Hong Kong Web3 Event Focuses on Bitcoin Ecosystem and Future Development

At a recent Web3-themed event held in Hong Kong, several blockchain companies discussed the early mining history of Bitcoin and future ecological layout. An executive from a wallet company shared insights on the development of Bitcoin's second-layer network and artificial intelligence; below is a summary of the main points.

The Development History of Bitcoin Mining

Looking back over the past decade, Bitcoin mining has undergone a development process from GPU to ASIC, and from individual to institutional. The bear market of 2014-2015 forced miners to optimize costs and began seeking low electricity price regions to build large-scale mining farms, promoting the scale and centralization of mining.

Challenges Facing Overseas Mining

In recent years, many miners have tried to expand their business overseas, but have encountered numerous difficulties:

• USA: High costs in terms of law, taxation, operation and maintenance, and low efficiency.
• South America and Africa: There are risks in political stability and security
• Emerging forces: Some national sovereign funds have begun to enter the mining sector, intensifying competition.

Bitcoin Layer 2 Network Development

With the long-term congestion of the Bitcoin mainnet, layer two network solutions have emerged. The main challenge currently faced is how to achieve cross-chain asset transfers while ensuring security. A certain wallet company has provided a private key management solution based on multiparty computation to enhance fund security. In the long run, with technological advancements, these issues are expected to be gradually resolved.

The Combination of Artificial Intelligence and Blockchain

The development of AI technology has brought about significant changes for individuals and businesses. In the next 3-5 years, there may be scenarios where AI agents interact and trade directly on the blockchain. Based on this vision, a certain wallet company is developing a unified API interface to support AI agents connecting to the blockchain ecosystem. The company expects to launch a related product prototype in the second half of this year.

Overall, the Bitcoin ecosystem is undergoing rapid evolution from mining to layer two networks and then to AI integration. With the maturation of technology and the expansion of application scenarios, the blockchain industry is expected to usher in a new round of growth, bringing more convenience and value to users.