In 2024, the ViaBTC mining pool ranked among the top three in Bitcoin’s hash rate, mined the halving block #840,000, and celebrated its eighth anniversary.
We spoke with ViaBTC and CoinEx founder, Haipo Yang, about the impact of Bitcoin halving on the price of digital gold, the role of meme tokens and artificial intelligence (AI) in the industry, and the key changes in mining over the past few years.
ForkLog: This year, Bitcoin hit an all-time high before the halving for the first time. Does the halving still impact the market? Is its significance being overestimated by the community?
Haipo Yang: Bitcoin has gone through four halvings, each reducing the block reward. However, the total network hash rate has continued to grow as the market developed, becoming more resilient and with Bitcoin increasingly recognized as a reliable investment.
In the early days of the industry, many miners paused operations due to the halving and resumed when the price rose. Nowadays, they have longer-term strategies and pay less attention to volatility. The halving's impact has gradually diminished, barely affecting Bitcoin’s price or hash rate.
ForkLog: What do you think is the current stage of the market?
Haipo Yang: Based on historical data from the last two cycles, we can predict another peak in about 500 days. I wouldn’t be surprised if Bitcoin hits a new all-time high next year.
I remain optimistic about digital gold and believe it has not yet reached the bubble stage. During that phase, we might see prices in the range of $100,000 to $150,000.
The cryptocurrency market is currently between the accumulation and growth phases. This is also indicated by the activity of TradFi (traditional finance) investors in the ETF segment.
ForkLog: How will ETFs affect Bitcoin and Ethereum?
Haipo Yang: In the long term, the effect will definitely be positive. The inflow of capital through Bitcoin ETFs significantly boosts the liquidity of digital gold. Since January 2024, more than $17 billion has flowed into Bitcoin ETFs. Institutional investors are still evaluating the product, which shows its substantial potential.
The launch of spot exchange-traded funds for Ethereum could attract investors who have not yet considered cryptocurrencies as a separate asset class. Moreover, they will contribute to the development of the ecosystem, which desperately needs real applications instead of projects targeting airdrop hunters.
Finally, ETF approval sets a regulatory precedent. Regulatory clarity is crucial for building user trust and further legalizing the industry.
ForkLog: What are your thoughts on recent trends in European and U.S. crypto regulation?
Haipo Yang: The adoption of MiCA (Markets in Crypto-Assets) was an important event. In my view, this is a positive development as it provides regulatory certainty, levels the playing field, and protects investors.
We closely monitor regulatory news and update our services to comply with the rules. But CoinEx’s goal is not just to meet regulatory requirements. We strive to make trading on the platform as simple and secure as possible for users.
ForkLog: What trends in 2024 do you find particularly interesting?
Haipo Yang: Definitely meme tokens. I would also highlight the development of The Open Network (TON) ecosystem and projects related to AI and DePIN.
Despite the hype, crypto services have yet to find widespread real-world use. We are still waiting for the Web3 killer app that will surpass Web2 applications in terms of utility and convenience.
I believe this breakthrough is inevitable, especially in AI and DePIN, given their potential for mass adoption of Web3.
ForkLog: What are your thoughts on the Solana ecosystem?
Haipo Yang: Solana has made significant progress, surpassing Ethereum in monthly DEX turnover and several other metrics. However, much of the network's activity is linked to meme tokens on the Pump.fun platform.
Solana has shown that it can handle large transaction volumes, but it has yet to launch decentralized applications (dapps) that meet real-world needs and foster the blockchain's long-term development.
That said, the ecosystem already has impressive solutions at the intersection of Web2 and Web3 technologies, like Solana Actions. Such integrations can expand the user base and list of use cases for the network.
Thanks to Ethereum’s smart contract capabilities and extensive developer community, it remains a dominant force in the market. However, Solana’s high throughput and fast implementation of new ideas make it a formidable competitor.
ForkLog: And how do you feel about meme tokens?
Haipo Yang: Traditional strategies don’t work for them. Often, you can only analyze on-chain activity from token holders. Although the media often highlights traders who made millions from these assets, the chances of picking a “winning token” are extremely slim.
There is fierce competition for attention in this segment, and insider trading and manipulation severely limit the opportunities for regular users.
ForkLog: You’ve been in the industry since 2013. Based on your experience, what percentage of a portfolio would you allocate to meme coins?
Haipo Yang: Portfolio allocation depends on the investor’s strategy. I would recommend a conservative 5–10% for meme tokens: this allows you to chase high returns without putting the rest of your funds at risk.
Of course, the ratio can change. For example, in this cycle, major cryptocurrencies like Bitcoin, Solana, and TON have outperformed 80–90% of altcoins. Sometimes, less is more.
ForkLog: Another trend in 2024 has been AI tokens. Will artificial intelligence become an integral part of the cryptocurrency industry?
Haipo Yang: In the AI sector, there are three main segments: computational resources, agents, and data. Each of them has significant real-world potential, especially when combined with blockchain.
However, we haven’t yet seen truly worthwhile projects at the intersection of these two technologies. There are two reasons for this.
First, developers often choose Web3 simply to raise funds quickly. It’s time to move away from that approach and create solutions that fully leverage the benefits of tokenization and decentralization.
Second, the market is still searching for sustainable revenue models. For example, selling nodes in the DePIN sector is gaining popularity, but the use of these computing resources remains limited. Players need to develop more practical and profitable mechanisms.
Despite these issues, I believe in the future convergence of AI and cryptocurrency. This symbiosis will spur innovation across various industries.
ForkLog: Do CoinEx and ViaBTC use AI solutions?
Haipo Yang: Yes, we are incorporating AI to make CoinEx and ViaBTC products more functional and user-friendly. We are already using AI for:
- Generating and localizing content. AI agents create educational materials, market reports, and customer instructions, as well as provide high-quality translations into different languages.
- Analyzing candlesticks and news. AI-based services monitor candlestick charts (K-line), news, and social media activity to offer users advanced market analysis, forecasts, and real-time data for trading decisions.
Additionally, we are actively exploring AI’s potential for risk detection and assessment. In the future, we plan to use it for customer service optimization and detecting abnormal transactions. This will make CoinEx and ViaBTC services even more secure while maintaining the platforms' competitive edge.
ForkLog: In July, ViaBTC celebrated its eighth anniversary. What key changes have occurred in the industry since the pool's launch?
Haipo Yang: One of the most significant changes has been the upgrade in mining equipment. Bitcoin’s hash rate has increased significantly since the days of CPU and GPU mining, while the network’s power consumption has decreased. ASIC devices have transitioned from 12nm to 5nm and even 3nm chips. Unfortunately, the downside to these advancements is the higher barrier to entry in mining.
Globally, cryptocurrency regulation is actively developing. Many countries have standardized mining activities, leading to greater geographical diversity. Before 2021, much of Bitcoin’s hash rate was concentrated in China, but after mining was banned there, it shifted to the U.S., Russia, and countries in the Middle East and Latin America.
Another notable trend is the increase in “green” mining. Sustainability is a growing trend, with more companies turning to renewable energy sources. For example, some miners in Iceland and Norway use geothermal and hydropower resources.