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Text | Zheng Yi Editor | Bi Tongtong Source | PANews Wu Jihan returned with a high profile, using three tricks: "installment payment", "option hedging" and "joint mining": buying mining machines with a low threshold, teaching miners how to hedge risks, and turning other people's mining farms into his own franchisees. This time, Wu Jihan played a big game. On the afternoon of December 7, Wu Jihan stood at the Fairmont Palm Springs Hotel in Chengdu. At this moment, he was no longer haggard, and his face looked a little relaxed. Wu Jihan’s self-introduction was even more high-profile, writing "Chairman and CEO of Bitmain." As of today, Zhan Ketuan seems to be completely out of the game. On the big screen in the center of the stage, a clear slogan was printed behind Fan Xiaojun, the head of Bitmain’s sales: “The Bitmain you are familiar with is back.”
o1 BitMicro's Sniper
It is reported that this closed-door meeting is Bitmain's annual customer appreciation meeting, and a new sales plan will be released at the meeting. His goal is simple, in the new environment where Canaan Creative successfully went public, Shenma Miner is in the process of developing, and even Ebang shares are planning to go public in the United States, Bitmain will return to its absolute leadership position, rather than a "three-legged tripod" or even "four-way split" situation, and Antminer will also regain its lost market share. Some customers who attended the thank-you party also told PANews that in addition to the product and market aspects, the important significance of this meeting was that Wu Jihan came forward to "stabilize the people's hearts."
But unexpectedly, an "uninvited guest" launched an unexpected attack on Bitmain. Perhaps it was because it knew in advance that Bitmain would hold a thank-you party, that MicroBit urgently announced the release of a new generation of cost-effective and high-computing power mining machine Shenma M30S on its official WeChat public account at 3:46 am on December 7. According to official data, the overall computing power of this model of Shenma mining machine is as high as 88T, and the power consumption is 3344W, but the power consumption ratio has reached 40 joules per T, reaching 38 joules per T. Its comprehensive cost-effectiveness has exceeded that of Ant S17+. MicroBT calls it "an industry benchmark that cannot be replicated." Bitmain and MicroBit have been grudged for a long time. According to reports, after Zhan Ketuan was only willing to give Yang Zuoxing, a chip designer at Bitmain, 0.5% of the shares instead of the 2% he wanted, Yang Zuoxing left Bitmain and founded MicroBit. Since then, the two companies have engaged in a series of patent lawsuits full of gunpowder. Recently, Yang Zuoxing was taken away by the police to "assist in the investigation" and has been out of contact ever since. MicroBit's attack this time is obvious.
But the "killer weapon" of Wu Jihan's thank-you party was not the competition of mining machines. As expected, the much-anticipated S19 mining machine did not appear. At the thank-you party, Wu Jihan emphasized a new sales model that combines finance and mining. From now on, the mining field may enter the era of leverage. O2 Mining Machine Sales Three Axes
According to the on-site introduction, Bitmain has launched an installment payment model for mining machines. As long as you purchase more than 100 mining machines, you can enjoy a minimum down payment of 50%. If you purchase more than 5,000 mining machines, you only need to pay a 20% down payment, and the remaining balance only needs to be paid 7 days before shipment. This model of Bitmain objectively lowers the purchase threshold for channel dealers and reduces the cash flow pressure of major customers, because Antminers are generally futures, and the delivery time is often delayed by 1 to 2 months from the order date. Before that, customers need to pay the full amount for the mining machine, which causes great financial pressure. However, this move is also understood as a kind of concession by Bitmain in order to speed up the grabbing of market share, because in the past, Bitmain was confident and arrogant.
In order to prevent a sharp drop in the price of the currency, Bitmain said it would purchase option products from Matrixport to help customers protect against the drop in the price of the currency. Any order over 10 million yuan can obtain an option of 1% of the total amount. For example, if you order 1,000 Ant S17 Pro mining machines with a computing power of 53T, the unit price of each S17 Pro is 11,130 yuan, and the total order amount is 11.113 million yuan. It meets the gift conditions, 1%*11.113 million=111,330 yuan, and the order can obtain several put options. It should be noted that the option product provided by Bitmain is the "Bitcoin 2020/3/27 35,000 CNY Put Option". In simple terms, if you hold this option, you can sell one Bitcoin at 35,000 yuan on the exercise date of March 27, 2020. The value of this put option is that the more the Bitcoin price falls, the greater your profit margin. For example, if the price falls to 20,000 yuan, you will make a profit of 15,000 yuan after exercising the option. However, if the Bitcoin price exceeds 35,000 yuan, this put option is worthless because no one will exercise it. Bitmain's move is actually killing two birds with one stone. This is because the option product can not only lower the psychological threshold of customers to buy mining machines to a certain extent, but also teach miners to use financial tools to hedge mining risks; it also effectively promotes Wu Jihan's new company Matrixport.
In addition, Bitmain also announced the launch of a new "joint mining model", in which Bitmain will provide S17 series mining machines. The cooperative mining model will last for one year. Bitmain will also pay the annual mining electricity bill (the electricity bill is calculated at 0.35 yuan), and the partner will provide mining farms, maintenance personnel and other infrastructure. According to the on-site introduction, the profits during the cooperation period will be settled monthly, and the net profits will be distributed according to 25% for the partner and 75% for Bitmain. If the profits cannot offset the electricity bill, no distribution will be made. Bitmain's move is similar to "mining farm franchising", which saves the cost of building a mining farm and quickly deploys machines to the production environment for mining operations.
Bitmain has changed its usual arrogant attitude. Whether it is "installment payment", "option hedging" or "joint mining", it is all about lowering the user threshold and binding users firmly for a long time. Whether the market will buy into this move remains to be seen.
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