The 4.25 special session of the New Infrastructure Blockchain Summit ended successfully

From April 24 to 25, the "2021 New Infrastructure Blockchain Summit" was grandly held in Chengdu, under the guidance of the Digital Chain Digital Finance Research Institute of Zhuhai Hengqin New Area, hosted by Inbit, and co-organized by Golden Finance and Yikuang.

There were two sub-venue activities on the 25th. The morning session was about the new era of distributed storage, and the afternoon session was a special event for F2Pool - the 8th Anniversary of Positive Infinity.

This conference focuses on "new infrastructure" and realizes seamless connection of the entire industry chain from the national new infrastructure development plan to supercomputing and core data center resources. Participants can also discuss the development and pattern of cutting-edge technologies with leading mining machine manufacturers.

The summit specially invited Bitmain to participate in the exhibition, as well as partners such as BitMicro, Xindong Technology, The 9th City, Bit Mining, Ebang International, Amazon Web Services, Wangsu Technology, F2pool, Bixin, Pineapple Miner, RRmine, Spark Mining Pool, PayPal Finance, Antminer, Ant Mining Pool, Strong, BTC.com, Binance Mining Pool, slushpool, Spider Mining Pool, Microbit, Onda Electronics, Shanghai Waiyi, Ethereum Bull, Miner Dad, Mining Manager, minerOS, OKkong, Zhongtian Yuncheng, Ximei Technology, Ouyue Technology, Forex Data, Mini Cloud Intelligence, Bit Deer Group, Bit Deer, Mini ng++, Panda Miner, Jinbei Miner, Spacetime Cloud, BitBlue Whale, Amber, Athena Cloud Pool, 1475, mass Chinese Community, Glacier Distributed Storage, Juan Technology, DeepBrain Chain, Anti-Entropy Technology, Golden Computing Cloud, Computing Power 360, Cow Computing Power, Pioneer System, Chain Power, Jiejie Mining, Nurima, Yixiu Technology, Huawei Power, Blue Ocean Technology, Inner Mongolia Zhenya Group, Top Cloud Mining, Longxiang Mining, Magic Umbrella Miner, Dmex, Filpool, Dayuanfeng Mining, Bumblebee Mining, and the support of all media partners~ and more than a hundred blockchain industry leaders, experts, and scholars at home and abroad participated in this mining event.

The morning activities officially began with the host opening the event.

Morning Session: New Era of Distributed Storage

Zhang Yunxin, President of Juan Technology Greater China, shared a speech titled "Mining the Future, Juan Chain to the Future":

Mining is a stable and profitable industry with low costs but long cycles. As long as you persist, mining can continue and survive bull and bear markets. Currently, Juan Technology is mining BTC, ETH, Filecoin, Chia, DFINITY, Conflux, Epik Protocol, etc., and is committed to becoming a mining service company with a full industry chain.

An Xinxin, CEO of Golden Finance, shared his speech "Looking at the Blockchain Mining Industry from a Different Perspective":

The world of blockchain is absolutely fair, and all things are interconnected and share the benefits. Based on this, if mining projects want to go further, they need to follow these five core principles, including equal consensus, token diffusion, ecological co-construction, behavioral guidance, and positive cycle.

Bitcoin is a bookkeeping program that everyone in the world can participate in and co-govern. The purpose of Ethereum is to allow the world to participate in and co-build a completely decentralized operating system. However, the design of Ethereum is not perfect because it does not make the projects on the chain and the public chain more complementary. At this stage, the core problem of Ethereum is that the cost of the C-end is too high, and the profit of the B-end has nothing to do with the public chain.

In addition, the public chain under the POS consensus algorithm is prone to one-sided problems, which is not conducive to the entry of newcomers. The tokens are becoming more and more concentrated, and it is impossible to build an ecosystem together.

The mechanism of AMM liquidity mining can be called the third invention of blockchain, which opens the window of the entire blockchain application. The essence of DeFi is that it can be operated through mining. What is different from other projects is that it is an on-chain application level and can be operated based on any network. However, the biggest problem of DeFi is that the yield rate is greatly affected, and a long-term positive cycle needs to be achieved.

An Xinxin concluded that the mining industry is the cornerstone of blockchain, and you can choose a good mine that suits you.

Maggie Lin, Vice President of Golden Computing Power, shared a speech titled "Mining is the best choice for long-term bullishness":

Mining is the best choice for long-term bullishness. Mining logic is different under different consensuses. The core point of mining is to choose investment targets. At this stage, the mining of Bitcoin and Ethereum is relatively stable, more like financial products rather than investment products. Among other explosive currencies, Filecoin is a focus. In terms of Filecoin mining, Golden Computing Power has signed 1,000 complete storage machines, and has also been testing the better CPUs on the market, hoping to provide users with the cheapest hardware supply and better mining solutions.

Golden Computing Power is a one-stop mining platform launched by Golden Finance. With its industry-leading mining experience, Golden Computing Power selects mining machines + cloud computing power to provide users with convenient and safe mining services and solves the pain point of unequal supply and demand in the current market through a deep supply chain, and flexibly responds to market trends. Based on the professionalism of the team, the company has successively received millions of dollars in investment from Node Capital and ChainUP Capital.

DMEX CPO Will delivered a speech "DeFi + computing power NFT, how to start mining 2.0":

In the three major application scenarios of DeFi, trading, insurance and lending platforms, some successful applications have emerged. In the entire cryptocurrency market, DeFi's market value accounts for a relatively small proportion and is still in its early stages. However, projects in this track have good development prospects. NFT has the characteristics of scarcity and uniqueness. These characteristics make it widely used in the fields of games, asset mapping, and digital art. The application of the Internet has changed the way information is transmitted and civilization is inherited, and the emergence of blockchain has allowed us to see more possibilities for value generation and transmission.

Will introduced that DMEX aims to lower the threshold for users to invest in mining. The current product forms include joint mining and computing power NFT. Each computing power NFT maps a real, professional, and compliant computing power asset. Based on this, we can easily open up the interaction with other DeFi protocols. The joint mining pool is mainly based on mainstream assets such as Filecoin and ETH.

Roundtable discussion: "IPFS is advancing rapidly, where is the ceiling?"

Blockchain celebrity Sun Yujie: Host this event

Li Xin, Vice President of RRMine: We will enter the era of data civilization. Data is an important factor of production. Data security, privacy, and sharing will become topics of global concern. Therefore, RRMine is optimistic about the IPFS distributed storage track in the long term. In the next stage, while expanding infrastructure construction, RRMine will participate in the ecological construction of IPFS from many aspects and contribute to the prosperity of IPFS distributed storage.

Li Junhao, Executive Partner of 1475: The biggest subjective risk of Filecoin is high expectations. All miners and miners entering the market have too high expectations. The second is the difficulty issue. Filecoin is a project with high participation threshold and cognitive requirements. However, the difficulty risk also makes Filecoin more long-term and stable compared to other projects with simple entry.

Weng Ziyao, Co-founder and COO of Anti-Entropy Technology: Looking at Filecoin, there are only a few risks. First, code risk. If there are serious problems with the code, it will lead to double spending and malicious forks. Second, the regulatory risk of the country. How to avoid or embrace regulation is worth thinking about. Third, the impact of competing projects on this project. Including the diversion of popularity by Crust and Chia. Fourth, the risk of currency price.

Weng Ziyao analyzed that the rules and paths determine that Chia and Filecoin are completely different. Filecoin has pre-staking and release rules, while Chia has neither. In addition, Filecoin has double release, while Chia has single release. Whether it is Chia or FIL, everyone should be clear about what they are making money from.

Zhang Yunxin, President of Juan Technology Greater China: First of all, you must have awe for money and the market. For me, when I was mining FIL, I also had a great ideological struggle and had to think about this matter carefully. First of all, you must be mentally prepared. This is a long process. Bitcoin mining has been up and down for so many years. I believe that all the old miners who mine Bitcoin will also lose money. It is impossible to lose nothing. Everyone should be mentally and financially prepared when entering the market.

Lai Chuhang, Chairman of Spacetime Cloud: IPFS is an independent circle. Today, it is also a new beginning. In my opinion, this industry has just started, and it is far from the time to rank people by seniority. So it is not too late for everyone to enter the Filecoin track now, because the main network has only been online for half a year.

Lai Chuhang pointed out that the biggest risk of Filecoin mining lies in the price of the currency. 60% of the FIL price depends on the market, 20% depends on the block reward of FIL per T output, and another 10% is the landing of Filecoin applications, and 10% is the growth of Filecoin's total network computing power.

Weng Ziyao, co-founder and COO of Anti-Entropy Technology, shared his testimony:

The computing power of Anti-Entropy Technology has exceeded 340P, accounting for 5% of the total computing power of Filecoin network, ranking among the top five in the world. At present, it is growing at a rate of 2P to 3P per day, and the goal this year will exceed the scale of 1EB. In addition, Anti-Entropy Technology has multiple applications in the IPFS/Filecoin application layer, covering fields such as music and education, such as the decentralized education APP "Candlekeep", which uses the innovative form of Filecoin+NFT to ensure that the subsequent income rights of the course return to the creator, and at the same time provides learning incentives for learners in the form of tokens; and the decentralized music application APP "We Rave You".

Afternoon Fishpond Special: 8th Anniversary Positive Infinity

F2Pool co-founder and Cobo co-founder Shenyu was the first to give a speech entitled "8 Years of Change"

The blockchain industry took root from the Satoshi Nakamoto white paper. On January 3, 2009, the first Bitcoin block was launched. In 2013, we saw the rise of domestic miners, and F2Pool was determined to be a new, open, and transparent mining pool. We have experienced traditional mining, and watched mining machines evolve from CPU, GPU, FPGA, and ASIC. We have seen miners evolve from technical geeks, individual bosses with graphics card resources in Internet cafes, and miners with abundant electricity resources to today's institutional users. With the rise of Chinese miners and the optimization of the industrial structure, F2Pool has begun to become the world's largest Bitcoin mining pool.

There are several landmark events this year. First, the market value of Bitcoin has exceeded one trillion US dollars, further establishing Bitcoin's position as digital gold. Another important trend is that institutionalization is accelerating. Some North American institutions hold a large amount of Bitcoin and have become important players in the market. Since the second half of last year, the development of the entire DeFi market has promoted the development of the blockchain industry. DeFi, as the first native application that has truly landed on the blockchain besides Bitcoin, allows a large number of economic behaviors to occur efficiently and without intermediaries on the blockchain through smart contracts, bringing a lot of imagination. Cross-chain has become a strong demand and is developing rapidly. The DAO organization has had an impact on the future corporate system.

The development of the DeFi world is feasible on the blockchain, but there are some problems that need to be solved: to achieve technological breakthroughs and solve performance problems, the current network performance is not enough to support the development of ultra-large-scale applications. In addition, to improve usability, the development of blockchain, especially the DeFi industry, is currently limited to senior players in the industry. It is difficult for novice users to use DeFi or DAO at this stage, and the industry's usability needs to be developed urgently.

At the 8th anniversary of the F2Pool special event, F2Pool and BCA Crypto Art Platform put the awe of the blockchain network security guardians into crypto art works and held a live auction. It is worth mentioning that Justin Sun and Just Fund participated in the auction remotely. In the end, the first NFT work in the mining circle - the F2Pool and artist co-branded crypto art work was won by the 235th bidder, miner Mr. Jiang, for 49 ETH.

Afterwards, Nervos co-founder Lu Guoning gave a keynote speech entitled "The Beautiful Era of Nervos"

Some people say that PoW is something from ten years ago and should be eliminated. The future belongs to PoS. In my opinion, this is completely wrong. In 2018, Nervos chose to build a brand new public chain and still insisted on choosing PoW, which is a very difficult thing. To build a PoW public chain, you must consider the benefits of miners, prove your value, and win the trust of the mining circle and miners. Time is a friend of PoW, and its value is precipitated through time. PoS is an involutionary chain, and time is not its friend. The longer the time, the more problems PoS has. Ethereum took 6 years to prove that PoW can protect assets worth more than 100 billion. People who have not built a public chain don’t know how difficult it is to cold start PoW, but as time goes by, the performance of this chain will be better.

Liu Zixi, CMO of Shenma Mining Machine, shared the topic "Walking with Believers"

In the past two years, the industry has undergone some major changes, with some large institutions rushing to enter the market, some compliant exchanges being listed, and the globalization of mining distribution. In order to seize such market opportunities, Shenma has actively made overseas layouts in terms of market, production, after-sales and other aspects. Shenma hopes to continue to provide the most competitive, quality-assured products and efficient services in the mining industry in the next decade.

F2Pool CMO Qingqing released a new product "Bigminer Product Launch Conference"

F2Pool CMO Qingqing introduced that as a mining technology researcher, F2Pool recently launched a new "cloud management" mining farm operating system, bigminer, which is highly integrated and extremely simple to operate. Through testing and optimization, it has helped tens of thousands of mining machines to increase mining income.

Roundtable Discussion: Mining Trends and Changes

Tong Yang, CEO of Node Information and partner of Golden Finance, will serve as moderator of this roundtable.

F2Pool co-founder Shenyu: DeFi mining is reconstructing everything that has happened in the traditional financial world from 200 years ago to now, and it is even faster and more iterative than them. For example, infrastructure and financial innovations such as MakerDAO, Uniswap, and YFI have appeared in the DeFi market. If large funds want to obtain low-risk and high-return in DeFi in a long-term and stable manner, they can find the real rigid demand projects in the DeFi market and applications that can generate social value based on the development process of traditional finance. It is basic logic to mine the first mine to obtain corresponding dividends. At the position level, you must practice and know how to avoid pitfalls. At the fund management level, you need a dedicated computer, just a browser, no need to install an input method, and buy a batch of hardware wallets to ensure asset security and obtain long-term and stable returns. In addition, Shenyu said that the investment ratio in each track still depends on personal risk control and tolerance. The typical asset allocation is 60%-70% to buy mainstream coins and put them in cold wallets, 20%-30% for mining, and 5%-10% for NFT transactions.

F2Pool COO Dayu: From 2016 to now, China's computing power has dropped from more than 90% at the beginning to between 60% and 70%, and the computing power of overseas users is rising. The number of small and medium-sized mining users is gradually decreasing, and the number of large computing power is gradually increasing. This represents the entry of institutions or large consortiums, and also represents that Bitcoin has entered the vision of mainstream investment institutions, which is also a very big benefit for everyone. In addition, the participants of mining pools have gradually diversified, and some private pools have emerged.

Panda Miner CEO Guo Weicheng: We have noticed three changes in recent times. First, DeFi mining is very popular. Second, we have seen changes in the funds used to purchase mining machines. In the early days, many individual users bought mining machines, but now more institutions or managed funds are buying them. Third, as the amount of funds entering the market becomes larger and larger, their appetite for risk is getting lower and lower, and many will take hedging measures to lock in profits in advance and reduce some risks.

Zhang Li, co-founder of Langshen Miner: At present, small investors still have opportunities in graphics cards, but not in Bitcoin, because there is no purchasing advantage. Graphics card mining machines naturally provide a little protection for retail investors, but as time goes by, the competition will become more and more fierce, including the operation and maintenance teams of large investors becoming more and more professional. This is only a matter of time, so there are not many opportunities for retail investors to enter the market. In addition, capital has gradually entered the mining circle and reshuffled the cards, resulting in the return of the computing power monopoly that many people criticized in the past to a new type of distributed computing.

Zhang Zhenyu, a veteran miner: Mining has undergone substantial changes over the years. First, the location has changed. In the early days, people went to Yunnan, Guizhou and Sichuan to look for hydropower, and Inner Mongolia and Xinjiang to look for thermal power. Now many people go overseas to mine. Second, there has been a change in the number of people working in the industry. Mining has gone from small and medium-sized business owners to now larger players such as institutions, listed companies, and funds entering the mining market.
The third is the diversification of currencies. In the early days of mining, the currencies were relatively single, and the machines were mainly related to Bitcoin. Now other currencies will gradually be added.

Wang Qingbin, partner of Mining Management: After the big funds enter the market, the first requirement is a comprehensive solution, unlike before, as long as there is electricity and the machine is not stolen. The second requirement is relatively high risk control. Big funds usually pay a lot of costs to control various risks. The third is that some big traditional funds do not know much about traditional mining. They need operation and maintenance platforms and asset management platforms.

Roundtable Dialogue: Focus on the Flood Season

PANews co-founder and editor-in-chief Bi Tongtong: served as moderator of this roundtable.

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Zhu Yu, co-founder of Inbit: The impact of the carbon neutrality policy on the mining industry will come soon, but it will also end soon. Mining is different from many industries that need to emit carbon dioxide. Bitcoin mining is a zero-emission thing, and the geographical location requirements for mining are not very high, so Bitcoin mining will quickly complete the coordination and adjustment of the carbon neutrality policy. The mining industry has a great advantage in this regard. There are only 6 million to 8 million mining machines in the entire network so far. It is very easy for us to cooperate in any way we want. It is easy to turn around when the ship is small.

Li Chenglong, General Manager of Hengjia Group's Power Sales Company: It is an indisputable fact that there are more and more overseas mines. From many years ago, Chinese mines accounted for 90% of the world's computing power, to now it has dropped to 50%-60%, indicating that a large number of new mines are being built overseas. Under the carbon neutrality mechanism, in order for mines to achieve sustainable development in the future, they need to find a clean and renewable energy mine. Carbon neutrality and carbon peak will definitely have an impact on mines, but this impact is limited. On the one hand, with the advancement of technology, energy consumption is decreasing. On the other hand, the proportion of electricity consumption for Bitcoin mining in the total electricity consumption of the whole society is negligible, so I think although there is an impact, the impact is limited.

Zhou Yi, founder of Infinity Labs and co-founder of Wuji Chain: Carbon peak and carbon neutrality have been included in the plan for ecological civilization construction. The industry needs to develop sustainably, stably and in the long term, and it needs to be in line with the macro direction. It is expected that the long-term impact of carbon peak and carbon neutrality will be greater than the short-term impact. In addition, the bull market effect and the low electricity prices of hydropower have brought old S9 and A8 machines back to the battlefield. When the coin price is high enough and the electricity is sufficient, the overall computing power will rise. But these types of old machines are still on the edge, and they will still shut down if extreme market conditions occur.

Tang Wanlong: Sichuan is definitely the first choice for mining farms, whether from the perspective of clean energy, electricity cost, or mining farm stability. As for the impact of the carbon peak policy, there is definitely a way to solve it. Now most of the mining farms are wind power farms. By next year or the year after, it is conservatively estimated that 50% of the mining farms will switch to water cooling.

With the wonderful speeches and trend discussions of the guests, the participants gained a lot. The 2021 New Infrastructure Blockchain Summit has come to a perfect end. Let us look forward to the next event and meet again.