Illustration of Antminer S19: Is it qualified to be the Thanos of the mining machine world?

It’s a long story, but the giant Bitmain only announced the latest generation of mining machines, the S19 series, in February this year, and then started mass delivery in May. It has to be said that the action was fast enough to let Xiao Jianjian smell something different.

According to Bitmain's custom, mining machines with independent product serial numbers generally have obvious generational advantages over previous generation products in terms of performance. From the naming rules, it can be inferred that the performance of S19 must have a qualitative leap over the previous generation S17 mining machine. Although the latest S17+ mining machine launch conference was only a few months after the official release of S19, S17 may be the shortest-lived Antminer in history.

According to official data, the S19 mining machine has released two models, namely the low-power version of S19 and the high-power version of S19PRO. In terms of computing power, they have reached an astonishing 95T and a terrifying 110T respectively. Pay attention, this is the first time in the history of mining machines that the computing power of a single mining machine has reached more than 100T.

This is due to the fact that electronic products are driven by Moore's Law and Bitmain's own strength (everyone uses the same chip but they can make the ultimate product). Compared with the most powerful competitor on the market, Whatsminer M30S (88T computing power), S19 already has a crushing advantage.

Laymen watch the excitement but do not know how impressive it is. They think that high computing power is justice, while experts see the doorway and are deeply shocked by Bitmain's black technology. High computing power is not scary, but the energy efficiency ratio is scary. The s19PRO has controlled the energy efficiency ratio to 29.5J/T, while mainstream high-computing mining machines are generally still hovering at 40J/T.

Excellent energy efficiency ratio means that under the same electricity bill, the electricity cost of mining one bitcoin is one-third less than yours, not to mention that they have 110T explosive power. With the same machine, if you can mine one bitcoin a year, while the S19 can mine two. Do you have a familiar feeling that someone who is better than you, works harder than you, looks more handsome than you, and is a social expert, you are a poor student in front of him, and you want to spit out sweet words to retaliate against the injustice of fate.

The release of S19 is of unusual significance. This is not an ordinary product upgrade. In fact, S19 carries the personal future of Bitmain's actual controller Jihan Wu and Bitmain's ambition to return to the throne of the industry.

For mining tycoon Wu Jihan, S19 is the infinite glove he prepared for himself. As long as S19 can succeed, all his internal and external opponents will be eliminated. S19 is his first truly new product since he successfully seized power and took over Bitmain last year. The success or failure of S19 is directly related to investors' judgment on whether Wu Jihan is capable of leading Bitmain back to its peak. At least it proves that Bitmain, without Zhan Ketuan, still has the strongest R&D capabilities in the industry.

Last year, Bitmain suffered a setback in the market. Due to misjudgment of the market and deviation in strategic direction, Bitmain's S17 series miners missed the strategic opportunity of last year's mining machine iteration. Antminer's market share was once surpassed by the newcomer Shenma Miner. This is the first time in five years that Bitmain has felt a crisis. S19 is Bitmain's killer move, and it is an indiscriminate attack. To be the leader, you must have the strength to crush everyone. Bitmain is also very satisfied with the performance of S19, and has repeatedly called on the outside world to return to the peak era of S9.

So is the S19 mining machine really invincible? Indeed, judging from the data, the performance of the S19 can be said to be unprecedented.

However, mining is not just a parameter competition. The official price of the S19 single machine hit a record high of 20,000 yuan, and the average price per 1T computing power is 181.8 yuan. Under the conventional mining farm electricity price of 0.35 yuan, the current daily net income of S19 is 53 yuan, and the payback period is close to 400 days, which is as long as one year and three months. In comparison, the payback period of Shenma M20S and S17 series mining machines last year was more than 200 days, which is a significant gap.

Although the S19 has an impressive energy efficiency ratio, due to the current halving, the mining coin base is about to be halved, so the quotes for futures mining machines that will be delivered in a few months are already lower than the issue price. This may be the mining machine with the fastest price drop in the history of Antminer.

In addition, for the S19 mining machine with radical performance, there are currently no cases of it being put on the market and lit up, and its specific stability still needs to be further verified by the market. In comparison, there is still a lot of room for choice for the mature and high-computing-power mining machines currently on the market.

At present, if S19 wants to return to the glorious moment of S9 era when the market share exceeded 80%, in addition to its own performance, it still has to rely more on the market. As the rival of S19, mining machines such as Shenma M20S and Innosilicon T3 series were delivered to miners as early as last year, and are now in the state of paying back or close to paying back. As long as the market is sufficient to maintain the profitability of these machines, miners will not consider replacing new mining machines in a short time. Therefore, S19 can only hope that the market will go down and directly fall below the profit and loss line of mainstream high-computing power mining machines to force miners to upgrade their machines.

Although Bitmain packaged the S19 as a Thanos-level machine that can kill all mining machines on the market in seconds, this does not guarantee that this machine will be a huge success in the market. There are a lot of products on the market that are well-received but not popular. Whether Bitmain can restore its former glory depends on the market conditions and how its competitors will play their cards next. Now that Bitmain has released its big move, let's see how the heroes from all walks of life will respond!