Comments | Jia Nan listed: a company's carnival, the fall of an industry

When Pumpkin Zhang took Jia Nan’s wisdom to ring the clock on the Nasdaq, the whole currency circle was full of joy and joy, as if everything was kept in the clouds and seeing the moon, everyone’s hunger in the currency circle would one day be like Pumpkin Zhang will be honored as well.
Shao Jianliang, general manager of the block chain business unit of Jianan Zhizhi District, said that the birth of a listed company represents the maturity of an industry. With more than six years of hard work, Jianan Technology has finally ushered in a high-light moment. Many blockchain practitioners have heard this and they can't help but feel the inner joy. Recently, they just got the support of the national strategy. Today, there is a blockchain main listed company. If the bitcoin is halved next year, it will be magnificent again. The big bull market, think about it, there is a kind of "cozy" that is difficult to suppress.

However, the listing of the first block of the global blockchain, Jianan Zhizhi, really represents the maturity of the blockchain industry?

To judge whether an industry is mature or not, we usually have to see whether the upper, middle and lower reaches of its industry have been opened (in the e-commerce industry example):

1. Whether the downstream demand of the industry is strong enough, whether the consumer market sinks, etc., can form large-scale production demand, stimulate the mass production of the upstream supply end, and fundamentally dilute the production cost and finally give benefits to downstream consumers;

2. Whether the basic service support of the industry mid-stream is sufficiently complete, and the competitive format tends to be healthy and benign, such as whether the distribution expansion channel is convenient, whether the logistics distribution is in place, whether the electronic payment habits are developed, whether the counterfeit goods are solved, etc.;

3. Whether the upstream productivity of the industry is sufficient for frontier innovation, the speed of product renewal iteration, the ability to digest inventories, and the ability to withdraw funds.

Judging from this standard, regardless of whether the overall blockchain industry is mature, its mining industry is obviously already, more accurately, it is only approaching maturity.


“Mining” is a unique term in the blockchain era. It is a “demand” created by Bitcoin founder Nakamoto. It is like the “Taobao” created in the era of e-commerce. "Takeaway brother", the video era created the "beauty anchor". In fact, the really great model innovation lies in whether it can spawn a large and self-operating industrial cluster.

The greatness of Bitcoin's “innovation” lies in the development of a one-stop industrial cluster of mining machine production, mining, trading market, blockchain technology ecology, etc., with an automated process, and its collaboration is also decentralized. The globalization has finally evolved into a new industry with a market value of over $200 billion.

How is it done? In simple terms, Bitcoin is a peer-to-peer electronic cash payment system that builds an open, transparent, and non-tamperable public ledger through asymmetric encryption, P2P transmission, hashing algorithms, and distributed storage. So, who is responsible for bookkeeping, and how to ensure that someone continues to participate in bookkeeping?

In order to attract people to actively participate in the "bookkeeping", Nakamoto has designed a bitcoin reward for each user who participates in the bookkeeping (packaging block). Since there are rewards, there will definitely be a lot of people competing for it, and in the case of many people competing for bookkeeping, who should the bookkeeping rights be given?

Nakamoto also let everyone who wants to participate in the bookkeeping to solve a "mathematical problem". The difficulty of this question will increase with the number of participants, but the average will be cracked every 10 minutes. Who will crack first? You can get the billing rights (rewards).

The problem of solving mathematics is the process of a large number of computer hash collisions. Whoever has more computing power, the speed of solving problems is faster, and the probability of excavating rewards is relatively larger.

This is what we often call "mining". The core of the competition is the size of the calculation.


Early mining is a computer CPU mining, but because it only supports 2-8 threads, the speed is slow, and later evolved into GPU (graphics processor) mining, which can support the integer calculation of hundreds of threads at the same time. Then it evolved into a more efficient ASIC miner.

ASIC mining machine is an integrated circuit designed for a specific purpose. It has the advantages of smaller size, lower power consumption and higher efficiency. Its mining power is more than 10,000 times higher than CPU and GPU. Mainstream mining companies, including Avalon, Ant Mining, etc., are commonly used in mining methods.

It can be said that the ASIC mining machine has completely liberated the productivity of “mining” and enabled the bitcoin mining power to achieve exponential growth. This also laid the "hardware" foundation for the maturity of the blockchain mining industry.

With the continuous evolution of the blockchain mining industry, its upper, middle and lower reaches have gradually been opened.

In the upper reaches, there are giants such as Jianan Zhizhi, Bitian Continental, and Yibang International. They continue to strengthen the performance of mining machines to expand their market share. In August last year, Jia Nan Zhizhi released the world's first 7nm production chip, which made the mining chip move from the mainstream 16nm to the more advanced 7nm process technology. The newly released A11 series mining machine achieved a single machine power of 73T. /s, constantly leading the iterative innovation of mining hardware.

In the middle reaches, it has formed industrial clusters rich in mining, mining, cloud mining and other industries, providing a systematic "soft" strength for Bitcoin mining.

Mines, because mining has not only the mining hardware hardware procurement costs, but also the huge power consumption during the operation process, so if you want to quickly return to the original, it is not cost-effective to rely on your own small workshop-style mining, the electricity price is relatively cheap. The mine is mining. Representative Tianjie Guizhou Mine;

In the mining pool, with the intensification of mining and computing competition, a small amount of computing power of ordinary users can not obtain mining rewards. Therefore, there are joint mining forms that combine the computing power and improve the probability of individual mining success. The mining pool has, coin printing pool,, F2Pool (fish pond), AntPool (ant mine pool) and so on.

Cloud mining, when individual miners find that prices are becoming more unstable, mining returns are low, and risks are uncontrollable, there is a more convenient “shared mining” service. Just like sharing bicycles, users can use others remotely. The mining machine provided is for mining (mining machine rental service). This will greatly reduce the threshold and cost for ordinary users to participate in mining, and make mining for all people a fact.

As for the downstream “mineral machine” demand has been very strong, because compared to the direct purchase of the secondary market, bitcoin mining cost is lower, the income is greater, so the mining demand is cyclical “crazy” situation. Once the market improves, the mining machine order volume, mining machine price, etc. will be pulled up accordingly.

As is known in the industry, Jia Nan Zhi Zhi has no refunds in any case, no after-sales service, no delivery commitment on time, and the “address of the overlord” cannot be changed after the receiving address has been determined. In this way, it is self-evident that the downstream demand of the mining machine is strong.

It is not difficult to see that both the upstream innovation drive and the mid-stream competition format, and even the huge downstream demand, have verified the relative maturity of the blockchain mining industry.


However, from another perspective, the competition in the mining industry will be fierce, the power of the group, and the cutting-edge technology will also cause the mining cost to become higher, the computing power to be monopolized, and other unstable factors that may damage the ecological balance at any time.

For example, the competition competition will continue to expand the mining cost, and the factors that determine the mining cost are three: 1. The hardware of the mining machine; 2. The cost of the electricity fee; 3. The size of the mining power. Due to the high price volatility of the virtual currency market, many mining machines are easy to approach the shutdown price. Once the mining revenue is lower than the mining cost, the miners will face the more and more sell, the more they sell, the more they will fall. They all fell to the end of the sale;

For example, the competition makes the computing power gradually “grouped”. According to the data of, the computing power of four mining pools such as ants and ants has reached 59.4% of the total calculation power in the past month. The situation will be even more severe.

It is well known that Bitcoin has a 51% attack, although no one will be stupid enough to spend a lot of money to make meaningless damage (self-drilling the grave), but no matter how too concentrated the power is something that people are not willing to see (think I thought that last year’s Wu Jihan was to mobilize the power of the battle against Oban, and what kind of influence it brought to the market.

Looking forward to the longer-term future, “mining” for rewards is about to withdraw from the historical stage sooner or later. In the early stage, the miners can be motivated by the release of the packaged block rewards. The latter system must be operated by the platform's huge point-to-point transaction demand and transaction fees.

What if the application of Bitcoin does not become popular in the future, and the transaction costs cannot support the huge mining cost? Although this is more than 100 years later, the logic is very clear. The industry competition will only intensify, and the mining cost will only become higher and higher, which will directly lead to the bitcoin “price” becoming the normal operation of the mining ecology. The essential.

In any case, I don't want it. The development of an industry depends on the price of the currency to support it. To break the threat beyond the active boundary of the currency price, we must constantly strip the shell of the speculative coin and seek the inner part of the blockchain technology. Value, and then truly find a sustainable commercial application.

In fact, in addition to the POW (workload proof), the blockchain industry is currently exploring the same effective distributed node consistency verification method, such as POS (Equity Proof Mechanism) and DPOS (Entrusted Equity Proof Mechanism). The performance of industrial progress under the industry.

Of course, you often hear people criticize, power competition will generate a lot of power consumption, said bitcoin power consumption exceeds 6 million degrees per hour, which belongs to the high energy pollution industry should be banned. The logic of this criticism is ridiculous and even absurd, because it ignores the fact that any industry that is saturated enough to compete has the "waste" fact of survival of the fittest. There is always a big wave of sanding in the industry.

For example, when the sharing economy is hot, the competition of a large number of manufacturers has not led to the accumulation of a shared bicycle cemetery. Is it that the production of bicycles does not consume energy and cause pollution? Because of the attitude of squandering food, in the end, only those who are prejudiced are ignorant in the show.

Some people have said that the price of bitcoin will continue to rise because the cost of mining is getting higher and higher. Well, what you said is justified (it seems that those who mine will pull the plate, you know that the miners are big players selling every day).


The Internet industry has developed to the present, with mature network communication technologies such as 4g and 5g, and mature hardware business environments such as PC terminals, smart phones, and wearable devices, and mature software operating systems such as Android, iOS, and Windows. With it as a carrier, it has formed a rich application of website portal, social software, e-commerce platform, short video community, live broadcast platform, etc. It can be said that it is mature enough.

In contrast, in the blockchain industry, only the mining industry is approaching maturity, and other blockchain industry ecology has a long way to go.

1. Technology infrastructure services, mainly based on public-chain, cross-chain, side-chain, and protocol technologies, mainly focus on higher TPS, larger capacity expansion, and more reliable security of blockchain technology. At present, the fastest chain EOS, TPS is only about 4,000, it is conceivable to really replace the Internet to reach the tens of millions of levels of transaction speed.

2. Products and applications that have been landed, mainly based on virtual currency exchanges, digital wallets, and other products, mainly providing secondary market trading services such as over-the-counter trading, currency trading, and asset custody. In fact, the "business model" of the exchange is also very mature. The head exchanges such as the fire currency and the currency security are also particularly profitable. The main problem is the issue of compliance;

The digital wallet is very embarrassing, a private key management has become the biggest threshold for incremental user admission, and users who are hard to develop will also face the problem of too low activity. Ask another question that is thought-provoking. If you remove the speculators, do you still have "users" in the currency circle?

3. The ecological and extended scenes to be settled, mainly based on DApp ecology and DeFi application ecology, mainly provide more abundant landing scenes for existing industries, especially exploring killer-level application scenarios such as financial management and games. , to provide greater possibilities for block link rail internet. This is the most likely opportunity to see incremental market opportunities, DApp is booming in gaming applications, and the DeFi lending platform's financial habits are developed step by step. Imagine that it is pretty good, all that is needed is time.


The listing of Jianan Zhizhi is definitely a good news for the blockchain industry, and perhaps it is not a "good" news. In the words of a coin-studded person, the blockchain company that was born in 1CO will need to go to the traditional capital securities market to apply for an IPO. Is it true that revolutionaries have been "camped"?

This is not so much a self-deprecating as it is a kind of "understanding." In recent years, we have been deceived by many concepts, thinking that 1CO is a subversive revolution, thinking that "decentralization" is to break away from policy supervision, thinking that the speculative currency can be wealth free, that blockchain technology is omnipotent, that the currency price will Has been madly going up. . Until the principal was locked up, the superb supervision came, and finally realized that in any industry, doing anything, out of value orientation, even if you are lucky, it is just luck, we should upgrade itself. Ability and cognition, isn't it?

When the bell of Jia Nan’s listing went up, there were still people who were looking forward to the concept of the first block of “global blockchain” to come back again. But as a result, there is a huge domestic currency circle “Dawei” The curtain is being opened, the policy of supervision is being suppressed, the public bombing of the media, and the price of the currency are tumbling, which has caused the whole industry to fall into the panic and anxiety of 94 years ago.

The carnival of a mining company, the fall of an industry.

What we should think more about is why "Jia Nan Zhi Zhi" wearing a blockchain coat can be listed?

In the interview with Babbitt, Kong Jianzhi, the chairman of Jianan Yuzhi, repeatedly emphasized the “compliance” of Jianan Zhizhi. Although it is a mining machine manufacturer, it mainly focuses on chip design and has a higher degree of compliance; The mining machine only accepts RMB to withdraw money, and removes the potential illegality of virtual currency collection; although it earns cash flow from the blockchain mining business, it also does not give up the long-term layout on AI; it may be laid out outside the mining machine. Business, but will not issue money in the short term, nor will it be an exchange directly.

It does earn money from the blockchain mining industry, but it always maintains a certain distance from the blockchain. This is the “thick black school” that Jianan listed successfully.

However, the facts speak louder than words, and Jia Nan Zhi Zhi has given the company within the blockchain industry ecology a “successful” model – compliance. Only compliance is the beginning of the blockchain industry's maturity, in order to leverage the more mainstream capital market, to enjoy the grace of the national blockchain strategy, to undertake the healthier industry's middle and downstream needs, and ultimately One day, like Jia Nan Zhi Zhi, standing under the shining magnesium lamp, ring the clock.

There is a saying that is very good, "carnival is the loneliness of a group of people, loneliness is a person's carnival." Set aside the clouds, and when everything goes to the false, you will see the good.


Blockchain value cognition evangelists, senior blockchain practitioners. There is no concept of arrogance, no unconventional technical description, only the most popular business, the most sensitive perspective, the most unique insights. I am still a poor elementary school student in the blockchain industry. The article thinks and thinks about it. It is a broken thought. You are not smiling inside the circle. You are welcome to learn from it. Author's WeChat: tmel0211 WeChat public number: ai-heikeji If you want to reprint, please add me to WeChat to apply for a whitelist.

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