Jiang Zhuoer: Why should I not only mine coins, but also mine? Why is joint mining the best choice?

During the first live broadcast of the B.TOP conference on March 25 and the interview of the world ’s miners , Jiang Zhuoer, the founder of Leibite Mining Pool (BTC.TOP), not only shared his views on the current market and future trends, but also detailed Explains why you have to mine not only Tuen Coin, but also why you think joint mining is the best option for mining.

The following is Jiang Zhuoer's live text:

01 plunge market

Moderator : Recently, the currency price has fluctuated violently. When everyone thought that the halving market was about to come, Bitcoin dived straight and fell to more than 3,800 US dollars. Many little friends think that the bull market will not come, so everyone can be pessimistic about the current market. Of course, the currency price is picking up a little bit now, and everyone's mood is better. Let ’s ask President Jiang to talk first. Why did the currency price fall so hard on March 12th?

Jiang Zhuoer : When I was broadcasting a few days ago, I said briefly that the overall market expectations were too consistent, and a lot of leverage was used .

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During the decline, some technical problems that caused liquidity depletion occurred . For example, Bitmex's special liquidation order mechanism caused a large number of liquidation orders to be eaten first, which led to huge spreads and entry of arbitrage disks. , As well as those who later did arbitrage. There were many factors combined at the time that led to a very surprising drop. At that time, I predicted that if it was not down, the lowest price might not be $ 3,800, and it would likely fall further to $ 3,500 or even $ 3,000, and some even thought that it would fall to $ 2,000, because that situation could not be stopped. It was a more extreme situation at the time, and it is difficult to see a similar situation now.

02 Epidemic

Moderator : When people panic, liquid assets will be sold first. At present, the epidemic has caused panic. Although it is basically over at home, it has begun to erupt on a large scale abroad. The number of confirmed cases in Italy, the United States, and Spain is very high, especially in Italy and the United States. According to the current development situation, President Jiang, when do you think the epidemic situation abroad will end?

Jiang Zhuoer : The epidemic situation abroad is so serious now, largely because they are "dead", neither wearing masks nor going out constantly. In this case, the epidemic situation must have spread very fast. When you can control it and say something you don't hear, it depends on when Europe and the United States began to die on a large scale. At present, Europe is very serious. The entire Europe has been "scared" by Italy, because the mortality rate of nearly 10% is still terrible. I'm waiting for the United States now, because the United States is still very careless, and I don't feel how serious this matter is, as long as everyone starts to be afraid, start to stay at home, start to wear masks, the epidemic control will have a very great effect immediately, and then gradually fade away Go on.

Now that society has developed for so long, it is no longer what it was decades ago, nor is it what it was more than 100 years ago during the pandemic era. Our entire society ’s organizational capabilities, including medical standards, have made great progress. For example, South Korea is very typical. At the beginning, various "fatal deaths" led to the large-scale spread of the epidemic, but after more than a month, it is now basically under control.

03 Whether there is a bull market in the currency circle

Moderator : Now various countries have begun to attach importance to the epidemic situation. Although the organization ability of foreign countries may be worse than that of China, they have also begun operations and started large-scale testing. We hope that the epidemic situation abroad will also pass as soon as possible. The epidemic caused a lot of people to sell their liquid assets in panic. Not only the global stock market and crude oil plummeted, but even gold and U.S. Treasury bonds were falling. The Fed began to release water. How will the global financial market follow in the future? Difficult to judge. In the context of global panic, President Jiang, do you think there will still be a bull market in the currency circle?

Jiang Zhuoer : There must be a bull market in the currency circle. Let's take a look at the Fed's asset-liability chart below, which is simply the amount of dollars issued. The curve of the rising part on the left is the water released after the financial crisis in 2008. After entering the water for three or four years, it entered a constant period, and then the Fed wanted to recover the additional US dollars, which is a well-known contraction in the previous two years. After reaching a certain level, it was found that the shrinking of the balance sheet could not be reversed, and the liquidity of the entire market began to decline. Finally, it was forced to start to release water again. During the epidemic period, you can see the curve rising straight, and the Fed began to release water indefinitely regardless of cost. .

Now the Fed is preparing for $ 6 trillion. What kind of concept is this? 6 trillion US dollars, equivalent to more than 40 trillion yuan, far beyond your imagination. After putting so much water, it will definitely flow to some places after coming down. The most likely is a variety of assets. Assets that cannot be added, including real estate, bitcoin and other relatively high-quality assets. So, in the long run, I am very firmly convinced that Bitcoin will definitely continue to rise.

The entire world is now in a trend of anti-globalization. The previous globalizations are all connected to each other. Now it is becoming a reverse globalization. Under this circumstance, as a free currency, Bitcoin will soon exert a very great efficiency and effect. In other words, there will be a large amount of international trade that may be settled in Bitcoin. For example, when we first went to South Korea to buy a batch of masks, we were looking for Korean friends to buy them, and the cost was paid in Bitcoin. Why should I pay with Bitcoin? Because it is the fastest, it can be paid within minutes. If you pay in US dollars, it is still a very troublesome process.

Therefore, in the future, with the progress of anti-globalization, the iron curtain may fall again, and Bitcoin's free currency status will be further strengthened.

04Why mining

Moderator : We hope the bull market will come soon. This should be a difficult time for the blockchain industry. When many people are panicking, President Jiang looks relatively calm, is still optimistic about the future market, and has also ordered 21 million bitmain new mining machine S19. President Jiang, not only do you mine, you also have a lot of coins. Why don't you directly mine coins and still mine? Compared to mining, TunCoin looks simpler.

Jiang Zhuoer : This question is actually very interesting, because Tun Coin and mining add up to a very good combination, and the combination of the two will form an endogenous cycle.

When I first borrowed money to mine, this is also a benefit of mining, that is, mining is compliant. If you buy a mining machine, you have an invoice, an entity, and a stable cash flow output, so it can be easy. You can use this model of mining to attract external funds, whether you are borrowing, investing in someone else, or partnering with someone else. Through these methods, you can mine low-cost coins. After all, you only need to pay 30% or 50% of the electricity cost to dig coins. If in the bull market cycle, your mining machine will still increase prices, which means that the coins you are mining are rising, and the mining machine is also rising. This is a Davis double-click.

So, you want coins, where does your money come from? You can come from the mining business. Mining has a very obvious amplification effect. You can control the amount of funds that you can control, and you can also enlarge the currency of the tun. This is the first point.

Second, it is easier to dig out the coins because it does not have a clear cost. If you go to buy coins, there is actually a definite cost, which will put you under a heavy psychological burden. I have told the story of 480,000 brothers many times before. The coin he bought at 4,800, but it was not sold when it fell to 900, it was not sold when it rose to 1,000, and it was all sold when it rose to 3,000 yuan. Then I missed 130,000 bitcoins. Why is this so? Because he has a clear purchase cost of 4,800, then he will always compare prices. If you are mining coins, there is no clear cost, or if you consider the cost of electricity, it is relatively low, so it is easier for you to get coins at this time.

Everyone knows that Tuncoins make money, but ordinary people can't live with them. What is an ordinary person? I proposed a standard last time. If you do n’t have 10 million assets before you are 30, you admit that you are an ordinary person. You give coins to ordinary people, for example, like 480,000 brothers, which lasted over 1500, and then sold them at 3000, and finally the currency rose to 130,000 yuan, which is a pity.

Conversely, if it is an ordinary miner, it will be different, because during the bull market, the miner is equivalent to a chicken laying golden eggs, and you will definitely not sell it at this time. Many miners have been passively earning more than 100,000 coins since the price of 1,500 coins. Because they keep making money, they will not sell miners, so they will earn more than those who have Tun.

Theoretically, if you start from the beginning to the end, you will earn more than the miners, but hardly anyone can do it. Therefore, the last result that appeared was that the earliest holders of bitcoin in the past 10 years were basically gone. They all sold their coins, and the earliest miners were basically still there, and basically all Wealth is free. why? It is because the miners have sedimentation, or passive management, and eventually grow with the industry.

The third point is the security of assets. My assets can be divided into many layers, for example, the bottom layer of my assets is real estate; the upper layer is the mine, and the light mine can provide me with relatively stable cash flow and low-cost electricity; The next level is the miner. I have a large number of position miners, which is equivalent to passively adding a layer of coins to me; then the next level is the coins I hold.

Many people only have the top layer. Of course, when they rise, they rise very badly, but when they lose, they also lose a lot. Therefore, from the perspective of asset layering, holding only coins is not very secure. You'd better hold every layer of assets . Otherwise, if you encounter a bear market, holding coins will be particularly uncomfortable and you will always be trapped there. Unless you cut the meat, you can't move anything. You must also be able to survive the bull market for two or three years. Let's take the example of 480,000 brothers. He lasted for two years, and then ran away due to family pressure in the third year.

So not only do I still mine coins, there are actually very good reasons, and I have also achieved quite good results before. Through mining , my assets have increased more than the price of coins, which is why many people ca n’t do it. To.

05 United Mining

Moderator : We all know that when President Jiang first started mining, there were actually only two graphics card mining machines. Now, there are actually hundreds of thousands of mining machines. President Jiang's personal portfolio is very good, and risk control is also very good. It can be said that Jiang is always the biggest beneficiary of the "Tun Coin + Mining" combination.

Anyone who is concerned about President Jiang ’s Weibo should know that when the currency price fell a few days ago, President Jiang received two good domain names, one of which is B.TOP, which is used for the current joint mining business. President Jiang, you already have hundreds of thousands of mining machines, and your own mining income is also very good. Why do you want to join the mining business and let everyone follow along?

Jiang Zhuoer : First of all, to clarify, there are no hundreds of thousands of units, because there are a large number of S9 mining machines, so there are not as many as hundreds of thousands.

Secondly, why do we do joint mining business. This business is an old business that we have been doing since 16 years, but in fact it has never been made public. Why did we do joint mining in the beginning? In fact, there are some partners, including friends and fans, who came to me and said that your mining business is not bad, can you take me a bit, then started joint mining.

The initial design idea of ​​joint mining is also different. Most of the products are designed with the miners as customers. If I sell you a batch of mining machines, I will earn your money first. For example, if a mining machine is bought for 10,000 yuan, 11000 and 12000 will be sold to You, let yourself make money first. This is the design logic of most products, but my design logic is different, because the people who looked for me at the beginning were all partners in the industry, including friends, so I was actually embarrassed to earn their money at first, so The miners I bought at the original price were sold to them at the original price, because I didn't lack that money and didn't need to make a difference. As for the electricity cost of joint mining, the market price is whatever it is.

At this time, the question comes. I always provide you with the mining machine and electricity costs at a cost price. When will you start making money? We have designed a post-share agreement, which means you have to wait until you start making money before you divide. For example, suppose you spend 1 million to buy a mining machine, then start mining, and sell the mining machine at the end of liquidation. This 1 million becomes 2 million or 3 million, and we divide it from the net profit. , The ratio is about 18% ~ 24%, depending on the number of mining machines purchased.

This has a very big benefit, which is that it greatly reduces the possibility of loss for most miners. In other words, if you start to lose money, you will definitely lose more if you buy other mining products, even 20% or more than 30%. So from this perspective, joint mining actually treats the miners as partners, and helps the partners to make money first, and then we have a share after we have a net profit.

In fact, many of our partners also mine themselves, so why don't they buy their own mining machines and then host them in the mine, so they don't have to share profits with me? Because mining has a lot of pits. Anyone who knows a bit about the mining industry knows that, for example, if you host a mining machine in a mine, the mine may not operate well, or you will steal your mining machine's computing power, or you will not be allowed to withdraw from the mine. Machine, you must force you to transfer the mining machine to them at a low price, or the electricity deposit cannot be returned after the mining machine is withdrawn, and so on.

Therefore, if I take them to mine, there is an obvious scale advantage. This scale advantage means that we are relatively large in size. When we talk to many people about conditions, including some extreme situations, we can get some good advantages. For example, half a year ago, a fire broke out in a mine in Xinjiang, which burned down a factory building and destroyed thousands of machines. If you are a small miner, it is actually difficult to discuss the compensation conditions with the mine. We are relatively large in volume, so we finally pressed the mine to get the compensation back. In general, we can avoid many extreme situations, which is another advantage.

06 Cloud Mining

Moderator : There are still many pits. When I first started mining, I stepped on many pits. You just mentioned that joint mining is a one-stop service, and it also uses a very reasonable post-share fee model. There are many cloud computing mining services in the market now. What is the essential difference between them and joint mining?

Jiang Zhuoer: We can actually prove mathematically that joint mining is the optimal mining mode , because joint mining does not make money before it means that no product can compete with it in terms of price. The post-share model of joint mining is also a very reasonable charging model. If a business model doesn't make any money from start to finish, then it must be mapping your principal. I made it clear that joint mining does not make money in the front, and if I make money later, I get a share.

What we provide is actually a more complete one-stop service, including the model of our beneficiation machine. We will choose the ones we think are the best from many miners, and often we buy a batch of miners and then buy them with our partners, which means that partners are a follow-up model. The risk is significantly reduced.

In addition, we will know some issues that may not be very clear in the industry. Because we have a lot of experience, after all, we have purchased and operated hundreds of thousands of mining machines, and our experience in mining machines is unparalleled.

For example, I recently bought a large number of S19 miners with a total price of 21 million. Why buy an S19 miner? It is mainly based on current risks. It is unknown whether the entire capital market can stop falling. If it cannot be stopped, in fact, Bitcoin may continue to fall. As the model with the best power consumption, the S19 has a particularly big advantage, that is, no matter how the currency price drops, this miner may have income. Because if you want to shut down, other miners will also shut down first. After the other miners are stopped, the computing power of the entire network will decrease, the difficulty will be reduced, and the mining output will increase again. But if you go directly to get money to buy coins, now the price of the currency is more than 6000, and if the price of the currency continues to fall, for example, it has fallen to two or three thousand, you will lose money. The miner, because it is the best miner, can always be turned on now, as long as there is mining output, the cost of the miner will be reduced step by step. This is the first point.

Secondly, the current S19 miner has relatively few bubbles. It was released a few days ago, but it should have been released last week, but because the currency price is low, it is difficult to price, the price is too low, it is not enough, and the price is too high for no one to buy. Only priced for sale. Therefore, we can infer that this miner has very little water and basically belongs to a relatively low price. At this time, buying this mining machine to mine, and gradually reducing costs through mining output, it is easy to put yourself in an invincible position.

Therefore, in terms of mining machine selection, we actually have very complicated logic. We will directly output this logic as a result, which is what mining machine should be bought when. We all buy in batches. Unlike the cloud computing power, cloud computing power can be bought at any time. We feel that we can buy in batches when we can buy it, and push this information to customers, which is a nanny type. service.

Just now I just talked about the selection of mining machines. In fact , we have many other solutions to further reduce the risk of customers. For example, now the currency price is relatively low, relatively speaking, there are not many bubbles. When the currency price is relatively high later, you will face a serious problem: the currency price is relatively high, and the price of the mining machine is also relatively high. Miner? If you buy, it may cause customers to lose money. This is a very troublesome thing for customers or for us, so we will design some financial product portfolios, such as buying mining machines and attaching options to hedge risks. I will at least take it in the future and not lose too much. Buying an option is equivalent to buying insurance for the price of the currency. If the price of the currency falls below, the option can help you.

This is the idea of ​​our entire joint mining product: to provide you with nanny-like services, as long as you want to come to mine, or you want to buy a mining machine, invest in a mining machine, directly contact us, we will help you get everything done. Help you avoid a lot of risks and help you avoid a lot of pits.

07 Q & A

Moderator : There are still many small partners in the live room asking questions, we pick some and ask President Jiang to answer.

Jiang Zhuoer : Someone asked a question about S19. I also bought a large number of S19 myself. Generally speaking, I still have confidence in it. S19 is likely to repeat the history of S9 . Because S9 was at a similar time at that time, at the beginning of a round of bull market, it was released at the beginning of 16th, and the price was about 8000 ~ 9000. The entire 16-17 year S9 basically maintained the price range of 8000 ~ 9000. In other words, if you hold S9 during that time, all the coins you dig out will be net profit. Because S9 did not depreciate at that time, even in the last few months of the bull market, due to the soaring currency price and the lack of supply of mining machines in the entire market at that time, the mining revenue of S9 soared to two to three hundred dollars a day, making S9 At that time, the price rose from eight to nine thousand to two or three thousand units, which was also a very amazing gain. From beginning to end, holding the S9 miner to get the hand currency in front of it is free. Even if the S9 is sold at 94 at that time, you can earn a lot of coins for free. This is the mystery of mining. Bitcoin can be obtained at low cost.

Moderator : In fact, mining is about timing. It may not be a very good time to enter the market when the computing power per T is high. If you enter the market when the currency price is very low, the price of the mining machine is very low. When the currency price rises, the price of the mining machine rises synchronously. The entire process is a perfect Davis double-click. In this case, you buy The profit of the miner must exceed the profit of your coin purchase.

Jiang Zhuoer : Right , so I judge that the S19 may repeat the glory of the S9. Because it is also a main generation machine, it is not a half-generation product like the previous S15, S17. S19 is a complete generation model, optimized to 7nm to the extreme, so it may repeat the glorious history of God machine S9, S9 has been dug for 4 years, I expect S19 may be longer than 4 years, because this round of bull market will be more Slow, and later technological progress will also slow down, and then it is difficult to achieve 60 ~ 70% reduction based on the existing power consumption. In the future, miners equipped with 5nm and 3nm chips will have a reduction in power consumption, but the decline will not be as large as before, because the chip specifications are small to a certain extent, other problems such as leakage will be more serious, which will cause The optimizable space for the power consumption of the mining machine is relatively limited.

Jiang Zhuoer : Someone asked what impact the mining circle had on the financial crisis?

I don't think the financial crisis will evolve into an economic crisis, and there will not be a serious economic depression. The Fed finally had a big move, printing money directly to buy stocks. As long as this move came out, because there was unlimited money to buy stocks, it could definitely hold the stock market. Of course, this matter will cause a long-term disadvantage, it will destroy the production structure of the entire market. In a more professional term, everyone will arbitrage the central bank. The fastest way to get money is from the central bank. When the central bank buys stocks, there will be more people trying to issue stocks for listing. This has actually happened in Japan. Everyone arbitrage the central bank through stocks and companies, and the central bank money is not born out of nothing. The central bank Every dollar printed is actually a coinage tax collected from all the people who now hold dollars.

So, this caused my short-term view of the central bank and Bitcoin to be opposite. In the short term, the Fed continues to release water. In the short term, I don't think Bitcoin can rise, but it will definitely rise in the long run, and the central bank can support the financial crisis in the short term, but it will definitely collapse in the long run.

The continued issuance of the US dollar will definitely cause global inflation. The first reason is that the amount of additional issuance is very large. US stocks are not just the investment market in the United States. Basically, the outstanding companies in all countries are basically in the best companies. US stocks are listed, and it is a particularly huge market. The US dollar is a global currency, and as a result, the flood will eventually flow to all countries. In fact, the RMB also has such a 40 trillion infrastructure plan.

Therefore, as a result of the US dollar's release of water, the first is to support liquidity. Once the second water is released, it will definitely not be able to recover it, leading to global inflation. They don't think about the long-term situation anymore. They will hold on to the crisis in the short-term.

Moderator : A small friend asked how to calculate the electricity cost of joint mining?

Jiang Zhuoer : Our combined mining electricity charges are basically market prices, and our combined mining electricity charges have a unique algorithm. Assuming a batch of machines are placed in several mines, I can basically talk about the market. For a relatively low electricity price, the electricity price of different mines may be different. Based on the weighted average of the number of mining machines placed in each mine and the electricity price, the electricity price for joint mining is obtained.

What's the benefit of doing this? For example, we bought 1500 S19 this time. For safety reasons, we will put it in several venues. If it is placed on a site, once the mine encounters inevitable things such as power outages and maintenance, the loss will be greater if all the mining machines are stopped. If it is placed in a different mine, the risk can be spread.

United mining essentially bundles all users of the same model together to calculate electricity costs, so even if something like machine damage occurs, everyone shares the losses, relatively speaking, the losses are relatively small, and the miners' earnings are more stable.

Moderator : One of my friends asked that there is no understanding of Bitcoin's anti-globalization settlement, please explain it again.

Jiang Zhuoer : Anti-globalization means that exchanges and trade fairs between many countries are becoming increasingly difficult. The iron curtain may fall again between China and the United States. The Iron Curtain was an image word spoken by British Prime Minister Churchill at the beginning of the Cold War. He said that an iron curtain across the European continent had fallen, and a wall between East and West had fallen again. All transactions, including Both material and financial flows have been cut off.

A typical example of the process of anti-globalization is that the United States is "withdrawing from society". It has withdrawn from many international organizations and has to erect its own barriers, including the establishment of a physical wall at the border between the United States and Mexico. Anti-globalization will make country-to-nation interactions more and more difficult. Financial exchanges will definitely be greatly restricted in the future. What can penetrate this regulation at this time? In fact, Bitcoin is a free currency. Because Bitcoin is decentralized, no one can kill it.

Moderator : Is Bitcoin currently used in actual trade? For example, when it is inconvenient to obtain US dollars, how many such transactions are settled through Bitcoin?

Jiang Zhuoer: Actually, there are still a lot of settlements with Bitcoin. Iran has a lot of trade, especially foreign capital flows, which are actually carried out with the help of Bitcoin. Of course, some people would say that the USD stablecoin USDT and other currencies can also flow, but the problem is that the USD stablecoin will definitely be hit. The United States will not allow the USD stablecoin to help Iran in international trade or international clearing. The US stablecoin has some better compliance. It may restrict Iranian use; if it does not restrict Iranian use, the US government will definitely kill it. Because this is not in the interests of the United States, and also violates the corresponding anti-money laundering and anti-terrorism laws of the United States.

Therefore, although the USD stablecoin is usable now, it will definitely not be usable in the long run. At this time Iranians can actually only use Bitcoin. Bitcoin has become a hard currency, and no one can stop it. As long as there is a computer connected to the Internet, you can transfer money.

Moderator : Another small friend asked, is this slump a complete reshuffle for the mining industry as a whole? If the current price is maintained after halving, will it cause mining disasters?

Jiang Zhuoer : The plunge shuffling was relatively thorough, at least my S9 miner was shut down. The computing power of the entire network has dropped by about 30E, and some computing powers are still in the process of shutting down. The reason I said on Weibo is that some venues actually bought electricity in advance, and they must use up the electricity. If not, they will lose more money. At present, the price is actually good for the S9. Actually, there are still some S9s that can be turned on until the time of halving, but it is not until after halving that we know how much will be turned off.

From the perspective of shuffling, it must be quite thorough , at least all S9 level models have been washed away. I originally envisaged that the currency price would rise by a wave when it was halved, and then superimposed the cheap electricity price during the flood season. S9 can continue to run. Now it seems that S9 is basically unable to open, unless the currency price has a relatively large increase, but I don't expect the currency price to rise back so quickly, because it will take some time for market confidence to recover. Now when U.S. stocks fall, it is not bad that Bitcoin can maintain sideways or rise slightly. When the U.S. stocks start to rise again after the epidemic is over, Bitcoin may double again, so the shuffle is still thorough.

Relatively speaking, the miners still wash a little bit better than the speculators. This round of plunge really washed out a large number of people. Even if only a little leverage or double leverage was opened, all the positions were liquidated, and the futures were discounted. The spot price fell to 3800, but the futures fell. At the level of 3500 or even 3200, no one thought at the time that it would fall to 3500 or 3200.

This round of miners actually has a lot of leverage, there are a lot of mortgages to borrow money to sell miners, which is relatively better, because the mortgage loan is equivalent to selling the coin at a discount of 60%. Before the currency price was 9000 ~ 10000 After a 40% discount, the actual selling price is also a little higher than now.

Therefore, everyone's asset structure should not be too single. There is only one thing. Of course, it ’s great if you bet correctly, but for most people, it ’s 100 times or 10 times. In fact, the difference is not much, but once you lose money, it ’s not the same. Fortunately, there is a stable and more complex asset portfolio. This more complex asset portfolio allows you to have multiple defenses.

Moderator : This time the plunge, not only the mining circle has been shuffled, the currency circle may be washed more thoroughly, which is equivalent to the entire currency circle restarting. Here is a question from my friends: What impact did the financial crisis have on the mining industry?

Jiang Zhuoer : Actually, I have already talked about it. The financial crisis will eventually cause a large amount of US dollars to be issued. This round of financial crisis will not develop into an economic crisis. The financial crisis will cause a large number of dollars to be released and flow into various asset markets, especially assets such as defensive assets, real estate, or Bitcoin, which is anti-inflation.

Moderator : A small friend asked, some people said that Bitcoin did not participate in the entity construction. What does President Jiang think about this?

Jiang Zhuoer : The physical construction that Bitcoin participates in actually makes the entire currency system better and creates a better currency system. For example, most of the friends in the live broadcast room are young people who cannot afford a house. In fact, this situation is abnormal. Why can't young people afford a house? It ’s because only the central bank has the right to issue currency. As a result, everyone can see the results. When this financial crisis really occurs, people who make mistakes will not be paid, but the entire population will be paid, and then the Fed will start to pay. A large amount of water comes out, and in the long run, it will definitely cause house prices to rise, so young people can't even afford a house.

Looking at Bitcoin in reverse? If Bitcoin can develop, if it can restrain the inflation of fiat currencies, and if it can form a mixed currency system with fiat currencies, Bitcoin can make you afford a house. It can be seen that Bitcoin makes the whole world more fair, instead of allowing the central bank to rob everyone, this is what Bitcoin does for the real economy.

Jiang Zhuoer : Someone asked if B.TOP could support Alipay payment in the future? We have to study this. We all collect payments from public accounts to ensure that all processes are compliant from start to finish. Many other computing power products bought by people are collected by private account, and our joint mining is collected by public account and invoiced.

Jiang Zhuoer : Someone asked if B.TOP accepts payment methods such as BTC or USDT? We do not accept this because it is not compliant. We are actually very focused on protecting ourselves. Selling things is paying taxes to the state. When we do anything, we first consider compliance . If the channel is not compliant, we would rather not do it. We only support RMB payments. I infer that when the bear market comes, there will definitely be a lot of computing power platforms going out of business. By then, it will really be a feather.

Jiang Zhuoer : Someone asked if there is any new low for Bitcoin? To be honest, we cannot rule out this possibility, but I feel that this possibility should be quite low, and a sharp drop is no longer possible. Like the slump on March 12, in fact, there are a lot of factors, one is new crown pneumonia, the other is the high leverage before the bull market, and the third is the Bitmex technical death cycle. Similar situations are already difficult to get together at the same time, so a sharp drop in a short period of time should not have occurred. The Fed has put so much water in it, which has obviously increased confidence in the asset market. It may fall in the medium term, but it is unlikely to fall below the extreme 3800 position again in the long term.

Jiang Zhuoer : Some people say that the Fed's release of water did not provide incremental funds to the market. The Fed even provides incremental funding directly to the private sector through the SPV method, so there is no need to worry. Once the panic has passed, the money will flow out immediately. In fact, many commercial banks now have a lot of cash in their hands. The panic has not yet passed. Commercial banks are still afraid to lend out. After the panic is over, they will definitely lend out. According to the style of the Fed, it is unlikely to shrink the balance .

Jiang Zhuoer : One more question about cloud computing power.

There are many problems with cloud computing power. The first is expensive . We are actually some providers of cloud computing power on the market. How do we sell cloud computing power? In order to prevent risks, at least a 30% premium must be added. In this case, you must buy cloud computing power is expensive. We are the provider of cloud computing power, but we only provide cloud computing power to B. We are concerned about risks. We do not provide cloud computing power to C because the payment methods are not compliant. If a mass event occurs due to a loss, this Very troublesome. Therefore, we only provide cloud computing power products to B. We are very clear that cloud computing power products are definitely not as good as joint mining . You can directly compare the price of cloud computing power and joint mining per T computing power.

Second, some cloud computing power has other management fees and other costs, and many cloud computing power designs are time-limited, and customers do not have ownership of the mining machine. Once the time is up, the platform will reclaim your right to use the miner. Combined mining is not the same. Users have the right to use the mining machine. Your S19 will not be able to mine after waiting for three or five years. According to market conditions, customers will still have residual value income. Whether to own the mining machine is the biggest difference between joint mining and cloud computing power.

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