The New Era Mining Summit 2019 Annual Ceremony concluded successfully on September 23!

The New Era Mining Summit 2019 Annual Ceremony, organized by Biyin Mining Pool, Bixin, MicroBT, Innosilicon, Canaan Creative, and Ebang Technology, came to a successful conclusion on the 23rd.

More than 50 industry heavyweights, including Yang Zuoxing, founder of Shenma Mining Machine, Kong Jianping, co-chairman of Avalon Mining Machine, Wu Gang, founder of BiXin Wallet, and Pan Zhibiao, founder of CoinIn Mining Pool, attended the summit and delivered wonderful keynote speeches.

On September 21, Biyin held the "Satoshi Night" to gather outstanding people in the industry to discuss hot topics in the industry.

(Wu Gang, founder of Bixin)

At the "Night of Satoshi Nakamoto", Wu Gang, founder of Bixin, said that the core value of Bitcoin is decentralized value storage. First, its algorithm is simple and there are many mining machine manufacturers. Second, due to human greed, PoS and PoC, which do not consume electricity, will be monopolized by giants, while PoW, which consumes electricity, is truly decentralized.

He believes that Bitcoin does not require global blockchain consensus as a payment application, and the Lightning Network has been widely used. Therefore, a decentralized blockchain plus a second-layer payment network will be the main model of cryptocurrency in the future.

(BiXin partner Xiong Yue)

Regarding the prediction of the future price of Bitcoin, Bixin COO Xiong Yue said that Bitcoin has an upper limit of 21 million and it is the only truly scarce thing besides time. According to a foreign study, after the next halving, the market value of Bitcoin will be 1 trillion US dollars and the price will reach 55,000 US dollars.

(Pan Zhibiao, founder of Biyin Mining Pool)

Finally, Pan Zhibiao, founder of Biyin Mining Pool, gave a detailed introduction to the distribution of computing power in China. He said that according to the power generation distribution map in 2018, coastal cities such as Shandong and Jiangsu have the most power generation, but due to economic development, consumption is also high. Therefore, only provinces such as Inner Mongolia and Sichuan, where power generation is large but supply exceeds demand, have become the most densely distributed areas in China.

(New Era Mining Summit 2019 Annual Ceremony)

On September 22, the "New Era Mining Summit 2019 Annual Ceremony" kicked off in Chengdu. This conference added two sub-venues, namely PoW and Hard Drive, which will cover more diverse and broader industry fields. At that time, we will discuss the multi-field development of mining with technical experts such as mining pool technology, exchange/wallet architecture, overseas mining practitioners, early PoC evangelists, and many investors and founders, collide with cutting-edge technical thinking, tap potential industry resources, and create opportunities for in-depth cooperation.

(Kong Jianping, Co-Chairman of Avalon Mining Machinery)

At the beginning of the event, Kong Jianping, co-chairman of Avalon Mining, delivered a keynote speech entitled "Blockchain: Opening a Trusted Silicon-based Civilization". In his speech, he mentioned that the accumulation of wealth comes entirely from the opportunities brought by the economic cycle. Every change from the old order to the new order will bring huge opportunities. The world is currently at the turning point of the fifth long wave. The biggest opportunity now is digital currency in the digital age.

Looking at the recent regulatory dynamics, in 2017, when the central bank leaders talked about digital currency, they talked about regulation. But today, the core word mentioned by the leaders is research. It can be seen that the official attitude towards digital currency has changed from being cautious and regulatory to being more research-oriented. In the future, it will be more supportive, which is in line with the trend of the times and technological development.

In the future, there will be cloud computing, super nodes, edge computing, etc. Hybrid computing based on blockchain will surpass current real estate and digital real estate, and it will become an important asset category for mankind. Humans will move from carbon-based civilization to the silicon-based civilization era. In the silicon-based civilization era, all computing power comes from mining machines, which are the cornerstone of silicon-based civilization. When it comes to the prediction of the future price of Bitcoin, he said that the biggest obstacle for Bitcoin to break through $100,000 is time.

(Zhu Yu, co-founder of CoinIn Mining Pool)

Afterwards, Zhu Yu, founder and COO of Biyin Mining Pool, delivered a keynote speech entitled "New Era Mining Circle, New Era Biyin".

In his speech, he said that the mining industry has gone through three eras: the CPU/GPU/FPGA mining machine era from 2009 to 2012; the ASIC era from 2013 to 2015, when computing power increased rapidly; the S9 mining machine era from 2016 to 2018, when 16nm chips were launched and the computing power of a single machine was 13.5T; today, the mining industry is about to enter a new era. The new standard for mining machines in the new era is that the power consumption is 45-80W/T, and the chips will enter the 7nm, 10nm, and 16nm fields. The computing power of 2200-2500 watt equipment will be 30-50T, and the computing power of 3000-3500 watt equipment will be 50-70T.

In the new era of mining, the market capacity is larger, users are more professional and picky, and practitioners are more skilled. The new era has taken shape: de-monopolization, the original tense feeling has disappeared. Institutions have entered the market, practitioners have become more professional, and the mining ecosystem has risen. Miners continue to differentiate.

(Wang Shenglin, Sales Director of Innosilicon Technology)

In a speech titled "Using the Advantages of Spot Products to Seize the Great Opportunity of Halving the Coin Production", Wang Shenglin, Sales Director of Innosilicon Technology, mentioned that although there seems to be a large number of machines recently, machines with good performance, good stability, low energy consumption, early futures, and the ability to produce large quantities are still hard to come by. The shortage of high-performance spot mining machines will be the mainstream trend for some time to come.

According to the data of shipment and mine operation, there are about 4.3 million mining machines in operation. However, with the increase of mining difficulty and the halving of output, the market will have a demand for 1.5 million mining machines. This is like a funnel, which looks full but is actually leaking oil. This is the trend.

(Zhang Lu, co-founder of Computing Power 360)

At the New Era Mining Summit 2019 Annual Ceremony, Zhang Lu, co-founder of 360 Computing Power, announced the launch of the world's first mining machine physical delivery computing power contract platform. She said that there are fewer and fewer channels to obtain Bitcoin at a low price, and we have seen the pain points of this market. Mining is asset-heavy, it is difficult for retail investors to enter the market, mining machines are in short supply, the market demand is still 1.5 million units unmet, computing power surged before halving, electricity costs soared during the dry season, and other problems. The profit space of mining is increasingly squeezed, the liquidity of mining machines is poor, and opportunities are always in the hands of a few people. The resulting information opacity is the most profound problem in the underlying logic of the entire industry.

We launched Computing Power 360, the world's first computing power trading platform for physical delivery of mining machines. You can buy and sell mining machines on the platform to make a profit, or you can buy mining machines to mine and make a profit. It will break the pricing power of leading companies over mining machines.

(Pan Zhibiao, founder and CEO of Biyin Mining Pool)

Pan Zhibiao, founder of Biyin Mining Pool, delivered a keynote speech entitled "BUMP - A New Mining Protocol with More Efficiency and Decentralization" at the conference, focusing on the newly designed mining protocol - BUMP (Bitcoin Universal Mining Protocol). He explained that the mining pool coordinates thousands of miners through a dedicated mining protocol, and the current mainstream mining protocol is stratum.

The principles of BUMP include simplicity, statelessness, and decentralization. Because the simpler it is, the less likely it is to make mistakes. As a protocol, the best thing is to do subtraction, not addition. The stateless "state" is the number one enemy of building a large distributed system. If you make a state, you will not be able to do anything. After being stateless, it is very friendly and simple to implement proxy or forwarding tools at various levels, and it is easy to split the network layer, business logic layer, etc., to facilitate the construction of a stable and reliable distributed architecture. Decentralization is to weaken the "proxy ability" of the mining pool, such as "upgrade voting", "transaction packaging", "block reorganization", etc., so that the power should return to the miners. The adoption of this protocol needs to be supported by other mining pools and mining machine manufacturers.

(PoW returns as the king)

During the development of Bitcoin, PoW has always been controversial. Whether facing the continuous impact of PoS and PoC, or the continuous restrictions of various countries' policies, PoW's king status cannot be erased. In the roundtable discussion with the theme of "PoW King Return", industry authorities shared their views on this topic.

Wu Gang, the founder of BiXin, said that PoW disperses a lot of rights and interests, not only in the exchange link, but also in manufacturers and electricity. Therefore, in terms of the degree of participation, including the degree of decentralization, PoW is definitely the best, and the market value of Bitcoin also illustrates this point.

Pan Zhibiao, founder and CEO of Biyin Mining Pool, said that the Internet has completely opened up the borders. The issue of land used to be inherited, but later it was taxed. Many DPoS have a sense of inheritance, without any tax, and early holders of coins can get a lot, which is completely unfair and will lose innovation. PoW is very fair and free. PoW is a very fair track mechanism. Any behavior of inheritance and taking things without working will exclude market talents. Only PoW is fair.

Peter from Bitcoin Magazine said, why is PoW fair? In the PoS consensus, it is difficult for a newcomer to compete. Everyone puts their coins in the exchange, and the exchange can build a super node at zero cost. It is impossible for newcomers to compete with them, which leads to a situation where the rich get richer.

Deng Keai, brand director of Bixin Market, said that PoW is the computing power consensus that has been verified for the longest time and has the largest number of users. It carries such a large market value of Bitcoin and has not encountered any problems in the past ten years.

If a stronger consensus algorithm emerges in the future, it must suppress PoW in all aspects and surpass PoW by several orders of magnitude, such as exceeding Bitcoin in market value. Only after a longer period of experience can it be said that another algorithm is more valuable than PoW.

(Deng Keai, Brand Director of Bixin Market)

At the afternoon session of the "New Era Mining Summit 2019 Annual Ceremony" on September 22, Deng Keai, brand director of Bixin Market, first shared "A Few Little Things About Bitcoin". She said that from the miners' revenue chart, we can see that the top in 2011 is the bottom in 2013, the top in 2013 is the bottom in 2014, and the top in 2014 is the bottom in 2019. Therefore, it is estimated that Bitcoin will not fall below $40,000 in the next bear market.

In May 2020, the output of Bitcoin will be halved. I personally believe that the halving will not have a positive impact on the price of Bitcoin. No matter how the price fluctuates, as long as there are miners mining, there will be a stable flow of Bitcoin into the market. When the output is halved next year, the market demand for Bitcoin will not be halved instantly. When the supply and demand relationship is unbalanced, the market will use prices to adjust, and when supply is insufficient to meet demand, prices will rise.

(Yang Zuoxing, founder of Shenma Mining Machine)

Subsequently, Yang Zuoxing, the founder of Shenma Mining Machine, delivered a mysterious and important speech, in which he mentioned that the mining industry is about to enter a new era. It is expected that the era of reducing the power consumption of new mining machines by half is gone forever, and the power consumption reduction ratio of each generation of mining machines in the future can only reach 10%-20%. Mining machines will not be eliminated in a few months like before, and the service life of mining machines will be extended to 4.5 years in the future. Therefore, low-power mining machines will become more and more popular, and it is estimated that mobile container mining machines will account for about half of the market in the next 3-5 years. Water-cooled and liquid-cooled mining machines will become mainstream in about 5 years, accounting for about 80%, and computing boards will become the main product form of mining machine manufacturers, and computing power switching directly in the mine will become the main sales model.

According to the current production capacity, the Bitcoin hashrate is estimated to rise to around 120E this year. The greatest value of Bitcoin is equivalent to "conveniently portable gold", and it is boldly predicted that its final price will reach 1 million US dollars, and the highest point in 2021 will be 110,000 US dollars.

(Chen Linren, product manager of UNBANKING Little Smart)

Chen Qiren, the product manager of UNBANKING, gave a keynote speech on "One-stop financial solutions for mining industry". He said that we are thinking about how to increase the price of coins step by step. In this regard, UNBANKING provides a special solution called multi-currency combination pledge, which can not only pledge BTC, but also other currencies. In the future, UNBANKING will also provide computing power leasing function and new chains. When it first came out, it may face the situation of insufficient computing power. In the future, UNBANKING platform can provide computing power leasing, not only borrowing money, but also borrowing computing power. We are not a bank, but a comprehensive financial service provider, a financial service provider for the mining circle.

(Yu Wei, founder of Zhijianxinyun)

Yu Wei, founder of Zhijian Xinyun, shared the wonderful content of "The Gorgeous Transformation from Mining Farm to Supercomputing Power" at the summit. He said that the higher the performance of the mining machine, the less sensitive it is to electricity costs, but the requirements for the stability and safety of electricity, environment, and operation and maintenance are getting higher and higher. In the future, mining farm construction will be like real estate, requiring refined operation. For a machine like S17Pro, if the power is cut off for two days a month, it is equivalent to an increase of one cent in electricity costs. I think high-performance machines must have higher requirements for the stability of electricity and mining environment.

Will the Bitcoin hashrate reach 120E by the end of 2019? If the price of Bitcoin rises, the hashrate can be more than 120E, but if the difficulty rises and the price falls, it may be less than 120E. Currently, the hashrate of the old generation of mining machines is 60E, and the price of Bitcoin will affect whether these mining machines can continue to mine.

(The mining industry is undergoing a dramatic change)

The mining industry is changing rapidly. As the only "real economy" in the blockchain field, the mining industry is preparing for greater changes, whether it is the gradual maturity of high-process mining machines or the gradual layout of mining by traditional investment institutions. In the second roundtable session of the New Era Mining Summit, "The Great Changes in the Mining Industry - A New Era is Underway", the guests shared their wonderful views on this theme.

Sully Yu, general manager of Mini Cloud Intelligence, said that this year, more and more mining machine manufacturers have come out, which is very good. After full competition, new markets will emerge and the market will be optimized. Now we can see that many friends and bookkeepers are optimizing their mining machines because of full market competition, whether it is water cooling or liquid cooling, which is a good direction. The act of mining should be bookkeeping, not mining. In terms of bookkeeping, these products have been formed after full competition. The demand for water cooling and liquid cooling will also increase, and this industry will become more and more professional.

Wang Shenglin, Sales Director of Innosilicon, said in response to the question of "how to control the service for the small currency market" that our spot advantage should be relatively obvious in the entire market. In addition to the spot advantage, other advantages are reliability and stability. We have also done more in-depth research on the self-protection system of the mining machine itself in a relatively harsh environment. There will be more and more manufacturers in the entire industry, and in the future we will still meet a variety of different needs and services through our spot advantage, which is also what we are committed to doing.

Yu Hong, the initiator of the blockchain three o'clock community and an early investor in the blockchain XMAX project, said, "I think ordinary people should also have the opportunity to participate, or share the process of digital wealth growth. How can we make it convenient for them to participate? The first is the consumer deflation model. Second, through the foundation, we can exchange computing power with many miners and use coins to exchange assets. Third, I hope that in the future, all the mined bitcoins will be repurchased to the foundation, and all my mined coins will be shared with the community. Through a centralized method, we can purchase cheap motors and cheap stores, and then give back, so that more people can experience the dividends of Bitcoin growth."

Atlas Mining CEO Ma Tengjiao said that the threshold for mining machine manufacturing is gradually lowering, and many new manufacturers have entered this field this year. If mining machines are regarded as industrial products, the standards for their products should be gradually improved, because in the future people may not only pay attention to its parameters, in addition to computing power and energy efficiency, but also pay more attention to the service life of the mining machine, including a new form in the future.

Christian Xu, ETC Asia Pacific Community Manager, said that in the future, the chip design of mining machines will lead the next wave of technological growth. How to make high-tech technology better develop, so that we can mine more effectively and create better value. Only by mastering science and technology and core technology can we create new mining machines and new value at different stages. As digital currency is more accepted by everyone, the computing power is proportional. The more people pay attention to digital currency, the computing power of mining machines may develop faster.

Cheetah Miner CEO Chen Jiabin said that in the future, the chip design of mining machines will lead the next wave of technological growth. How to make high-tech technology better develop, so that we can mine more effectively and create better value. Only by mastering science and technology and core technology can we create new mining machines and new value at different stages. As digital currency is more accepted by everyone, the computing power is proportional. The more people pay attention to digital currency, the faster the computing power of mining machines may develop.

Chen Weixing, founder of Hummingbird Miner, said that he is very optimistic about Bitcoin. Whether investing in Bitcoin or investing in this industry, it is not certain that you will outperform others, but it has a special meaning. It can reshape the structure of the entire financial market. If Bitcoin becomes a universally used thing in the world in the future, then those who participated in Bitcoin early will not only make money, but also feel honored. This honor can bring a lot of appreciation and trust to those who participated in it early.

(Award Ceremony)

After the passionate roundtable content ended, the next award ceremony announced all the award winners of this summit.


With the continuous progress of society, the spirit of craftsmanship is increasingly respected. In our mining circle, the spirit of craftsmanship represents the continuous exploration of mature and mainstream technologies, and the continuous innovation of processes and performance. The Ultimate Craftsman Award is the first featured award of this summit. The winners of this award have continued to explore the 16nm process and have achieved a level that can keep pace with more advanced processes, and have achieved the ultimate energy efficiency of 16nm mining machines. Avalon Miner won the [Ultimate Craftsman Award].


In this ever-changing industry, there are always people leading the progress of the times. The amazing 68T single-machine computing power, the far-leading daily income, and the continuous production capacity make Shenma Mining Machine a dark horse in 2019. Shenma Mining Machine won the [Era Pioneer Award].

The sudden rise of anonymous coins and the advent of the mining trend for small currencies, as well as the excellent performance of Zcash and GRIN mining machines, are all invaluable in the industry trend of various manufacturers shrinking their battle lines and attacking Bitcoin mining machines. Innosilicon won the [Diversity Leadership Award] this time.


His legendary experience has been widely reported by the media in the past year. He constantly pursued the ultimate design methodology, experienced the unknown road of entrepreneurship, and made outstanding contributions to the development and decentralization of mining machines and chips. The sales of the Shenma mining machine developed by him have continued to soar in the past few months. The winner of the [Person of the Year Award] is Yang Zuoxing, the founder of Shenma Mining Machine.


For a long time, it has always represented the backbone of the mining circle that is closest to the mainstream economic environment and most actively responds to the call of the country, and is committed to becoming the first listed cryptocurrency company in the industry. Leading the blockchain industry into the public eye and leading the industry towards maturity, Canaan Creative won the [Annual Enterprise Award] this time.


The M20S won the [Hardware of the Year Award] for its excellent performance in parameters and single-machine computing power, ultimate innovation in performance and chips, and its leading sales volume among new models.


A professional mining data App with actual measured data from all mining machines. It is the most widely disseminated, has the largest number of users, is the most imitated, and has never been surpassed mining circle App. The Biyin Mining Pool App won the [Annual Software Award].

(Chen Lei, founding partner of BitBlueWhale)
Policies and supervision are the references for the compliance of mining in the mining circle. How to turn mining from grass-roots to professional? Chen Lei, the founding partner of BitBlue Whale, said that there are new changes in the mining industry, including the entry of new players, the emergence of new traffic, and the emergence of new models. In terms of the supervision of the mining industry, it has shifted from the financial level to the management of the industrial direction. There are different factors in mining fields in various places, accompanied by many accidental factors. In the future, the risk of unified national policy high pressure is not high, and policy uncertainty will leave room for the absorption of water abundance in the southwest.

(Gate.io CPO Jiuer)

Security and authenticity are the core of the exchange, but Gate is more than that. Gate.io CPO Jiuer said in his speech that many people will store the coins in their wallets after buying them, forgetting their private keys and making it impossible to retrieve them. GateChain mainly solves the problem that if your coins are lost, they can be retrieved by putting them on the private key. If they are stolen, they can also be retrieved. Your assets on the chain are safe, and you may not have to worry about security issues in the future. When you don’t have security, no matter how many coins you have, they will eventually become someone else’s.

(YUKI, CEO of American Yingfeng Technology)

With the continuous development of the mining industry, more and more Chinese miners choose to go overseas to mine. So what are the characteristics of the global mining layout? YUKI, CEO of Yingfeng Technology in the United States, said in his speech that there are four points to pay attention to when getting electricity overseas: 1. Who to sign the electricity agreement with 2. Whether the electricity price structure is clear 3. Whether the electricity price is stable 4. Whether the strong power construction is responsible. In addition, the information that domestic and foreign miners pay attention to mining farms still exists. The reasons why foreign miners pay attention to mining pools are also different from those in China. They include decentralization, good-looking products, simple and easy to use, as well as operating costs and mining pool operation analysis.

The change from wet to dry seasons stirs the thoughts of miners. The ever-increasing computing power of the entire network, the "flood season" that comes late and goes early, and the strict collection and strict inspection of policies, have they turned the flood season into a "fake flood season"?

(Goodbye to "fake floods"! Prediction of electricity prices and currency prices during the dry season)

Wang Yang, the initiator of the community, said that the price of Bitcoin will definitely exceed $20,000 after the halving; Wang Haizhou, the head of Bitpie China, believes that the price of Bitcoin is between $15,000 and $20,000, and there will be a big market in 2021, one year after the halving; Zhang Li, co-founder of Wolf Miner, said that in the field of Bitcoin trading, technology is a false proposition. The price of Bitcoin depends on incremental funds; Chen Lei, the founding partner of Blue Whale Blockchain, believes that there is still room for Bitcoin to fall back, and the fallback is more in line with the interests of giants; Li Peicai, CEO of Waiyi Technology, believes that Bitcoin has overdrawn part of the halving expectations, and the price of Bitcoin may still be around $10,000 by May next year.

(Hard Drive Special)

There were three major sessions at the summit on the 23rd, the first of which was a special session on hard drives.

(Zhu Yu, co-founder of CoinIn Mining Pool)

Zhu Yu, founder of Biyin Mining Pool, said that from the perspective of mining, PoW and PoC are highly similar. Now we say that they are both real economies in the blockchain industry, both based on physical sites and with physical hardware, namely mining machines. But compared with PoW, PoC is easier to understand and promote.

In addition, he also said, I personally think that there may be a trend that PoW can be combined with PoC, for example, whether professional chips can be used, or whether existing algorithms can be used, and there are already a large number of mining machine algorithms to make a combination. I personally think that the relationship between the two is still relatively harmonious.

(PoC evangelist Chongge)

PoC ecosystem evangelist Chong Ge said in his speech that PoC mining is very energy-saving. Currently, PoW mining has problems such as large heat dissipation, high power consumption, high noise, centralized professional mining farms, and high entry barriers for ordinary users. Compared with PoW mining, PoC mining has the advantages of low power consumption, no heat, no need for heat dissipation, cannot be ASICized, and low entry barriers for ordinary users.

(Pan Pengcheng, Chairman of GalxyNetworkAsia Foundation)

Pan Pengcheng, chairman of the Galxy Network Asia Foundation, said that when we were mining Bitcoin, we encountered many problems, such as the surge in computing power, but everyone can participate in PoC mining, which can indeed allow everyone to get good feedback and benefits.

Regarding PoC, we think it is a trend of hundreds of billions or even trillions of dollars. Although PoC is a niche consensus mechanism, the entry threshold is very low. 60% of the people present here should be hard disk mining miners, and 40% should be traditional miners. I hope that Bitcoin miners will stop waiting and try to participate.

(Will hard disk mining be the next hot spot in the mining circle?)

In the following roundtable discussion, the participants included Pan Pengcheng, Chairman of GN Foundation, Chongge, PoC Ecological Evangelist, Noah Wang, Zhang Li, Founder of Langshen Miner, Guo Hong, CEO of Niuchain, Chen Lei, Founder of BitBlue Whale, and Zhang Wencheng, Sales Director of Shenma Miner. Chongge said: PoW and PoS have both hands, and there are opportunities on both sides. It is a dream for retail investors to get 100,000 in the PoC field, but it is a delusion in the PoW field; Zhang Li said: PoC is a trend in the future, and it is still unknown which project will trigger it; Noah Wang: The most important thing to make money is not to lose money, and you can enter the market when the market is cold or warm; Pan Pengcheng, Chairman of GN Foundation, concluded that PoC mining has a long way to go in the future.

(Co-founder of TOP Network Noah Wang)

In the following speech, Noah Wang, Co-founder of TOP Network, said that our blockchain technology is used in the communications industry, so the bottom layer is our public chain, serving the communications network, and above that are decentralized applications. We develop our own products mainly for communications, and our technical team's original experience is mainly concentrated in the communications industry, and above that are various APPs. We believe that communications should be borderless and fully respect everyone's privacy.

(Chen Lei, founder of BitBlueWhale)

Chen Lei, the founder of BitBlue Whale and Secretary General of Peking University Blockchain Club, said in his speech that PoW has some characteristics. The biggest application at present is BTC, which is the origin of blockchain. The Bitcoin mainnet has been running stably in the world for ten years without a single security accident. It has been running stably. It does not belong to anyone in the past ten years, but of course it can be used by anyone. At the peak, more than 50% of transactions were supporting global cross-border payments and asset transfers. Now it may be more of a commodity nature, with billions of dollars in transactions each year, most of which are investments, or speculation. Less than 5% are actually supporting some transfer payments. PoW has actually been proven in practice at the application layer.

(FileStorm founder and CEO Fu Xiannong)

FileStorm founder and CEO Fu Xiannong said in his speech that the architecture of FileStorm, with verification nodes on the left, uses up to 121 nodes for verification in the blockchain, which has a scientific name called "delegated equity pledge consensus". With this consensus mechanism, its advantage lies in its high efficiency. Through the delegation of equity pledge, that is, democratic centralism, its verification nodes are very small and efficient. After the advent of the 5G era, there is too much data, and centralized computing is no longer sufficient to support all operations in the network, so edge computing is needed. In addition to data storage, there is another very important point called distribution. Data is dead when it is stored. It is alive only when it is spread and circulated.

(Sun Jia, co-founder and CEO of Galaxy Cloud Technology)

In his speech, Sun Jia, co-founder and CEO of Galaxy Cloud Technology, said that the earliest era was the punch card era, and later there were tape storage, floppy disk storage, USB storage, mobile hard disk storage, and cloud storage. Everyone has used USB flash drives, and everyone present is a witness to the changes in the storage era. As one of the best storage solutions in the future, distributed storage performs very well in terms of security protection, access speed, decentralized structure, and privacy protection.

(He Xiaoyang, founder of Lambda)

In his speech on "New Generation of Data Value Mining", Lambda founder He Xiaoyang said that Lambda is a secure, reliable, infinitely scalable decentralized storage network with value transaction attributes. Some people may ask, what is the difference between a decentralized storage network like IPFS and Baidu Netdisk? It implements two algorithms, one is POREP and the other is POST. In fact, you have no way to prove the security and privacy of your data. How does a decentralized storage network generate value in the middle? The most important thing is the online marketplace. If someone is willing to buy your data storage space at a more expensive price, it will be easier to trade. If someone is willing to sell it at a cheaper price, it is the market economy that determines the value of space.

(SPOCK Xie Ti)

Xie Ti of SPOCK said in his speech that the development of blockchain technology up to now, basically from the perspective of infrastructure, there are probably two major directions that people are looking forward to. One is in the cross-chain area, transactions, which are more about financial items. The other is decentralized storage, especially projects represented by IPFS, which can truly allow non-financial users to feel the benefits of blockchain.

(BiXin partner Xiong Yue)

In the other two PoW and overseas special sessions, the speeches of the big names were also very exciting. Bixin COO Xiong Yue said in his speech that when the annual inflation rate of Bitcoin is less than the annual inflation rate of the US dollar, the eternal bull market will come. After the Bitcoin production is halved, the singularity of the eternal bull market may come. In theory, gold is far less scarce than Bitcoin. Bitcoin is the most scarce thing except time. From the beginning of 2018 to the present, Bitcoin's market share has increased from 30% to 70%, returning to its original market position.

(Xu Fei, Vice President of Marketing at Ebang Technology)

Xu Fei, the new vice president of marketing at Ebang Technology, introduced himself as a veteran in communications, who had been immersed in the world's top three communications equipment manufacturers for 20 years, but was a newcomer in the mining circle. In the one month since he took office, he visited nearly 100 customers in Shanghai, Hubei, Shenzhen, Sichuan and other places, and listened to many customers' pertinent opinions on products and services. Xu Fei also introduced the DW1233 chip independently developed by Ebang using Samsung's 10NM process and the main Ebit E12 mining machine series, and revealed that Ebang is intensively carrying out the research and development and design of 7NM and 8NM process chips, and is expected to release chips and a new generation of high-computing power and low-power mining machines at the beginning of next year. Finally, Xu Fei shared Ebang's new cooperation model with the goal of introducing financial services, sharing industry opportunities, and establishing a win-win ecosystem for major customers.

(YOTTA Miner CTO Chen Lei)

YOTTA Miner CTO Chen Lei interpreted the problems of mining machine design in his speech. It is necessary to pay attention to the reliability design of mining machines. During the life cycle of mining machines, there will be problems such as unstable computing power and rapid decline in computing power. The problems of mining machines will be a discontinuous state. The computing power of each chip is determined by the voltage division, which is related to the resistance. Unstable voltage division, unbalanced voltage division, unstable communication, and unstable temperature are all fatal problems for mining machines.

(Yu Wei, founder of Zhijianxinyun)

Yu Wei of Zhijian Xinyun said in his speech that mining has two goals, the first is belief, and the second is career. Other important factors in mining include policies, regional selection, and local research. Don't just pursue low cost and low electricity price, but consider the comprehensive cost of mining.

(Fu Qiang, Technical Manager of H3C)

Fu Qiang, technical manager of H3C, said in his speech that miners' demands for the network are relatively simple at present: access can communicate, aggregation can be isolated, the core remains stable, and the export does not drop. However, such demands will lead to higher operation and maintenance costs. The two most important points for mining machine operation are safety and efficiency. Professional firewall antivirus and VLAN isolation are required.

(Nervos Community Manager Wu Duanchao)

Nervos community manager Wu Duanchao said in his speech that the core issues to be solved by the consensus algorithm are security and decentralization, not performance. He also pointed out the problems of selfish mining, scalability, and economic model incompatibility with smart contracts in the Nakamoto consensus. As for what is a better Nakamoto consensus, Wu Duanchao believes that the Nakamoto consensus will become more powerful if it can fully improve resource utilization without losing the core of the consensus, change serial to parallel to resist selfish attacks, and be compatible with the upper-level application value capture of the smart contract network.

(Ivan Technology)

Ivan from Yingfeng Technology described the current situation of overseas mining: mining-friendly electricity is characterized by abundant power resources, low power consumption, difficult storage, and relatively stable local policies. Most of them exist in Russia, Kazakhstan, Canada, the United States, Argentina, Norway, Iceland and other places. In North America and Europe, the authenticity and validity of the contract must be confirmed. In Central Asia and other places, close cooperation with local cities is also required. In terms of mining farms, the number of mining farms in North America and Europe is also increasing in addition to China. When building a mining farm, it is necessary to pay attention to the local government's policy regulations on the mining farm, the cooperation model of the construction team, and the behavioral differences in cooperation with local people.

(Alex from Yingfeng Technology)

Alex from Yingfeng Technology said in his speech that currently overseas mining farm investment is divided into three types: gambling (basically free electricity), long-term investment, and relationship-intensive. Overseas mining will continue to accelerate in the coming year, including an increase in quantity, an increase in computing power, and accelerated scale, specialization, and standardization.

(New Era Mining Summit 2019 Annual Ceremony)

This summit has the largest number of participants ever. The big names present include the cryptocurrency and mining circles. The speeches and roundtables are the most cutting-edge. The venue is the largest in all previous summits. It is undoubtedly the grandest summit in the mining circle in the past six months. In the two-day agenda, the enthusiasm of everyone was ignited as early as the Satoshi Night. The main venue brought together the latest, most hardcore and most popular audio-visual feast in the mining circle. The next day, there were three sub-forums with different styles, covering hard disk special sessions, PoW special sessions, and overseas forums, which opened the eyes of countless industry insiders. As a newcomer in the mining circle, Biyin Mining Pool once again redefined the mining pool while constantly moving forward, providing industry practitioners and enterprises with a broader space for communication and cooperation, and helping the sustainable development of the industry. A new era of mining is underway!