Biyin China Tour｜The “Mining Circle Annual Meeting” in Wuhan was successfully concluded. The mining industry will usher in refined iterations in 2020

In April 2019, digital asset "mining" was listed in the guidance catalogue for industrial restructuring; in May, the mining industry recovered and mining machines were in short supply; in July, the flood season arrived and the price of coins also saw a small increase; in November, the National Development and Reform Commission removed "mining" from the "eliminated industries", and Canaan Technology was successfully listed. This year's mining industry can be said to have "sweeped a thousand miles" and attracted the attention of the world.

But at the same time, the mining industry also faced many challenges in 2019. From Bitmain’s failed IPO in Hong Kong to conflicts in its internal operations, from Ebang International’s failed IPO to GlobalFoundries’ lawsuit against TSMC for patent infringement.

After experiencing such a year full of opportunities and challenges, Biyin specially invited Alex, Vice President of Xindong Technology, Yang Zhou, founder of PayPal Finance, Deng Keai, VP of Bixin Market Brand, Hu Wentao, founder of Hashhub Cloud Computing Power, and various mining friends to gather at Wuhan Chaoman Hotel on December 30, 2019 to talk about what they have seen and heard this year and have an annual meeting exclusive to them with the mining friends.

Alex, Vice President of Innosilicon: Crypto assets will play an important role in the future financial sector, and computing power is the foundation of the BTC network

When talking about expectations and plans for 2020, Alex, Vice President of Innosilicon, said that in the new year, witnessing is power! He believes that crypto assets play an important role in trade wars, currency wars, and financial wars. The BTC halving in May next year is a challenge and an opportunity, so in the new year, all miners need to "run faster and start earlier to sit more firmly". Finally, he concluded that computing power is the foundation of BTC and a reliable way to continue to obtain BTC rewards. Only by being prepared in the bear market can we seize opportunities in the bull market.

Zhu Yu, Co-founder and COO of Biyin Mining Pool: A new era of comprehensive mining services is coming, and a "Mining Machine Maintenance Alliance" will be established in the future

Zhu Yu, co-founder of CoinIn Mining Pool, shared his thoughts and views on comprehensive mining services in the new era at the "CoinIn China Tour - Mining Circle Annual Meeting". He then pointed out that CoinIn needs to keep up with the trend of the times and meet user needs in the new year, and the corresponding services will also change. In the new year, the profit of mining may become thinner and the payback time will become longer. After the entry of relevant institutions, the scale of the industry will also become larger. At the same time, the technical and management standards and the professionalism of each link will be improved, and the roles of each company in the mining industry will become clearer and more professional. At the end of the sharing, he announced that he would set up a "Mining Machine Maintenance Alliance" in the future to completely change the current workshop-style and guerrilla-style mining machine maintenance market, aiming to bring more professional and diversified services to the market.

Yang Zhou, founder of PayPal Finance: Let the Bitcoin "bullet" fly for a while

Regarding the future trend of Bitcoin, Yang Zhou, founder of PayPal Finance, analyzed it from both macro and micro perspectives and said that he is very optimistic about Bitcoin. In addition, he believes that miners are one of the reasons driving the price of Bitcoin. Regarding the layout of the future mining circle, he pointed out that it is necessary to increase computing power strategically and reduce expenditure tactically. Finally, he emphasized: "Don't be afraid of the decline in Bitcoin prices. We must have confidence in the future."

Deng Keai, VP of Bixin Market Brand: Unprepared miners will be eliminated in 2020

Deng Keai, VP of Bixin Market Brand, admitted that 2020 will be the most difficult year for the mining industry. She predicted that many miners who are not prepared for the halving in 2020 will be eliminated by the market. Looking at the market, Bitcoin is falling most of the time. To this end, Bixin launched Bixin Lending, Mining Shield System, Co-managed Wallet and Mining Pool One-click Coin, aiming to solve the liquidity of users' own funds during market downturns and improve the efficiency of mining machine operation and maintenance.

Hu Wentao, founder of Hashhub Cloud Computing: The sales method of mining machines may be subverted in 2020

Hu Wentao, founder of Hashhub Cloud Computing Power, said in a speech titled "Hashhub Opens a New Chapter in the Purchase of Mining Machine Computing Power" that the mining industry has passed its bonus period and entered an era of thin profits, and miners will face more challenges. He predicted that "small workshop"-style mines will gradually be shut down, and the only way for some small retail investors to participate in mining in the future may become to purchase cloud computing power or mining machine hosting services. In addition, he emphasized that as chip technology becomes more and more stable, the difference in mining machine performance will become smaller and smaller, and the final form of sales may also gradually move towards packaged customized computing power services.

down to earth

When the host Zhu Yu, co-founder of Biyin Mining Pool, asked in the roundtable forum with the theme of "2019 Major Events Review" what we need to prepare before the opportunity comes and what is the most memorable thing in 2019, Alex, vice president of Innosilicon, said that in March 2019, a large amount of funds wanted to enter the market, but some people hesitated, and as a result, the market began to pick up in April, and they missed the opportunity. So now we need to see the trend and learn to follow the trend, not to look at the short-term rise and fall of the market.

Pan Zhibiao, founder of Biyin Mining Pool, said that miners in 2019 are not so miserable. At the same time, some reliable financial products have appeared in the market, and you can participate in investment, but you must not gamble, and you must do a good job of risk control. When talking about the most memorable things, he said that this year's central bank digital currency and Libra launched by Facebook are really eye-catching.

Xingkong, the founder of Bixin, said that what impressed him most in 2019 was that many investors turned their attention back to Bitcoin-related projects. In addition, Bitcoin mining has achieved formal decentralization this year.

Yu Wei, founder of Zhijian Xinyun, said that the most memorable thing was the wave of market in April that brought a lot of attention to the market. He also predicted that in the near future, a large amount of funds will enter the market, and it will be difficult for some small retail investors to survive. As for how to prepare before the opportunity comes, he said that miners need to learn to save costs and continuously optimize the configuration of the mine.

Eaglechain Fund CEO Xu Liangze admitted that in 2019, the rise in the price of bitcoins promoted the development of the market, including the listing of Canaan Technology and the establishment of OKEx in Sanya. These events also made traditional finance more confident in the future of Bitcoin mining.

Look up at the stars

In the roundtable forum with the theme of "The dawn has not yet arrived, but the halving is ahead - Looking forward to 2020", when the host, Wang Li, co-founder of PayPal Finance, asked the guests about their outlook on next year's policies and the positive or negative impact on the market, Wang Shenglin, sales director of Xindong Mining Machine, said that at the beginning of 2019, everyone was generally conservative when discussing Bitcoin and blockchain, but now they are very confident. In addition, the development of the blockchain industry by the Wuhan government is also very advanced and forward-looking. Zhang Li, founder of Langshen Mining Machine, said that there are still opportunities next year, and the final direction still depends on the overall environment and policy trends. In 2020, it is likely to return to the state of 2017. In general, next year will not be so difficult. Wang Yijia, a senior lawyer in the field of digital assets, said that the government recognizes blockchain technology, but if you want to develop blockchain, you still need to empower entities. In addition, you must believe in the law. All businesses have legal risks, so it is important to know where the legal red line is.

When talking about the outlook for the mining industry in 2020, Wang Shenglin, sales director of Innosilicon Mining, said that from the perspective of mining machine sales, the total network computing power, power resources, miners' enthusiasm for mining, and the production capacity of mining machine manufacturers have formed a closed market loop, and the halving of Bitcoin or the rise in the price of the currency will break this situation and form a higher level of balance. In addition, he believes that time is very important for miners, and the earlier you mine, the higher the profit.

Zhang Li, founder of Langshen Miner, said that from the perspective of miners, the future is unpredictable, and the direction of the mining circle still depends on the price of coins. Of course, in 2019, many mining companies are desperately updating and iterating technology. This also means that as long as there is enough funds and production capacity in 2020, next year may not be as bad as everyone imagines. Finally, he emphasized that mining should be started as early as possible, but at the same time, the cost should be calculated. He also hopes that the mining circle in the future can come out of the shadows and into the sun.

Wang Yijia, a senior lawyer in the field of digital assets, also answered the question from her perspective. She said that what she is most concerned about is the transparency of the mining circle. Therefore, she hopes that the mining circle in the future can gradually move towards compliance, transparency, and standardization. However, there are a series of difficult-to-solve problems in the current market, such as complex equity structure and machine confirmation of ownership. However, she also pointed out that the entry of traditional financial institutions into the mining circle has promoted the compliance process of the industry.

When talking about the price and market expectations of Bitcoin after the halving next year, Wang Shenglin, sales director of Xindong Mining Machine, said that he is very confident about the future price of Bitcoin. As long as the market enthusiasm is there, the price of the currency will definitely rise. In addition, he emphasized that the price of the currency will not rise sharply next year, but the price will definitely fluctuate and rise. Zhang Li, founder of Langshen Mining Machine, said that the rise in Bitcoin prices will not come so early, but the mining circle next year will never be so sad. Wang Yijiaze, a senior lawyer in the field of digital assets, believes that things are precious because they are rare, and the number of Bitcoin is certain, so in the long run, Bitcoin will definitely show an upward trend, and the future belongs to Bitcoin.

On December 30, 2019, a gathering of the mining circle at Wuhan Chaoman Kerry International Hotel was held, which was a perfect ending to the mining circle in 2019. At the same time, the third halving of Bitcoin has entered the countdown stage. 2020 may be the most difficult year for miners, and it is also the year that requires the most strength.

Thanks to the partners: Xindong Technology, Kuanghaihui, Zhijianxinyun, Hashhub Cloud Computing, Bixin, PayPal Finance, Computing Power 360, Jiasheng Data Technology, Yinbit, Qianben Electric, Weierdaxing, Woyou Mining, Koala Miner, Eagle Chain Fund, Dongdian Technology, Haohan Core, 51Miner