Steve Tsou, RRMine Global CEO, was Invited to NASDAQ for an Exclusive Interview with Jane King
Steve Tsou, RRMine Global CEO, was invited to attend the NASDAQ cooperated program Innovators with Jane King and he will share the definition, history and development plan of RRMine on 12th July. On behalf of China’s computing power industry, he will have a one-on-one dialogue with Jane King as the CEO of a TOP10 Mining firm.
The program aired on Kron-TV in San Francisco and the full video was also published on official social media like Youtube (LilaMax Media) and the financial website TheStreet with more than 700,000 followers on Twitter.
JANE: STEVE, RRMINE HAS A UNIQUE BUSINESS MODEL, EXPLAIN WHAT YOU ARE DOING?
Steve: RRmine is a decentralized integrated computing power marketplace based on blockchain technology, which provides open and transparent computing assets on-chain, pricing, trading, and other online market services to global customers. It is the first decentralized computing asset management and trading platform in the world.
The core of RRmine digital economic model is around computing power assets. The underlying computing power is technical services, directly affecting cryptos, data, and digitization of physical assets. So with the development of the digital economy, there is enormous room for growth in the computing power market.
The economic model behind is very innovative and is a stability mechanism and matching mechanism. In simple terms, after up to another level, the digital economy can allocate market resources further and make existing computing power capabilities to play a more significant role. On the one hand, it reduces the cost of the current market suppliers. On the other hand, it reduces the users’ entry threshold. Therefore, real Web 3.0 is a digital economy. Compared with the traditional Internet model, it is very light assets.
If you use the value proposition to draw an industry map, its model is smoothing the fluctuating cryptocurrency industry curve. So, the suppliers and demanders can achieve a win-win situation. All competitions of our single product can meet a win-win situation on our platform model on a compliance basis.
To simplify, RRMine is a decentralized hashrate marketplace. We offer hashrate trading and management services. We can buy, keep, and trade-off the hashrate plan.
JANE: CAN YOU GIVE ME A HISTORY OF THE COMPANY? WHEN WERE YOU FOUNDED?
Steve: RRMine was founded in 2017, the time before BTC rocket up. Our vision is that everyone can easily have the computing power and Sharing is our belief. Our perception is that the digital and intelligence economy has opened a new era. It is web 3.0 with a new operating system, new production factors, and new production relations. The most basic unit is computing power. Computing power is “new energy,” or I will call it “digital oil.” In the past three years, we have two key initiatives:
1, contributing to launching a global intelligent computing network, BHP public chain, which is a trusted-based community and technology development; 2, Be part of the decentralized cloud computing ecosystem empowered by XnMatrix, the decentralized computing power platform.
For example, XM is similar to the AWS, RRmine is identical to the Amazon Shopping, and other companies play roles such as payment and computing applications in the ecosystem.
As a result, RRmine is rapidly expanding with the help of ecological synergy, ranking as the number 1 computing power asset platform (according to the third party). In particular, we recently launched Filecoin products, relying on the high expectations of IPFS technology in the ecosystem. It has formed the world’s largest Filecoin mining pool, RRMINE’s Filecoin computing power products have sold out in 1 minute and 20 seconds, Set a blockchain product record.
JANE: WHO ARE YOUR MAIN USERS AND WHAT VALUE DO THEY GET?
Steve: 80% of RRMiners have never heard mining before. Many of them are successful people with a track record in the traditional economic or industrial fields. They are not only customers but also communicators of our business and builders of participating in the computing power ecology. Therefore, the value they obtain is not only direct BTC earnings and other benefits. They will gain long-term high-tech growth through holding computing power products dividend.
Some of them might know BTC but minimal understanding. They thought they have to hold pick and shovel when I introduce them RRMine physically. I meant it’s quite reasonable. Even I hear the term mining, and I thought the same thing. However, we are not just providing them the chance to earn the crypto and make a fortune. We also educate them so that they can participate in this revolution to change the world.
JANE: WHAT ARE THE ADVANTAGES OF RRMINE COMPARED WITH OTHER BITCOIN MINING OPERATIONS?
Steve: RRMINE is not a mining firm, but a computing asset management platform. All competitions of our single product can achieve a win-win situation on our platform model on a compliance basis. In fact, in the current market stage, the platform technology is a tool, and our core solution is positioning and pricing of computing power. It is a win-win ecosystem of computing power.
In terms of part of our capacity and products, There are three advantages.
First is Flexibility, as a beginner. You can play safe. Buy Classic Plan, so you can renew for free or trade-off to get money back. You can relieve your cash flow.
Second is Affordability. As little as 1 Th to start your mining career. You don’t need massive capital to buy many rigs and pay expensive energy bills to start.
The third is Reliability. Through years of operation, we have over 100,000 RRMiners and over 100,000 Mining Rigs. We are very confident that all the customers have earned some profit.
JANE: INSTABILITY AND RISK ARE THE BIGGEST CONCERNS FOR MINERS, HOW DO YOU ADDRESS THAT?
Steve: Excellent question. BTC price fluctuations are always an issue. Can you tell me anything that is risk-free? Savings? And this happens to be the value of RRMine platform. Hashrate can regard as the secondary market of BTC, We provide products with multiple periods, and we offer a C2C trading market to meet the risk preferences of different customers. We hedge risks through different lock-in periods. Our platform is to smooth the high wave curve of BTC.
. We try to ease that uncertainty. How do we achieve it? There are 3 points. Firstly, Scale-up. Our buying power helps us to cost down the price of energy and mining rigs. Secondly, Globalize. We have different hashrate suppliers from different countries like China, the USA, Canada, and Russia, to reduce our risk. Thirdly, the team of experts. We have lots of engineers to resolve technical issues and experienced management to plan for potential threats. Our new Filecoin mining plan is a good example. We offer BTC hashrate as an incentive before Mainnet launches.
JANE: WHAT HAD BEEN INVESTED IN RRMINE? AND WHERE IS THAT MONEY GOING?
Steve: People are the most critical factor. We believe when you have the right people; then you will be able to do the right thing. There is nearly 300 staff around the world, mainly focus on technology and product development, some are from Baidu, Cisco, and some are from Morgan, Goldman Sachs, etc., with a diverse and international background and we also hire scientists and cooperate closely with scientific research institutes in universities. Therefore, we invested in people the most.
Furthermore, we have not done any finance because the platform’s cash flow has been positive. We are not the traditional Internet burning money model, and we have always used profits to support platform, ecosystem and public chain technology research and development
JANE: YOU WERE RECENTLY NAMED A TOP TEN MINING FIRM, TELL ME ABOUT THAT?
Steve: There was a world digital mining summit held in Frankfurt, German, in October 2019. It gathers thousands of insiders to the summit with lots of socializing, insightful news, and tons of information. It’s massive. There were many data centers from many countries to compete. Fortunately, our USA data centers have been nominated and won the award.
However, RRMine positioned as a platform; the important thing is to contribute to the development of computing power industry rather than simply mining.
JANE: CAN YOU TELL US WHAT CHINA IS DOING, IN BROAD TERMS, WITH CLOUD MINING?
Steve: The mining industry is quite complete from manufacturer to cloud mining platform in China.
China has a natural industrial foundation and advantages in this regard. It accounts for over 90% of the global market share for upstream hardware supplies, and 70% for upstream software supplies. Midstream is mining farms and pools. The mining pool is a virtual collection that gathers computing power.
From the policy point of view, the Chinese government is vigorously developing the blockchain industry, especially establishing the digital economy sandbox in the Hainan Free Trading Zone. Our group and partner companies are highly supported by the government, including the first to try to use digital assets, virtual Token, and fiat currency are connected.
JANE: WHAT ARE YOUR GOALS FOR RRMINE IN THE NEXT 1 TO 3 YEARS?
Steve: The most important is still our global expansion. We have deployed more than ten branches and 20 community nodes around the world. These institutions and nodes will play an essential role in 2020. In 2019, the Majority of RRMiners was from Asia, and in 2020, we will keep expanding our business to the other parts of the world
The second is the launch of our new computing power categories. We have launched Filecoin computing power, and the AI computing power will come into the market in the coming quarter. Besides, we will further optimize and upgrade the current product portfolio for crypto computing power.
The other is the derivative services DEX and DeFi for computing power products and users. From 2020 to 2022, the DEX business volume will increase significantly with the realization of the underlying real-time pricing function. The layout of the DeFi business has been launched at the end of 2019 and will be completed in 2020 to meet users’ needs further.
The above three key points are synergistic with our ecology. Everyone is welcome to participate in RRMine and become the computing power ecology enabler.