ANTPOOL participates in POW mining closed meeting at Miami Web3 Summit

The highly anticipated Miami Web3 Summit, hosted by the CTH Group, Atlas and the City of Miami, was held from 28 to 30 November 2022 and brought together Web3 leaders, policymakers and investors to discuss the latest crypto technologies and the future of Web3. Even in the midst of a cryptocurrency market slump, it was worth noting that more established institutions and influential companies have participated in this conference.

As a globally advanced digital currency mining platform, ANTPOOL has always maintained a good relationship with Web3 infrastructure provider, Atlas. ANTPOOL was invited by Atlas to not only set up a booth at the summit to interact with the attendees, it has also participated in several BTC mining-related closed meetings led by ATLAS.

Those who participated in the closed-door meeting unanimously agreed that the profit margins related to mining have been greatly compressed due to the decrease in digital currency prices and the increase in energy costs. This is similar to the past cyclical decline of cryptocurrencies and this has greatly challenged the economic benefits of miners. As the Fed continues to hike up its interest rate, a potential economic recession is fast approaching, causing serious risks to the market.

Being in the midst of a bear market, ANTPOOL, Atlas and the participants also believe that it is currently the best time to plan for the future of the bull market. Through various brilliant sharing and discussions, here are three points that were unanimously agreed upon:

1.     The current bear market phase is the best time for companies and miners with better management to plan and enter the market. As more people and companies continue to join the market during this phase, it is believed that the distribution of BTC hashrates will be more decentralized and globalized in the future, which will also progress decentralization in the whole industry.

2.     At the same time, BTC mining will further promote the use of green energy and technology development. Mining companies will strive to find and promote clean energy technology development, lowering the cost of clean energy and hence significantly increase its usage in the future.

3.     Strengthen the collaboration with the government and meet regulatory standards to move the entire mining industry towards a more compliant direction. Both ANTPOOL and Atlas are working hard to cater to government policies and promote the betterment of relevant laws and regulations.

As one of the largest PoW mining pools in the world, ANTPOOL advocates decentralized PoW consensus by Satoshi Nakamoto, and fully supports BTC, ETC and other PoWs tokens. ANTPOOL has always devoted itself to the development and maintenance of the PoW ecosystem. It is committed to leading the blockchain industry using technology and to embracing a bright future with infinite possibilities.