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Argo Blockchain CEO Peter Wall suggested that in 2022 bitcoin will “recover” its losses, and new forms of financing will open up for the mining industry.
Peter Wall said this in an interview with CNBC. The head of the mining company believes that, despite the current “bearish sentiment”, this year has been a good one for Bitcoin and other cryptocurrencies. According to him, after any strong drop in the rate, Bitcoin has always recovered and moved forward, so he will never bet against it.
Wall quoted MicroStrategy CEO Michael Saylor as saying that Bitcoin’s volatility was a testament to its viability. Wall believes that the same factors that helped it “take off” this year will contribute to the growth of the BTC rate next year: the interest of institutions in cryptocurrencies and the fears of investors associated with rising inflation.
Wall said he hopes that in 2022 the mining industry will “establish itself” more firmly and deserve even more credibility. He also suggested that the industry would gain access to various forms of capital raising that were previously unavailable to it. Wall explained that as the cryptocurrency market develops rapidly, regulators are starting to take it more seriously.
Earlier this month, the US Congress held a hearing at which the leaders of large cryptocurrency companies spoke about the regulation of the digital asset industry. The government’s willingness to talk directly with market participants on the development of a growing asset class proves that regulators are showing an increasing interest in cryptocurrencies. This can also contribute to the growth of the bitcoin rate and the development of mining, Wall said.
In terms of Argo Blockchain’s operations, the company has achieved record profits this year even after adjusting for operating expenses, Wall said. He expects Argo to increase its hashrate through the purchase of new mining hardware. Despite the ban on mining cryptocurrencies in China, this activity remains a lucrative activity, although in 2022 it may not be as profitable as in the outgoing year, Wall said.
The Argo Blockchain CEO added that avoiding fossil fuels is critical when mining Bitcoin and encouraged the use of renewable energy sources. Wall said Argo is working on a new cryptocurrency mining hub that will harness solar and wind power in West Texas.
Many mining companies are beginning to question the environment, social responsibility and corporate governance in their efforts to reduce carbon dioxide emissions and achieve “carbon neutrality.” According to Wall, thanks to the efforts of these companies, more “green” energy is being used to mine bitcoin than in any other industry.
In March, Argo Blockchain announced its intention to launch the first sustainable Bitcoin mining pool Terra Pool, which will use only energy generated by hydroelectric power plants.
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