Bitcoin price volatility and changes in mining difficulty.
Long-term investors focus more on future returns and potential rather than short-term market fluctuations. Similarly, miners need to have this long-term perspective. They need to consider not only current profits but also the market outlook for the coming years. Bitcoin's price and the block reward halving cycle are important factors that affect miners' earnings, but historical data shows that over time, Bitcoin's overall value tends to increase.
Whether in mining or other investments, long-term investors must have confidence in the future and be able to endure short-term fluctuations and uncertainties. ViaBTC is dedicated to offering miners professional, efficient, secure, and stable mining services, helping them achieve long-term value in this industry filled with opportunities and challenges.
Q: What measures has ViaBTC taken in building its ecosystem?
A: The blockchain industry we are in covers multiple segments, including mining equipment manufacturers, exchanges, wallets, and upstream and downstream applications, and it is still flourishing. The mining pool, as our earliest launched business and product, has been operating steadily to this day, laying the foundation for our subsequent development.
Looking ahead, we are still in a growth market. More and more users and institutions are entering and participating in this market, and due to its cyclical nature, this growth process is pulsatile 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 access barriers and build a complete ecosystem around Cryptocurrency issuance, circulation application, value discovery, and underlying blockchain technology support for a broad range of potential users, we started with ViaBTC Pool and 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 of "Via Blockchain, Making the World a Better Place," we hope ViaBTC can continue to contribute to the development of the blockchain industry while growing itself.