Director of 51ASIC Evgeny Fedin: graphics cards for mining have become outdated

Director of 51ASIC Evgeny Fedin: graphics cards for mining have become outdated

According to the director of 51ASIC Evgeny Fedin, graphics cards for mining have become outdated. On November 20, the company will become a participant of the exhibition area at Blockchain Conference Moscow and will present cryptocurrency mining solutions.

In the interview for Blockchain Conference Moscow, the specialist tells about changes in 51ASIC, demand for hardware, and transformation of the mining industry.

Interviewer: Blockchain Conference Moscow (BCM).
Respondent: Evgeny Fedin, director of 51ASIC (EF).

BCM: Your company participated in Blockchain Conference Moscow last year. What has it achieved over this time?

EF: I should say that we have matured – in 2018, we have gained experience and used previously accumulated knowledge.

Primarily, we have updated the website and now users can buy mining hardware using credit cards without any fears. It was enabled thanks to the stance of the government that was declared a little less than a year ago.

Besides, we have launched our own mining center where we host our customers’ hardware. Overall, it has been quite a busy year despite exchange rate fluctuations and challenges related to cryptocurrencies globally.

BCM: How has the quality of mining hardware changed since 2017?

EF: Bitmain remains the main mining hardware supplier. This year, the company produces fewer defected goods – we can see that the manufacturer has advanced the production processes. From time to time, beginners enter the market, but few of them manage to compete with Bitmain.

The industry itself has changed significantly – graphics cards for mining have become outdated. That is sad for us, as we started from them.

BCM: How has the demand for mining hardware changed in Russia over the last year? How do you think, what is the reason?

EF: The start of the year was epic in terms of the number of orders for different hardware. However, the end of the year is an antipode – the demand has dropped.

On the other side, customers have also changed. Previously, they were enthusiasts that bought from 1 to 10 miners and today they are companies with clear development programs that know what they are doing.

BCM: Which cryptocurrencies are the most popular among miners today and why?

EF: Everything is simple – the most popular are the cryptocurrencies that quickly repay the hardware bought by miners.

Besides, when specialists predict rapid growth of a specific cryptocurrency, its popularity starts growing.

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