Wen / Ji Qian
Six years ago, a Beihang graduate student with a network name of “ngzhang” used specializations to make FPGAs (programmable chips) specifically for digging bitcoin.
In January 2013, the first commercial ASIC miner developed by it, “Avalon”, was officially released, and “ngzhang” was gradually called “Squash Zhang”. "Pumpkin Zhang" has another name, the founder of Jia Nan Zhi Zhi Zhang Nanzhen. In August, “roasted cats” started the crowdfunding ASIC mining machine, and was attracted by Wu Jihan, the founder of Bitland.
Since then, the mining war has kicked off, and the more powerful ASIC mining machine has gradually replaced the computer CPU (central processing unit) and the graphics card GPU (central processing unit) mining machine, becoming the mainstream choice for miners mining, ASIC mining machine several updates Iterative, bestsellers to this day. Nakamoto said that “anyone with a CPU can participate in fair competition”, this good idea about Bitcoin was completely shattered.
After four or five years of big waves, the mining rivers and lakes that were in the midst of the storm, now only two giants, Bitian and Jianan. Wu Jihan and his bit of mainland China later became the dominant players in the industry.
Then look at the same year, "Resist the Butterfly Lab", the monopoly of the "Dragon Dragon Boys", "Baked Cats", I don't know where to go, and in 2013, when I received an interview with Caiyun, I said, "The team is under 10 People, the society has been recruiting for a long time, and it is impossible to recruit people. “Pumpkin Zhang” has also established a large-scale company, Jianan Zhizhi. The net profit has increased from 1.5 million yuan in 2015 to 360 million yuan in 2017. The compound annual growth rate is 1445.4%.
“Pumpkin Zhang” led Jia Nan’s wisdom and did not seem to go the wrong way, but it did not become the industry’s number one bit continent.
The mining spring and autumn hegemony era was overtaken by the Bitumn, and the New Third Board was listed on the back of the shell and was inquired by the exchange. Later, I moved to the Hong Kong stock IPO, laid out artificial intelligence, and now I am rushing to the 7nm ASIC chip mass production, where will Jianan Zhizhi go?
Lost to a technical businessman
When there is not much difference in technology, the difference of 3 months, Jia Nan has lost to Bit China and missed the opportunity to become the industry's number one.
The mining machine manufacturing battlefield is a game of computing power. Once the products invested by the large amount of funds and personnel are lagging behind the competitors, it is easy to lose all efforts in the high-speed iteration of the mining machine chip technology. For the mining chip company, its core competitiveness lies in the power consumption ratio, that is, the power required to dig a bitcoin or the power consumption per W (T/Ths).
“The back of Jia Nan’s wisdom is supported by the team of Tsinghua’s scholars. From the perspective of the chip, the technical strength of Jia Nan’s wisdom is obviously the first echelon, but the mining chip industry depends on who owns the market. At one point, the Bitland is clearly the winner. ” Doctor of Engineering, State Key Laboratory of Artificial Intelligence and Complex Systems, Institute of Automation, Chinese Academy of Sciences, former CTO of Zhongxing Group Zhongxing Cloud Chain Technology Co., Ltd., and CTO of China Food Chain Technology Co., Ltd. told Weijing.
Image source: Jia Nan Yu Zhi official website
Before 2015, the mining battlefield was still in a state of grasshoppers. In the beginning of 2015, the mining industry “cold winter” became an important turning point in the current pattern of the industry. In that year, Jianan Zhizhi and Bitland followed the whole industry and fell into a trough. The cat mysteriously disappeared.
Later, with the recovery of the virtual currency market, Bitland launched the S7 mining machine (1385 chip), which consumes only 257.3 (W/Ths), and Avalon (Avalon), which was later than three months after the S7 mining machine. The A6 mine has a power consumption of 300 (W/Ths). Based on power consumption and cost advantages, the bit-continent market share is 80%.
In December 2015, Bitcoin launched the S9 mining machine (1387 chip), which still dominates the bitcoin mining machine market, which is more than 50% lower than the S7 mining machine (1385 chip). The distance of wisdom is further opened.
“At present, Jianan’s latest mass production of the Avalon A851 mining machine has reached 14.5TH/S, which is an important technical parameter representing the mining revenue compared with the S9i main mining machine compared to Bitian. The consumption ratio is slightly higher (100J/TH VS 99J/TH), which can be compared with the bit mainland. However, the Avalon mining machine is later than the ant mining machine, so the Bitumn is one step ahead in the market, so the market share of Jianan Zhizhi is still far from the Bitian mainland. & rdquo; Dr. Wei An, who has more than 10 years of experience in chip, artificial intelligence, big data, and blockchain, told Finance.
According to public reports, in terms of revenue channels, Bitcoin relies on a strong “coin currency” business strategy and industrial resource blessings gathered in the upstream industry, and the influence has touched the infrastructure development and block in the entire industrial chain. Chain application development, blockchain media, investment tools and many other areas. In contrast, Jianan Gengzhi's product line is still relatively simple, mainly based on mining machines.
Dr. Wei An analyzed the financial network, “from the market share, it is bigger than Bit China. The main reason is that there are market factors such as market strategy, product positioning, promotion, and marketing model. I am low, the two are not in the same chip technology. However, Bitcoin is a one-stop industrial chain service from chip to mining machine and mining pool. Jianan Zhizhi is mainly positioned on the chip, and the integration of the mining machine has only paid attention to it. ”
“Jia Nan Zhi Zhi belongs to the technology flow and pursues higher technology. Bit China is a company with both market and technology strategies. In China, it may be easier for technical businessmen to win. & rdquo; Dr. Wei An said.
2. Minemaster <;
The rise of Bitcoin began with the emergence of ASIC high-efficiency mining chips, and the ASIC chip blew the GPU's mining efficiency. However, the current bitcoin has already experienced a decline in the energy consumption/computation of the ASIC chip compared to the battlefield. The core personnel left, leading to product iteration problems, and the technical bottleneck is difficult to break through; while the AI chip mining has returned to the traditional GPU compatible mining ideas. At present, it seems that this design can not compete with professional ASIC mining chips, while the AI chip is strong, and the advantages of Bit Continental are hard to find.
On August 13, Bitcoin's second-quarter earnings report was exposed. Encrypted currency commentator WhalePanda forwarded Blockstream CSO Samson Mow Twitter news, saying Bitcoin Q2 lost more than $600 million, with $1.24 billion in inventory, while S9's price fell. 85%. Bitcoin responded to the financial network and declined to comment.
In the past two years, Bitland has not introduced any new chips and new mining machines with subversive advantages on the most important BTC product lines. Its technical indicators such as Litecoin L3, Ethereum D3 and Zcash Z9 have also been competitors. Dynamic technology & rdquo; waiting for opponents to catch up.
The AI chip Sophon BM1682, which is built by Bitcoin, consumes more than three times as much power as its competitor, the Cambrian, with a power consumption of 10 (W/Ths), while the Cambrian dadiannao consumes only 2.8 (W/Ths). ).
In addition, Bitcoin has also been blasted by its AI transformation. Its AI chip is a simplified version of the GPU, which can be used as a digital currency mining machine for so-called graphics algorithms such as Ethereum and zcash. The large number of AI chips shipped was not used in the AI industry, but was used to manufacture miners.
In the article “Under the IPO of the Mines in China”, the paper analyzes the technical bottlenecks of Bitcoin in detail, which will not be repeated here.
“But the mainland really took the lead before this year, but from the second half of this year, Bitlin’s market share and status will actually suffer a lot. The entire market will enter a more complex competitive situation, and price wars will certainly occur. "The founder of F5Tech Group, the founder of LoMoStar, and the founder of Xstar, Xiong Lijian (Peace Flying Bear) told Caijing.com.
“The situation is now”, an industry insider who is close to Bit China has commented on Bitland.
Can Jianan Zhizhi take the 7nm chip corner overtaking to replace the industry giant Bit China, which faces internal and external problems, hidden technology bottlenecks, single revenue, and policy risks?
3. Only break fast, grab the 7nm chip mass production to break
“At present, as the difficulty of mining increases, the market will have more and more demand for higher energy consumption than mining machines. The 7nm process technology representing the latest generation and the most advanced chip process is obviously the main chip design company. The main point of the competition, so Jia Nan Zhi Zhi will force to open the opponent on the 7nm chip. Based on the 7nm process chip seen on its official website, Avalon's A9 series mining machine has achieved 30TH/S power consumption ratio. It is only 60J/TH. This is more than 100% higher than the power of its previous generation of mining machines, and the energy consumption ratio has dropped by more than 30%.” Dr. Wei An told Finance.
On August 8, 2018, Jia Nan Zhizhi held a press conference in Hangzhou, the world's first 7nm chip mass production conference, and announced that it has realized the mass production of 7nm ASIC chips. This 7nm chip will be used in it. A new generation of bitcoin mining machine Avalon A9 series.
Mr. Tu Songhua, Director of the Public Affairs Department of Jianan Zhizhi, said, “At present, only TSMC has mastered the 7nm process technology worldwide. We are the first 7nm chip to be mass-produced and verified by TSMC. & rdquo; TSMC public news spokesperson has not directly responded to Jia Nan’s statement.
There are two ways for the mining machine chip company to reduce power consumption. One is to optimize the chip design, which depends on the strength of the chip R&D team, and the second is to rely on the chip foundry to upgrade the process.
Chip foundries Intel, TSMC and Samsung have begun to compete on the 7-nanometer process. According to the Chinese Journal of Science and Technology, only TSMC has announced that it will mass-produce 7nm process chips in the second half of this year.
“The 7nm chip is currently the most advanced chip process, with a minimum line width of 7nm, which allows more transistors to be inserted into the chip. Smaller wire diameters mean higher integration, which means higher power per unit area, which will also lead to lower power consumption, which will result in higher energy consumption, but the cost of the chip will also increase significantly. & rdquo; Dr. Wei An explained.
According to the public information obtained by the financial network, the 7nm chip has been launched by many domestic and foreign manufacturers. The Japanese technology company GMO Group recently announced that its 7nm mining machine chip has accepted the reservation, mass production in October, Bitland will also be in September. Introducing the 7-nanometer mining machine chip, Apple, Qualcomm, Huawei, and NVIDIA are also among the customers of TSMC's 7nm process.
4. 7nm mining machine chip market disputes who are ups and downs
“ I will buy it when I am out. ” A mining machine investor in the Ant Mines Group saw a group of friends sharing the news that Jia Nan Zhizhi released the 7-nm chip mass production.
Mining machine investors and Guangdong Xunshi Group executives told Caijing.com that Jianan’s 7nm miner's chip is much better than the ant miner. The 7nm chip will be used in the mining industry. This is the trend in the second half. .
“The cost of chip investment is huge, especially for the advanced process of 7 nanometers. The cost of filming is very high. For a chip design company, it is very difficult to afford such a high cost and be able to successfully deliver and achieve mass production. & rdquo; Dr. Wei An told the financial network.
“Jia Nan’s 7nm chip has a strategic or PR value. There are many early pits in advanced technology. The chip design company has insufficient mastery and experience in the process. Generally, it needs trial production and correction of the mask. Because it is not mass-produced, the 7nm chip of Jianan Zhizhi is very expensive. The rate is not high. ” A celebrity in the industry who did not want to be named revealed to the financial network.
“The advanced chip process technology is mainly in the hands of TSMC and other chip foundry markets, and the advanced chip process technology does not necessarily represent the most advanced product performance. The new Shenma mining machine M10 has a power of 33T and a power consumption ratio of 65 (W/Ths). The performance of 16nm is better than 7nm. ” The person said to the financial network.
“A good product is first designed, not processed. A good chip is first designed to work hard, followed by verification and simulation, followed by tape, subassembly, testing (both in production), and then mass production. & rdquo; Dr. Wei An said.
I know that netizens have published anonymous comments under the article of the Journal of the Chinese Journal of Science and Technology, saying that Jianan Zhizhi not only designed the front and rear ends of this 7nm chip, but also designed the chips separately before and after 16nm and 28nm. They don't want their design team to suffer from false reports in some media.
“In the face of the “7nm event”, it is not appropriate for the current “Blow” or “Black” to recognize our current capabilities and try to make up for the advanced process capability in mainland China. & rdquo; The netizen said.
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At the speed of mining iterations, the opportunities for people and people are often fleeting. Even if they stand at the top of the food chain in the blockchain industry, they are likely to succumb to their opponents.
On August 16, 2018, it was another bear market. It seems that the entire mining industry has encountered bottlenecks, which is reminiscent of the fact that many mining machine manufacturers in 2015 and 2016 failed to come over. “Winter winter”: the disappearing roast cat, Jia Nan Zhi Zhi, who missed the opportunity, and the bit mainland, which later came to the fore.
Years old, then know the pines and cypresses.
Perhaps, in this "cold winter", the new "Bit Continental" has been brewing out of the ground.