The 4.24 special session of the New Infrastructure Blockchain Summit ended successfully

On April 24, 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.

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 also invited leading companies such as Shenma Mining, Innosilicon, NBTC, BitMining (formerly 500.com), Ebang International, Amazon Web Services, Wangsu Technology, F2Pool, BiXin, ipollo, Renren Mining, Spark Pool, PayPal Finance, Antminer, Sinovation, BTC.com, Binance Pool, as well as more than 100 blockchain industry leaders, experts, and scholars from home and abroad to participate.

In the morning, many brand companies were ready to go in the exhibition area.

In the morning, a large number of blockchain practitioners and enthusiasts gathered

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

Morning main venue: World's new infrastructure supercomputing capital

Zhu Jiaming, economist and chairman of the Academic and Technical Committee of Digital Asset Research Institute, shared his speech "Computing Industry and Digital Economy":

There are two types of computing power in a broad sense. The new computing power is decentralized computing power, including computing power based on blockchain and hash computing power + Merkle Proof; the other is traditional (classical) computing power, which is centralized computing power, which is non-blockchain computing power. Based on this computing power structure, the public chain structure has been evolving over the past decade, from Bitcoin to Ethereum to IPFS. From last year to now, the mining circle has entered the open stage. The new computing power with a history of 11 years has already possessed the basic characteristics of industrialization. A large amount of structural capital has entered the mining field. Ethereum's nodes have exceeded Bitcoin's nodes, and platforms like Coinbase have also achieved unprecedented development. It can be said that 2020 is a year in which the computing power supported by blockchain has been fully developed, and the industrial chain with computing power revolution as the core has basically taken shape.

It is inevitable that new computing power will replace traditional computing power, forming a new infrastructure based on blockchain-computing power-storage. Since BTC, the so-called digital assets are mainly derived from computing power, and computing power is assets. Mining = assets, and a special distribution mechanism is formed during the mining process. Computing power forms the basic model of digital assets, generating new financial systems and new distribution systems. The future of the computing power industry is that blockchain, computing power, and storage will become the infrastructure for social operation and the container for human and social behavior. The computing power revolution has pushed the computing power industry into a new stage and a new cycle.

Wang Xin, Marketing Director of Shenma Mining Machine, shared "Running for Dreams - Shenma Helps the Industry Go Global":

The blockchain industry is developing in full swing. This year is destined to be an extraordinary year. The industry has undergone many major changes. The first North American exchange was listed and the market value of Bitcoin exceeded one trillion. All of this proves that the development of the industry has created dreams for all participants. Guosheng Securities' research shows that as of the end of March, overseas computing power procurement has reached 2.1 billion, and the entire procurement accounts for 16% of the existing computing power. Shenma pursues planned operations and proposes that mining machines need to have new standards in the 3X era, namely low power consumption ratio, high stability, and long warranty period, and pioneered a one-year warranty for mining machines in the industry.

The first roundtable discussion in the morning was "The bull is unstoppable, and the world's leading manufacturers are riding the wind and waves": Zhang Xingxing, CMO of BiXin Wallet, served as the host of this roundtable discussion.

Zhang Wencheng, Sales Director of Shenma Mining Machines: The bear market will definitely come. For mining machine companies, what we can do is to continuously improve the competitiveness and performance of our products and expand our market share and influence. We are very happy to see that Shenma has made great progress in terms of product recognition, global layout and brand influence over the past period of time. I believe that if we make corresponding preparations, we will have good opportunities in both bull and bear markets.

Gao Yu, COO of Ant Mining Pool: This bull market is obviously different from that in 2017. The entry of various large funds and US listed companies has led to a support level for this bull market, but there will definitely be fluctuations in the future. For miners, the most important thing is stable mining. Bitmain hopes to create a good environment for everyone in all aspects. As the industry leader, we will go overseas to investigate for everyone, select the best projects, and build an ecosystem with all partners.

Alex Ao, co-founder of Innosilicon: Different industries follow the same rule, that is, change is the most fundamental characteristic. The blockchain industry has experienced sharp rises and falls, but the overall trend is a curve-like growth, and this general trend must be accurately identified. In addition, practitioners must also recognize the reality and illusion of the industry. It is more important to master the balance and the big trend than a small fluctuation and change.

Xu Yinglong, CEO of Ke Yin China: Any market has cyclicality, but if we extend the cycle, for example, ten years, the middle is just fluctuations, and the long-term trend must be stable and upward. We are bullish on this market in the long run, so Ke Yin Capital will continue to increase its support for the R&D investment of Sichuangyou, and better cooperate with leading companies in related fields. To build a better bridge between traditional industries and blockchain industries, we will continue to comply with regulations and improve our internal strength in the future, while hoping to have better performance in the capital market.

Shao Yadong, Assistant to the President of Haowei Technology: I think that whether it is an eternal bull market or a clear-cut bull-bear transition in the traditional sense, bull and bear markets are inevitable at a certain time or space. Instead of worrying about the bull-bear transition, it is better to change your mindset and conduct mining in a fixed investment manner. Mining can well avoid too many frequent subjective judgments. Value investors are the ones who have the last laugh in this industry.

Zhu Yu, co-founder of Inbit, shared "2021, Mining is Easier":

There are rumors that Bitcoin mining will become more and more difficult after the halving, but this is not actually the case. Bitcoin production is halved every four years, and production is indeed shrinking, but the price of Bitcoin increases by dozens or hundreds of times every four years, so our industry has been growing at a high speed. The second statement is that mining has shifted abroad, and it is becoming more and more difficult to mine in China. But the geographical distribution of computing power has actually been changing. Mining needs to consider three factors: price, legal environment and public security environment, and electricity price. The whole world knows that Sichuan and Xinjiang have always been the world's mining center. The third worry is that there will be mining difficulties when the mining machine is updated and iterated, but now there are new technologies that subvert the mining machines on the market, and the chip production capacity and energy supply are very limited, so this statement is self-defeating. The fourth statement is that it is now the institutional era, and it is difficult for retail investors to mine. But every mature financial market organizes retail investors into institutions through various forms such as wealth management products and funds.

However, although mining has become easier to do, there are still a lot of practical problems at the business level that need to be dealt with, such as difficulties in manpower, management, operation and maintenance, etc. Therefore, one-stop service companies have emerged in the industry, such as Yinbit, Waiyi, Donghong, etc. Yinbit is the first service company to provide free maintenance for mining machine hosting packages. It is a mining machine maintenance company with the most complete official qualifications and the widest network coverage, which can professionally manage and solve practical problems of mining.

Gao Tianlin, Business Director of Bitmain's Pacific Region, shared the impact of institutional entry on the mining industry ecosystem:

Recently, the capital market has become more and more favorable to the mining industry. Stocks related to mining or direct or indirect currency holding and computing power services have been favored by the capital market. In the process of rapid development, the industry has also accelerated the transformation of global energy. The mainstream clean energy is hydropower, wind power, solar energy, and geothermal energy. Hydropower is currently the most mainstream and common clean energy, and its cost is also the lowest, basically 1-4 cents per kilowatt-hour. In the past two years, wind power and solar energy have begun to keep pace with traditional energy.

The mining industry is always migrating, and miners always tend to look for better resources, whether it is electricity resources or stable resources. We hope to help miners seize the North American gold rush. Starting in May, Bitmain will conduct an inspection of U.S. mines in terms of mine scale, electricity prices, quality, business relations, and mineral relations.

Yikuang co-founder Li Haiyang and Yikuang Network Technology Co., Ltd. CEO Zhou Rong shared "Yikuang, a reliable mining machine trading e-commerce company".

Li Haiyang, co-founder of Yikuang, pointed out that Yikuang mainly realizes the circulation and trading of mining machines in the industry. The goal of Yikuang at the beginning of its establishment was to go public.

Zhou Rong, CEO of Yikuang Network Technology Co., Ltd., further pointed out that Yikuang wants to be the JD.com or Tmall of the mining circle, and proposed a slogan of 1 billion subsidies, hoping to bring together reliable merchants so that miners can buy goods on this platform.

Afternoon main venue: New wave of mining industry

In the afternoon, Tong Lei, head of PayPal Financial Services, gave a speech entitled "Seizing the Opportunities at the Turning Point of the Cryptocurrency Market":

Interest rates are the core of asset pricing. In traditional financial markets, grasping interest rate changes can roughly tell you the price and trend of an asset. Bitcoin is also a financial asset, and its price and logic are also inseparable from the macroeconomic analysis framework. In the final analysis, the ultimate driving force of this round of bull market is still the monetary easing of central banks led by the Federal Reserve, which is the source of a series of asset price increases. If we pay attention to interest rate indicators, we can predict the rhythm of the bull market in advance with a high probability. Although there is no unified indicator in the crypto asset market to grasp its market interest rate, there is one point worth noting, that is, there are inter-institutional borrowing transactions in the cryptocurrency credit market, and the interest rate in the borrowing market is an indicator worth paying attention to. Before the 312 crash in 2020, the inter-institutional borrowing rate rose rapidly, which we believe is an early warning of excessive market leverage.

BitDeer Yu Kun shared the theme of "Cloud Mining - Why wait? Start mining now!":

Buying coins directly requires extremely high psychological quality and risk tolerance of investors. The fluctuation of coin prices is difficult to predict, and the phenomenon of buying high and selling low is common. Compared with buying coins directly, I personally think that the cost of obtaining Bitcoin through cloud computing mining is relatively lower. From the perspective of the 2021 crypto mining landscape, overseas institutions are rushing into the market, with large capital volume and stronger risk resistance than ordinary investors; the world is short of "cores", the mining industry's production capacity is limited, and old machines are restarted; affected by "carbon neutrality", Bitcoin mining will gradually shift to clean energy; blockchain and digital currency mining concept stocks are favored by traditional investors.

Summit Dialogue "Institutional Bull Market Roundtable Discussion with US Listed Companies":

Zhu Yu, co-founder of Inbit, served as moderator of this roundtable.

Yang Xianfeng, CEO of BitMining:

The most important thing we have learned from overseas operations in the past eight years is compliance, which will further guide the upgrading of the mining industry. The US market has strict requirements. Companies use cash or stocks to buy mining machines, computing power and mergers and acquisitions. There are strict requirements for disclosure procedures, due diligence procedures, legal affairs, and audits. We must pay attention to compliance in all aspects. Next, Bit Mining will do closed-loop mining. We will also accelerate the layout of North American mines, further expand the market share of head mines, mainstream digital currency mining machine computing power, and BTC.com mining pools, and become the world's leading digital currency mining company.

Summit dialogue "Joining forces again after 18 months - reviewing the long bull market"

Wan Hui, founding partner of Primitive Ventures:

For long-term cryptocurrency players, it is more important to grasp the general trend. 18 months ago, there were three cycles of resonance, namely: Bitcoin halving cycle, economic debt cycle, and legal currency credit cycle.

Dovey said that in this round of bull market, Bitcoin has not seen a drop of more than 35%, and its volatility is converging. When the price of Bitcoin exceeds $55,555, it is equivalent to the size of a medium-sized or large-sized technology stock. In the future, more traditional financial infrastructure will enter and serve it. As for the top of the bull market, it is about $200,000, and the second top is about $150,000, because it is equal to the market value of gold as a financial trading asset.

In addition, Dovey pointed out that DeFi has turned Bitcoin into a very good interest-bearing asset, and it is also a parallel asset with the highest credit rating in our equal world. From the perspective of Bitcoin, it is of course a positive. At this stage, we are still in the first three minutes of the development history of DeFi, and there are a lot of financial Lego blocks that have not been completed. So everyone should deeply participate in and pay attention to DeFi.

Meng Xiaoni, Vice President of Bit Mining Group and CEO of BTC.com, shared the theme "The Future Has Come, Only Change Remains Unchanged":

The reshaping of the energy industry has accelerated the transformation of the global blockchain mining industry, making the scope of emerging mining more distributed. The rise of green energy has also changed the design of mining machines and mines.

In addition, Meng Xiaoni pointed out that listed companies are transforming into important industry participants. Among them, mining has become the preferred entry point for capital to enter the market. The continuous investment of strong funds has attracted more increments, making the public more accepting of the cryptocurrency market. At the same time, the blockchain industry will also usher in its golden five-year development opportunities, giving birth to more companies with strong financial strength, strong compliance capabilities, and strong cross-field service capabilities, and the industry will enter a virtuous cycle stage.

Meng Xiaoni said that when the blockchain 3.0 era arrives, blockchain technology will be derived from various industries other than the financial industry, giving birth to more business models, with stronger business logic, promoting greater industrial changes, and popularizing the application of blockchain. This will be an era of flourishing and product explosion. In this process,

BTC.com has adjusted its short-, medium- and long-term development strategies and is ready to go again.

Hello Pool founder Zi Cen's keynote speech "MASS - The surging tide will eventually flood every depression":

A consensus has been reached in the industry that we have entered the middle stage of the bull market, and the late stage of the bull market is very simple. After the middle stage of the bull market, it is a time of chaos and bold pursuit of bubbles. During the bull market, we need to find value depressions and analyze the ability of projects to lock chips and lock the circulation during the bull market. DeFi is a very effective means to create bubbles and lock the underlying chips.

In addition, Zi Cen stated that we are in the credit asset market, and the logic of investing in any track is the same as investing in Bitcoin. Other resources are needed to give these credit assets more credit.

Roundtable discussion "Global mining fields look at China! Supercomputing Center's 2021 global trend analysis":

Binance Pool Heineken served as the moderator of this roundtable.

Wang Yapeng, Assistant to the Chairman of Yunhe Data:

The trend of carbon neutrality and energy consumption reduction will only affect electricity prices, but will not lead to the closure or reduction of mining farms in Xinjiang. Overall, it will have an impact on the mining industry, but the impact is not significant. As more and more funds flow into the mining market, relatively stable thermal power mining farms will become more and more important, and mining farms have a tendency to develop overseas.

Liu Jibin, Vice President of BitMining and General Manager of Changhe Hydropower Consumption Park:

Carbon neutrality and energy saving have become the main theme, which will bring some new changes to the competition in the mining industry: high-quality mining farms will be in short supply, which is more obvious for hydropower mining farms. The current surge in coin prices has led to a sharp increase in mining revenue, and the increase in uncertainty caused by carbon emission policies in thermal power mining farms has made miners choose hydropower mining farms instead of "economic accounts" but "stability accounts". Therefore, stable, compliant, high-quality hydropower mining farms will become scarce resources.

Liu Yang, Marketing Partner of BitExpress:

Whether it is a new mine or an old mine, including overseas mine resources, it used to be a fragmented mine, but now it is a large-scale mine. From the perspective of the competitive landscape, there is not too fierce competition for stable power mines, and it drives everyone to improve themselves better. With the entry of funds and institutional customers, the momentum is formed to push the large-scale old mines to continue to progress and move forward, and gradually transform from the provider of stable power infrastructure in the past to the role of providing mining solutions for customers.

Liu Naida, founder and investment director of XinGu Cloud:

The mining industry is clearly market-oriented. Whether it is Sichuan mining or foreign markets, more and more investment institutions would rather spend more money and first consider the long-term, stability and compliance of the mining industry. This is also the future development trend of the mining industry.

Ye Xin, founder of Ouyue Technology:

As the price of mining machines rises, some miners consider the safety of power supply as the first consideration when choosing a high-quality mining site. At present, the quality of mining sites with wastewater disposal in Sichuan is still good, so for some miners with high-computing power machines, wastewater disposal parks can be considered in 2021.

Dong Zhen, head of Shanghai Waiyi Investment Department, shared "How Big Funds Enter Mining":

We are now in a new round of bull market in the blockchain or digital currency industry. For mining, now is also a very good time. Shanghai Waiyi provides 100 million yuan of funds as subordinated to help large funds enter the mining market. The biggest difference between this round of bull market and the previous round of bull market is the entry of institutions, especially overseas institutions. In addition, the development of compliance in the United States allows these large funds to invest in digital currencies. In addition, many traditional institutions on Wall Street have begun to accept the concept of Bitcoin as "digital gold".

Wang Qingbin, founding partner of Mine Management, shared "The Way to Streamline, Excellent Operation and Maintenance":

The mining management company split the original version. The first section still has the original functions, called the enterprise version, which greatly reduces the difficulty of operation, simplifies the process, interface and operation. The second section is for those mines that do not need too many functions, and simplifies the functions to make a streamlined version to solve the entire operation and maintenance process. The most important thing about the streamlined version is that it is free.

Chen Lei, founder of BitBlueWhale, shared the "Annual Review and Analysis of the Computing Power Market":

There is an incomplete statistics of crisis events in mining farms in 2020-2021, and the reasons include unstable electricity prices, power outages, internal disputes, local policies, technical accidents, force majeure, etc. Due to the problem of carbon peak, nearly 20 mining farms and 1.2 million loads in Inner Mongolia were affected. This year, the Sichuan Provincial Government vigorously supports and develops waste water disposal, and will continue to consolidate its position as a global computing power center; Inner Mongolia, the only province that has not reached the carbon peak target, began to implement high electricity prices in May, and follow-up observation is needed; Xinjiang mining farms are relatively relaxed overall.

Chen Lei said that overall, the industry is still relatively extensive, and the overall standardization and transparency are still insufficient, but it is much better than in the past. At the same time, the mining machine industry chain is accelerating its transfer: large-scale entry of US dollar capital, the scarcity of mining machine production capacity requires attention to new forces, the accelerated transfer of complete machine production and after-sales overseas, and the accelerated expansion of overseas infrastructure.

Roundtable Dialogue: "360 Industries in the Mining Circle, Every Industry Has Its Own Top Talent"

Wang Yukun, content director of Golden Finance, served as moderator of this roundtable.

Wang Dong, head of Mining++ operations:

More and more professional and large institutional players are joining the crypto mining industry. The entire industry is developing towards a trend of standardization, specialization, and institutionalization. It is too early to talk about internal circulation now.

Puguang, Business Development Director of Braiins:

Involution does not exist for us, because we focus on the development of Bitcoin technology and have been contributing to the Bitcoin ecosystem since Bitcoin was launched in 2008. Traditional funds entering the cryptocurrency field can enrich its business ecology, which we welcome very much.

Ma Rui, partner of Gain Capital Data:

As more and more funds and institutions enter the industry, it is very important to provide better services to miners and provide more products that are in line with their ecology.

Chen Yunxi, head of 77pool operations:

Competition in Ethereum mining is far from as fierce as that in Bitcoin, mainly because Ethereum's current mining model is not as large as Bitcoin's Asic mining machine, and the computing power it brings is not as fast, and it is generally in a stable upward stage. In my opinion, there are two factors that affect the internal circulation of the industry: one is external factors, market conditions and competition from competitors; the other is the company's own structure and management factors.

This is how a day’s journey in the mining circle came to an end. Tomorrow the summit will discuss topics related to distributed data, as well as the 8th anniversary celebration of F2Pool, and we will enjoy the carnival with the audience on site.