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1. Chinese bitcoin mining is comparable to China's manufacturing of monopoly global;
Original title: Chinese bitcoin mining machine monopolizes the world, the most neglected manufacturing sample
Unannounced visits to Shenzhen Huaqiang North mine business
In mid-January of 2018, even in rainy days in Shenzhen, the temperature dropped below 10 ℃, and winter in the south came.
But Huaqiang North businessman Ding Rui mine business, it is the peak season.He has just completed a 100 mine machine, more than 300 million list.With him, is a Russian, the other from Moscow to come here, After receiving the promise of prompt delivery, the deposit was readily delivered.
In Huaqiang North, such businessmen as Ding Rui have become a huge group of people who are sensitively smelling business opportunities in the astonishing rise of digital currencies represented by Bitcoin, Ethereum, etc. With the help of the sales and marketing capabilities behind Huaqiang North, National and even global mining machine business big network.
In the short span of half a year, Huaqiang North has swept away the downturn in power supplier traders in recent years. The shortage of shops and the rents of rising rents are repeated. Even the gateways of cattle and you are approached from 'Invoice' and 'Mobile Phone' Mobile phone 'into a' mine machine '.
In the process of soaring digital currencies, the ups and downs of the price figures are the focus of most attention, and there are only a few who are willing to be seriously aware of how the mines produce digital currencies.
But in fact, without the development of mine machines, producers, so far, bitcoin may still be produced by the geeks' laptops when they are free, which means it will not get into the public eye of investment, Will rise astronomical price.
Fewer people know that the monopoly of Chinese mining machine production and distribution chain, but also "Made in China" a leading microcosm of the world.
We met buyers from Serbia, Russia, India and other countries around the world in Huaqiang North, where we are eagerly looking for the supply of mining machines, but they have no demand for 'inexpensive', which is a seller's market and Chinese sellers dominate The right to speak.
Backed by the strong manufacturing infrastructure in and around Shenzhen, 'Made in China' has firmly monopolized the design and production of various types of mining machines in the past few years. The world's top three digital miners, Bit Continental, Jia Nan Yun Chi and Billion state science and technology, covering more than 90% of the world's share - all three companies are founded by Chinese.
In the chip industry, miner makers' chip design and development capabilities have become the fastest-growing segments in the specialty chip industry, and top venture capital companies such as Sequoia have also invested in the top performers in the field of mining machines.
Now, ambitious miners manufacturers have begun to expand to the field of artificial intelligence, they think they have accumulated in the area of computing power, just to solve the problem of lack of computing power of artificial intelligence chips.
The story of mining machines, the price of digital money than the ups and downs, more worthy of Chinese companies with great concentration.
From Huaqiang North, known as "China's electronic first street," began to tell the story of mining machine industry chain, and then it is appropriate.
Huaqiang North mutation: everyone is talking about mining machine
Enter Huaqiang North landmark SEG Plaza, the floor guide 'mine machine' the word quickly greeted here where the 4th and 5th floor, shop basically occupied by mining machine business.
Ding Rui is here earlier business mine business merchants, his original main business is the sale of graphics cards and chassis before the sale of computers, mobile phone business, have changed the line of business, selling mining machine. Some businesses even the original Signs have not changed, the counter directly placed mine machine, used to solicit customers.For them, mad machine and the previous computer hardware is no different, just more tight.
SEG Plaza Merchants Manager told "Prism", mine business has risen up, where the rent has risen nearly doubled, but still can not stop the enthusiasm of businesses.Building shortage, for which they decided to use the Spring Festival holiday time, the Some space unreasonable shop re-planning, and then split rent.
'Mining machine to SEG.' The investment manager is very excited. 'Now the international community has formed a reputation!'
In the short visit to SEG Plaza, Prism encountered buyers from Serbia, Russia, India, etc. They are looking for the real stock in their hands, the most difficult to purchase is the Chinese-made ant miner And Avalon mining machine.In order to find the right price, they will also be proficient in the use of WeChat, to facilitate the store to have cheaper prices and timely notification.
Huaqiang North's favorite business, these international buyers. Ding Rui's experience is: 'They have a clear goal, usually a large amount, and the visa period is limited, so it will be decided soon.'
After the miner business is done, there are some new practices on the part of sellers, as some businesses find another way to provide derivative services to attract customers such as miners' custody business, businessmen find stable electricity and space, build mines and buyers buy After the mining machine choose to host, after paying the custodian fee without considering other issues in a hanging 'Asustek Computer' signs of the merchants, the store sales strongly promote this model, and brought the calculator proficient input various figures, demo back cycle.
In half a year, the original ex-factory price of about 10,000 ore mines, was fired to more than 30,000 yuan price, but still in short supply.
'As long as you have the goods, you are the eldest uncle.' One merchant said that in the seriously unbalanced supply and demand market, the second-hand mining machines that some miners eliminated were also the sought after targets. 'For example, ant miner S9, some mines Because of a variety of reasons quit, or bought the latest out of the machine down, one can sell more than twenty thousand dollars.
A mine owner in Sichuan experienced such a madness that he replaced the old mining machine that replaced the mine at the end of 2017 and commissioned the merchants familiar with Huaqiang North to sell it. Had bought the price even more expensive.
China's first show of strength: the perfect combination of genius and China made
To become the country and the world's largest distribution center for mine sales, Huaqiang North behind the support, Shenzhen and the surrounding area is a powerful electronics industry design and manufacturing capabilities.
Jinxin, the founder of Mamba video card mining machine, was feeling deeply that in September 2017, he was only determined to enter this industry. He found all the spare parts for mining machines in Huaqiangbei and found the foundry in Bao'an, Shenzhen quickly Put into production, which is not possible elsewhere in the world.
The feeling of Jinxin is not an example.Ants miners, which occupy the largest share of the mining machine market, also completed manufacturing and assembly at foundries in Shenzhen, and later transported the mining machines to buyers all over the world through Shenzhen's geographical advantage.
The 'Made in China' power represented by Huaqiang North and Shenzhen stunned the entire Bitcoin world after its first shot five years ago, and has since occupied the dominant position in the mining machine industry chain.
In June 2012, Butterfly Labs, a unit that claims to be working on an integrated circuit (ASIC) professional mining machine, is likely to control over 51% of the Bitcoin world if it is successfully developed Compromising power also means that the agency can tamper with blocks of Bitcoin and have near full control.
'Bitcoin's free world to be destroyed!' Butterfly across the ocean flap wings, awakened a domestic bitcoin enthusiasts.Also in Beijing University of Aeronautics and Astronautics IC design professional study of Zhang Nan 赓 (coin circle called ' Pumpkin Zhang '), and Jiang Xin-yu from the China University of Science and Technology Junior School (roasted cats), representing China's strength.
Pumpkin was widely known as the inventor of the world's first ASIC mining machine, he named it 'Avalon' and sold to the rest of the world, successfully attacking the butterfly laboratory.
Compared to pumpkin Zhang 's first, the juvenile Jiang Xin to grilled cats mine machine to achieve a larger mass production.
In July 2012, Chiang Kai-shek, nicknamed "friedcat" ("roasted cat"), launched crowdfunding on the Bitcoin forum bitcointalk. The crowdfunding share was directly transferred to roasted cats and mines shares and anchored with bitcoin Although shares are issued rather than tokens, the process is still viewed by many as the first attempt in China by Initial Coin Offering (ICO).
The earliest translator Zhongcong white paper currency legend Wu Jihan put tens of thousands of dollars in research and development of grilled cats and mines succeeded, the investment brought him tens of millions of returns and contributed to the creation of the world after his largest Miner Producer Bit Continent.
In early 2013, Avalon miner and roasted cat miner shipments have been shipped, the original challenger butterfly miner in the foreseeable future.In the next few years, despite the roast cat lost, the new overlord rise, but with 'Made in China' a sound infrastructure and production capacity, the Chinese forces has since become the unshakable overlord of the mining machine industry chain.
Calculations war prequels: the price of bitcoin brought security days
However, the idealism of acting as a savior has been pushed into the abyss because of the calculated arms race.
In 2013, bitcoin made its debut in front of the world, with a hundredfold increase over the year and a price of up to 8,000 yuan. Early adopters were surprised to find that professional-grade mining machines, like the gold-chickens, can generate huge amounts of wealth Avalon miner and roasted cat miner, the price has been exploded in the market to six figures, still in short supply.
Tasted the sweetheart who never want to go back in the past.Nakamoto originally designed for each person to participate in mining using bitcoin to get the balance of bitcoin rewards, was completely broken.China Design, made in China ASIC Professional mining machine, bitcoin in the world after another game of arms race, the 'mining' threshold raised 10 million times.General computer history, priced at 10,000 yuan a set of integrated circuit mine Machine was moved onto the stage.
As more and more mining machine makers join in, the bitcoin difficulty each miner can gain in a cramped calculation arms race increases, and who can develop a more calculated mad machine Will receive a large number of orders Moore's Law, the chip upgrade R & D capabilities, the game directly determines the success or failure.
LIAO Xiang, CEO of Lightning Intelligence, has personally experienced and participated in the arms race of the year.He told Prism that traditional chip makers such as Intel, AMD, NVIDIA and so on did not see this at all in the industry's harsh years Business, while the second and third echelon chip makers, no time to take into account.
'It can be said that in the traditional chip manufacturers for various reasons did not intervene, giving the industry a big window, who can develop the latest chip into production, who will win.
Wu, the early investor in roasted cats, became the biggest winner in this round of arms races, and he and the glittering Zhipuck, a chip expert who met on the street, set up a bitter continent in 2013. The latter developed in half a year Out of the ASIC chip, and in November 2013 this will be called 'Antminer S1' mining machine to market.
'The rise of the bit continent can be said to be both timely and timely, and there is no shortage neither.' The same people who had experienced the calculated arms race were first and foremost a combination of the two founders. At the time, 'Is a gold partner', because 'Wu Ji understand bitcoin, Jenks understand the chip' industry hasty, this combination is particularly valuable.
In addition to being a 'luck' ingredient, the launch of the Antminer S1 is just the time when the bitcoin price surge is the most intense, giving the continent plenty of food and equipment to support the next generation of chip development when it hit a trough in 2014.
'Martial arts all over the world will not break fast. If the price of Bitcoin dropped from 8000 to 800 in the month after the ZIM Group developed an ASIC chip, there may not be any later.'
Fierce competition, limited by the chip can carry the calculation of power, many of the miners into the machine has not been manufactured, it faces the risk of elimination.
The roasted cats, which once dominated the entire network, also began to fall behind. The second-generation chips of roasted cats fell apart at the crucial moment of bitcoin price hikes in late 2013. Just as it and Avalon collectively defeated Like the enemy's Butterfly Labs, nodes in the rapid expansion of computing power were slow at a slow pace. In the face of competition from other competitors, the roasted cats and mines took up more than 20% of the total network's computing power from the peak during the rapid decline to 4%. After more than a year of hardship, roasted cat on the way to visit the production line, the mysterious disappearance has become a mystery.
Shortcomings of artificial intelligence: computing bottleneck to be broken by the miner manufacturers?
Four years later today, the winner of the arms race is bitterly continent, becoming the undisputed king in the bitcoin world, and the bitter continent has a say in more than 70% of the world's ASIC miner market.
In the list of the first customers of Taiwan Semiconductor Manufacturing (TSMC), the world's top chip foundry in 2018, the leading domestic manufacturers of 7-nanometer process are in line with well-known manufacturers such as Qualcomm, Huida, AMD and Haisin. Sequoia and IDG admission, valuation of 'billions of dollars.'
Developed the world's first ASIC mining machine pumpkin Zhang, no less.He led the company Jia Nan Yun Zhi, the backdoor A-share company Lu Yitong (27.300, 0.10, 0.37%) failed to submit the listing of the new three board market , And a new round of financing in the valuation of 3.3 billion yuan. "Prism" learned data show that benefiting from the alarming increase in bitcoin prices in 2017, full year 2017, Jiayun Yunzhi revenue more than 20 Billion, mostly from mine sales, corresponds to this number, which is a research and development team of only 30 people.
After monopolizing the global mining market, the two companies found new excitement: With the accumulation of computing power in bitcoin mining machines, they can replicate their experience to the world's forefront of artificial intelligence - the field of artificial intelligence.
Jia Nan Yun Zhi an introduction, in the realization of the elements of artificial intelligence, the algorithm is generally the most valued part of the calculation has been neglected.In algorithm, the chip makers AMD and NVIDIA through their design and production of graphics cards (GPU) for advanced learning, but after years of accumulation and development, the algorithm has become very mature, and computing elements become the biggest shortcomings restricting artificial intelligence. 'Why some artificial intelligence robots (19.430, - 0.16, -0.82%) can not stand upright? The fundamental reason is still above the calculation.
On the chip level, bit Wei Wei, director of product strategy at Continental China, predicts that bitcoin mining chips have gone through the process of going from CPU to GPU to ASIC-specific chips. Similarly, artificial intelligence chips will repeat itself from CPU to GPU and then to ASIC process.
'GPUs as the representative of the graphics processor to promote the wave of the first wave of artificial intelligence ... but with the development of the industry, with the maturity of the deep learning algorithm, as the architecture continues to evolve rapidly, dedicated chips by 2020 ASIC) will exceed the number of GPU chips.
Bit mainland in January 2018 released based on the artificial intelligence chip brand 'count abundance', Jia Nan Yunzhi related actions are also in full swing.
'This is an opportunity for China to move closer to and even surpass the United States in the field of silicon chipsets,' said Wang Jun, director of AI product technology, at the launch of BitCounter 's Computex.
But this time, the two companies are facing quite a strong opponent team.Google, AMD, Nvidia and other top players, both in research and development funding support, or in the accumulation of technology and data, should not be underestimated.
A senior observer in the field of artificial intelligence pointed out that he worries about the way out because 'algorithms for artificial intelligence training may change, training data and ecology are not in their own hands.'
However, he also saw the positive side. The two companies chose the most experienced ASIC direction as the force that has been nurtured in the blockchain ecosystem and launched an attack on traditional chip makers.
Those foundries in Shenzhen and Huaqiang North businesses should be looking forward to the market as soon as possible when the mine-led technology-led 'Made in China', product sales, no one will miss the price war every day 'cottage Machine 's time. Sina comprehensive
Bitcoin mining caused unprecedented graphics shortage NVIDIA limited 2;
New Chi Yuan compiled source: arstechnica.com
Compile: Liu Xiaoqin
In recent weeks, the high-end GPUs of almost all the major retailers in the world have been out of stock, the prices of high-end graphics cards have soared, and the shortages do not seem to be ending very quickly. The GPU has seen an unprecedented shortage of Ethernet Square, bitcoin and other cryptocurrencies mining excitement influx of miners, gamers hard to find a card, NVIDIA or even the implementation of 'single-user limit 2 card'. 2018 is the continuous shortage of graphics cards, or Nvidia, AMD and so will gamble , Increase video card shipments?
In the past few weeks, the foreign currency ring lashed out: a good video card is almost impossible to find at the right price, and the video card shortage does not seem likely to end soon.
The GPU shortage started in December last year, when soaring Bitcoin prices revived interest in cryptocurrency mining, a process of generating numbers that earned new blocks in the blockchain and earned In order to tap cryptocurrencies, you need a powerful miner, so miners crazily buy as many GPUs as you can.
In recent weeks, the high-end GPUs of almost all the major retailers in the world have been out of stock and the price of mining graphics cards has skyrocketed, with the GTX 1080, which usually retails for $ 550, for more than $ 1,000 in third-party markets. Nvidia has even begun to limit its online sales, with two licenses per user per product, and requires retailers to prioritize their graphics products to gamers rather than digital miner mines.
Of course, most GPUs are sold by retailers, not NVIDIA's official stores, and the United States' Best Buy shelves are at a glance: a serious shortage of graphics cards. Computer parts often have peaks and troughs, and RAM is now expensive, We've never seen such a sustained, widespread shortage, and the arstechnica website reported on Friday that the GPU has seen an unprecedented shortage.
Unprecedented Global Graphics Shortage
The high-end graphics card market once and for any other computer equipment market, you go to the local computer parts store, pick up from the shelves, and then pay the manufacturer's suggested retail price on the line.
However, the rise of cryptocurrency mining has resulted in an unprecedented global shortage of graphics cards. Best Buy stores, the shelf has been almost empty out. In eBay and Craigslist this e-commerce platform, second-hand card is not traded at a discount, the price Proposed price higher than the new card.
This other gamers crazy - once the game player is the main market for these cards
A few days ago a game player wrote in the reddit sub-section PCGaming: 'Password money can not crash very soon, and gamers like us with a new console are being forced to pause until the market stabilizes. Someone who bought a high-end graphics card a month ago was considering whether to resell it to make a big profit.
Jared Walton of PC Gamer concludes: 'It's not worth buying a video card right now.'
The culprit is the lack of video cards, due to the fact that high-end graphics cards are the best way to tap the cryptocurrencies of ether and other non-bitcoin. With the blockchain concept in recent weeks soaring, the prices of these cryptocurrencies have risen to unprecedented heights, A powerful video card can be dug a few dollars a day in the crypto-currency, so more and more hobbyist miners are scrambling for video cards, causing others with non-currency graphics cards to be in short supply and expensive.
Not only is there no high-end graphics card available for purchase, but the manufacturer has informed the customer that the graphics card's return policy is being suspended.
The reason is: Graphics prices have been volatile.
According to PC Part Picker, the price of the AMD Radeon RX 570 was about $ 200 last spring, while the average price of the RX 580 was almost $ 250. But by July the price started to rise and both cards were up Above $ 350. Prices have declined after September, but soaring prices have been even more extreme in recent weeks: the RX 580 now average more than $ 400.
This average price chart also underestimates the price increase as it includes retail stores that use the suggested retail price and are sold immediately. If you want to buy a video card in time, you may be forced to pay higher The price to the online dealer Amazon dealer RX 570 asking price of nearly 500 US dollars, while some RX 580 is more than 600 US dollars.
According to PC Part Picker, the average price of the GTX 1060 has risen from $ 275 to $ 400 since May, while the 1070 has risen from $ 425 to $ 600. Again, these average prices You may have underestimated the price increase because if you really want to get a card right away, you may be forced to spend more on online reseller purchases.
This pattern of price increases is closely linked to changes in Ethereum prices, which have risen around June 2017 and Ethereum prices soared, and the current shortfall coincides with the more dramatic Ethereal boom in recent weeks .
Encrypting the currency boom is creating huge profit opportunities
So who drives the demand for video cards? Encrypted money miners To understand this, we talk to people who are active in the cryptocurrency mining industry and they all tell us a similar story: In recent months, Ethereum mining and other encryption The currency has become very lucrative, which is why so many people are competing to expand their mining operations.Given the graphics card is the main bottleneck.
Digging coins with consumer-grade cards is no longer profitable, and manufacturers have created more efficient ASIC-tailored mining equipment for ASICs that are more energy efficient, but there is a need for Ethereum to consume a significant amount of memory Algorithm, which is resistant to ASIC optimization, which means that if it has more than 2 gigabytes of memory it will still be a practical consumer graphics card for Ethereum.An entry-level graphics card does not have enough memory, But more advanced graphics have more memory.
Most people started mining in the summer of 2017 - just as graphics card prices started to rise.
Matthew Freilich, an IT security expert from Philadelphia, started mining activities last June.
Freilich originally bought six Nvidia GTX 1070 graphics cards, which were also available for about $ 400 at a suggested retail price. He also ordered a special motherboard that holds a large number of graphics cards. Freilich used a mining-centric operating system, PIMP OS.
He said: 'Every day I have Internet access, check many times a day to see if there is a local Best Buy video card stock.' If they have stock, I will go buy it. '
Freilich said it does not take a long time to earn money on graphics cards. "I'm currently using 14 cards and earning about $ 50 a day." Each card earns about $ 3.50 a day. At that rate, a card needs About four months time back.
Of course, that's not the case: the value of cryptocurrencies is changing rapidly, and in the short run, higher electronic money prices mean miners earn more with the same effort, but Ethereum (and other blockchain networks) As more people join the network and automatically increase the difficulty of mining, so if the mining industry continues to rise, the difficulty will rise, Freilich's card will produce less cryptocurrencies a day to offset some of the recent gains caused by price increases.
Another Nvidia GTX 1060, 1070 and 1080 miners told us that each of his 1060 cards (currently selling for about $ 400) earns about $ 5 a day, while the high-end 1080 (worth over $ 700) earns a day To 8 dollars.
Mining has become a global phenomenon
Blockchain networks are global so people can mine around the world, and one developer, Suleiman Alaquel, told us about his experience digging cryptocurrencies in Saudi Arabia, a great place to attract cryptocurrencies for mining, Because electricity is cheap there, but it's expensive.
Alaquel said high-end GPUs in almost all stores in Saudi Arabia have been sold out and some miners have already booked all the high-end cards shipped in six months.
He added that you can buy high-end graphics on the Saudi version of the Cragislist, but that's expensive, and the AMD Radeon RX 580 costs about 2,000 SAR (about $ 530).
As for the shortage of high-end graphics cards in China, despite the large amount of hardware originating in Asia, the shortage is not too serious, and all merchants in the e-commerce platform have marked the words "few arrivals, first come, first served."
It is foreseeable that in 2018 is a shortage of graphics cards in arstechnica article, a netizen commented:
I wanted to know how NVIDIA and AMD deal with this situation: GPU demand is significantly higher than supply, so I speculate that they will expand the line to sell more GPUs at a premium - they will not miss out on this lucrative opportunity for profit enticement.
However, no one knows if Ethereum will suddenly collapse, and this risk does exist, and no one may even be willing to consume electricity to mine. So, Nvidia and AMD may be trapped in the mountains can not be sold GPU, and expansion of the production line capabilities.But eBay such sites will pour into a large number of second-hand low-cost GPU from the miners, which is sufficient to meet the needs of gamers.When the next generation GPU appears, the previous generation GPU will be in a Two years quickly out of date, and their prices will then drop to the bottom.
In this regard, the use of GPU demand boom lay profitable AMD, NVIDIA and other manufacturers, whether it will invest heavily in this gamble?
3. The price of bitcoin fluctuates greatly, and there are not many investors who can choose to leave the market.
Reporter Chen Zhi Shanghai reported
Bitcoin prices hovered around $ 11,724 as at 19:00 January 22nd, which means bitcoin prices slipped more than 31% from a year high of $ 17,090 in just three weeks this year. Once touched the low of 9280.3 USD during the year.
However, there are not many investors who choose to leave the market.
'Now in addition to the chase after the United States, South Korea, Japan, Aunt have to stop leaving, most professional investors would prefer to stay.' The head of a domestic Bitcoin trading platform told 21st Century Economic Reporter The reason is that these Professional investors are mainly from the IT and financial sectors. On the one hand, their cost of holding money is generally low. The ups and downs of the bitcoin price have not touched their position cost, which is enough to ensure that they stay. On the other hand, they have also experienced 2008 Loan crisis and other financial markets turmoil, the risk of sharp fluctuations in the price of bitcoin has a comprehensive understanding of the general assembly can not easily chase sell.
Many reporters learned that these investors even copy the bottom copy of bitcoin.
Tom Lee, co-founder of Fundstrat Global Advisors and former JPMorgan chief equity strategist Tom Lee, admits he is a radical investor in the bargain-hunting bitcoin, which in his opinion is bound to skyrocketed in price volatility after a plunge, At the end of 2018, Bitcoin prices will double at least as much as they are now, reaching 25,000 U.S. dollars.
In the eyes of a senior partner at a global new financial industry fund, while Tom Lee's estimates are quite "exaggerated," the commercial use of Bitcoin may continue to expand.
However, even as bitcoin is used more and more widely, its journey to becoming the mainstream payment and settlement currency remains long. In addition to the volatile price of bitcoin and other cryptocurrencies, the global financial regulator tends to adopt Strict regulatory measures, so that a substantial increase in the risk of bitcoin investment. 'A US investment banker to 21st Century Business Herald reporter, coupled with the growing number of encrypted digital currencies continue to weaken the bitcoin's investment value and scarcity, resulting in bit Future prospects of currency appreciation more uncertain.
Exit and stay
In the opinion of industry insiders, the bitcoin price plunged more than 30% this year and is closely related to the regulation of financial markets.
On the one hand, the U.S. Treasury Department's Financial Stability Regulatory Commission (FSOC) has set up a working group on virtual currencies such as Bitcoin to assess its risk to investors and the possible negative impact of such assets. On the other hand, the EU financial regulator The European Securities and Markets Authority (ESMA) said it is studying whether digital currency-based CFDs (a CFD that tracks complex financial products with underlying asset prices) are among the financial instruments under their supervision and if the ESMA considers Bitcoin CFDs belong to financial derivatives, then have the right to ban their irregularities.
In other news, European regulators are investigating whether to impose stricter leverage limits (2: 1 or 1: 1) on such products, or even ban product marketing, given the volatility in cryptocurrency digital currency financial instruments such as bitcoin In addition, ESMA is also considering a total ban on the issuance of digital currency-based CFDs.
At the same time, financial regulators in South Korea, India and China have also stepped up their supervision over over-the-counter transactions in derivatives and digital currencies such as Bitcoin, with South Korea imposing a 24.2% high tax rate on encrypted digital currency exchanges Control bitcoin and other encryption digital currency trading scale, and to promote the trader's real-name system, blocking its borrowed bitcoin cross-border asset diversion channels; Bank of India on the top ten local bitcoin exchange account suspension, because the bank that There are suspicious transactions in these accounts, and in addition, the Indian tax department is also considering taxing encrypted digital money investors.
'This also led to a lot of US and Japan aunt smell away stop.' The above bitcoin trading platform responsible person said.After all, these aunt invest in bitcoin investment foreigners are regulars, for any policy troubled Are extremely sensitive. Once they find that the policy is going against the rise of bitcoin prices, they will promptly liquidate bitcoin hedging and lead to bitcoin's larger decline this year.
In the eyes of many bitcoin professionals, these aunt stop-and-go sellouts are just appearances - a deeper reason for the recent big bitcoin price adjustment is that somebody pulled down bitcoin spot prices by massively selling bitcoin, Thus short selling profit in the futures market.
December 11 last year, the Chicago Board Options Exchange (CBOE) bitcoin futures formally launched trading, January 17, 2018 is the expiration date of the first bitcoin futures contracts.
To the surprise of the markets, the CFTC data showed that speculative short positions in CBOE bitcoin futures contracts suddenly took the upper hand as of the week of January 9, the week before the expiration of the bitcoin futures contracts, when the speculative headroom of bitcoin futures The warehouse increased to 1907 contracts, during which the bitcoin price once fell to around $ 9,000.
In addition, most of the volume and open interest were concentrated in early January, signaling that shorts quietly set aside a large number of bitcoin short positions in the futures market in January and awaited price drops and contracts expiring, taking huge short-selling profits. In the end, bitcoin prices plunged by more than 30% this year, allowing them to earn pours.
Behind this is the high concentration of bitcoin positions, making it easy for individual large capitalists in Bitcoin to manipulate prices for profit.
According to Aaron Brown, chief chief prosecutor of hedge fund AQR Capital Management, about 1,000 people hold 40% of the world's bitcoin, equivalent to an average of about 100 million U.S. dollars bitcoin at current prices.
More importantly, these 1,000 people are basically the earliest bitcoin investors with very low holding costs and decided to capitalize on the bitcoin futures market rallies once they thought that the previous bitcoin price had approached $ 20,000 and exceeded their earnings expectations Short selling huge amounts of money to lock in, its huge sales to help them easily achieve this short profit target, and do not have to worry about being forced to risk risk, 'Aaron Brown told reporters.
However, this does not 'scare off' most Bitcoin professionals.
21st Century Business Herald reporter learned from many parties that after the price of bitcoin fell below $ 10,000, many IT and financial practitioners instead copied the bitcoin to help push Bitcoin back above $ 11,000.
On the one hand, they are optimistic about the safe-haven investment value and business operation prospects of bitcoin. For example, the U.S. government was forced to 'close' due to internal differences and pushed up the price of bitcoin by 8%. In addition, The more multinationals begin to explore the use of bitcoin for cross-border payment clearing in more specific scenarios to increase efficiency and make bitcoin more application scenarios and requirements; on the other hand, their original average position cost is lower, even at this time Bargain-hunting, there are higher 'security pad' against the dramatic price fluctuations to ensure the principal security.
The head of the domestic bitcoin trading platform pointed out that although these professional investors are generally optimistic about bitcoin, their trading strategies have quietly changed with the price volatility. Compared with their long-term holding value investments, they now invest a lot Began to choose high throw low suction.Research the reason, first, more and more digital cryptocurrencies rise diverted bitcoin investment value and scarcity, limiting its future gains; Second, the government strictly supervises the digital currency encryption, let them Realize that a lot of their own profit-making investment logic may not be short-term cash.
High leverage investment risk resurgence
21st Century Business Herald reporter learned from many, many United States, Japan and South Korea aunt in the near future during the ups and downs of Bitcoin prices were forced to stop loss, there is a last resort painstaking - that is, high leveraged investment triggered the risk of explosion positions were forced to open .
'In fact, the high leveraged investment in the field of bitcoin once again come back.' The aforementioned head of the domestic bitcoin trading platform bluntly, many of the bitcoin trading platform will provide the appropriate investment leverage services, in particular, Investors can use their own bitcoin as a collateral to get 1.5-4 times leveraged trading of bitcoin from the trading platform.If the bitcoin price drops hit the stop line, if the investor can not append the bit at the specified time Currency collateral or the corresponding funds, the trading platform will automatically force open to avoid risks.
He calculated to reporters, a double investment aunt if the Aussie bought bitcoin at $ 15,000, when the bitcoin in mid-January once fell to around $ 9200, its investment in the name of up to about 80% But in fact, Bitcoin trading platform is likely to fall to 12,000 US dollars bitcoin, she was required to recover the bitcoin collateral or the corresponding funds, or forced liquidation because the trading platform can only tolerate investors up to a loss of 50% , Can not be dragged down by funding funds suffered losses.
"As long as the price of bitcoin drops slightly, the compulsory liquidation of the trading platform will increase accordingly." To be frank, this has to a certain extent prompted the bitcoin price to fall steadily this year, which in turn leads to more highly leveraged ' Aunt who stop-loss disk and compulsory liquidation disk emerge.
However, as bitcoin prices plummet by as much as 30%, professional investors' bargain hunting heats up, but now they also learn the lesson and not easy to use high leverage bargaining. The reason is that they realize the future of cryptographic numbers Second, they are worried that the financial regulatory authorities in many countries have taken a number of measures to "control" the scale of derivatives transactions in the currency market in the near future by using many measures to control the scale of bitcoin derivatives transactions. Taxes substantially raise bitcoin investment costs, resulting in bitcoin's liquidity declining, its investment value and scarcity more likely to be replaced by other digitally-encrypted currencies, resulting in limited room for bitcoin price increases in the future, so high-leveraged investments instead appear Diminishing marginal returns, risk costs rose dilemma.
In fact, most of the financial practitioners involved in bitcoin investment have experienced the financial crisis such as the subprime mortgage crisis in 2008, so they understand that the high leverage investment itself is a big risk in the future when the future uncertainty of Bitcoin increases . "The aforementioned head of the domestic bitcoin trading platform pointed out. (Editor: Zhang Xing) 21st Century Business Herald
4. People's Bank of China Vice President: Issuing the central bank's digital currency is a complex project;
In recent years, central banks and monetary authorities in major countries and regions are studying the issue of central bank digital currency, the Singapore Central Bank and the Swedish Central Bank have already started relevant experiments, and the People's Bank of China is also organizing an active exploration and research.This paper presents a proposal on China Some Thoughts on the Arrangement of Central Bank Digital Issuance.
Fan Yifei, vice president of People's Bank of China
First, China's central bank digital currency should be used double delivery system
The issuance of the central bank's digital currency by a big country is a complicated systematic project.Our country has a vast territory and a large population with large differences in economic development, resource endowments and education among the population in various regions. In the course of designing, putting into operation (issuing) and circulating the central bank's digital currency, Consideration should be given to the diversity and complexity of system and system design, for example, the need to consider the use of remote areas with insufficient network coverage, and if one-tier delivery is adopted, In order to enhance the convenience and service availability of the central bank's digital currency and enhance the public's willingness to use the public, a two-tier delivery could be considered to deal with the above difficulties.
The "double-tier delivery" is conducive to making full use of the existing resources, talents and technologies of commercial organizations to drive innovation and competition through market-driven selection and optimization. The IT infrastructure application and service system of commercial banks and other institutions is relatively mature and systematic With strong handling capacity, we have accumulated some experience in the application of financial technology and have ample reserve of qualified personnel, so we can start from the existing infrastructure, human resources and mature application and service systems of commercial banks, , Is a huge waste of social resources.Under the premise of safety and reliability, the central bank and commercial banks and other agencies can work closely with each other without presetting technical routes, fully mobilizing market forces, optimizing systems through competition, and jointly developing and collaborating Which is not only conducive to the integration of resources, synergy, but also conducive to promoting innovation.Moreover, the public has been accustomed to dealing with financial services through commercial banks such as banks, double delivery also helps to enhance the public's acceptance of the central bank's digital currency.
In the past, the central bank has accumulated rich experience in the development of inter-bank payment and settlement system, but the inter-bank clearing and payment system is a direct service to financial institutions and the central bank's digital currency is directly serving the public , Involving millions of households.If only the central bank's own research and development to support such a large system, it is necessary to meet the safety, efficiency and stability of the goal, but also to meet the needs of the user experience is not easy.At the same time, the central bank is also subject to the budget , Resources, personnel and technology and other objective constraints, through two levels of design, to avoid over-concentration of risk.
'Two-tier delivery' to avoid 'financial disintermediation' 'Single-tier delivery', the central bank directly to the public digital currency, the central bank digital currency and commercial bank deposit currency will form a competitive relationship.Obviously, central bank endorsed by the central bank digital currency Of the credit rating is higher than the commercial bank deposit currency, will have a crowding-out effect on commercial bank deposits, there may be 'deposit move', thereby affecting the ability of commercial banks to put loans.In addition, commercial banks to reduce the deposit capacity will increase its interbank market , Raising the price of funds, increasing the cost of social financing, damaging the real economy and triggering 'financial disintermediation.' In order to maintain its ability to lend money and ensure financial stability, the central bank will have to subsidize commercial banks and, in extreme cases, subvert the existing A financial system, the emergence of the central bank package to fight the world's 'unification' situation.
To sum up, the 'double-tier delivery mode of the' central bank-agency commercial agency 'is an option that is suitable both for China's national conditions and for making full use of existing resources and for arousing the enthusiasm of commercial banks.First of all, it does not change the credit-debt relationship of the currency in circulation .In order to ensure the currency is not overdue, the agencies need to pay the central bank 100% of the full payment of reserves.Therefore, the public held by the central bank digital currency is still the central bank debt, credit guarantee by the Central Bank, with unlimited compensation Second, without changing the existing currency delivery system and binary account structure, it will not constitute competition for the deposit currency of commercial banks, will not increase the dependence of commercial banks on the interbank borrowing market, will not affect the lending capacity of commercial banks, It will not lead to the phenomenon of financial disintermediation.Furthermore, since it does not affect the existing transmission mechanism of monetary policy, it will not strengthen the pro-cyclical effect in a stressful environment and therefore will not have a negative impact on the current mode of operation of the real economy.Finally, Model is more conducive to play the advantages of the central bank's digital currency, cost savings, improve currency circulation speed, improve payment convenience and security In addition, having a credit advantage endorsed by the central bank will help curb public demand for privately encrypted digital currencies and consolidate my monetary sovereignty.
Second, under the arrangement of double-tier delivery system, China's central bank's digital currencies should be put into loosely coupled accounts and adhere to the centralized management mode
In order to maintain the central bank's digital currency properties and achieve the monetary policy and macro-prudential management goals, China's central bank digital currency two-tier delivery system should be different from all kinds of tokens of decentralization. First, because the central bank's digital currency is still central The bank's debt to the public and its debt-to-liability relationship have not changed with the currency pattern, so the central bank must still guarantee the central position of the central bank in the process of putting in place. Second, it is necessary to ensure and strengthen the central bank's macro-prudential and monetary policy regulatory functions. Third, to maintain the original mode of transmission of monetary policy without changing the binary account system, and fourthly, in order to avoid over-issuing currencies by agencies, it is necessary to have appropriate arrangements for the central bank to track and supervise digital money delivery.
Therefore, the central bank's digital currency should adhere to the centralized delivery model.However, the centralized delivery model mentioned here is different from the traditional electronic payment tools.Financial transfer of electronic payment tools must be completed through an account, using a tightly coupled account. The central bank's digital currency should be based on the account loosely coupled form, so that the transaction link greatly reduce the dependence on the account.Thus, both as easy as cash flow, but also to achieve controllable anonymity.The central bank digital currency holders can be directly Applying to various scenarios facilitates the circulation and internationalization of Renminbi and, in the absence of anonymous third-party transactions, disclosure of personal information and privacy can be disclosed; however, allowing full third-party anonymity can contribute to crimes such as tax evasion, terrorist financing and Money laundering and other criminal acts.Therefore, in order to strike a balance, we must achieve controllable anonymity and disclose the transaction data only to the third party of the central bank.Under the loosely coupled account system, the agent delivery agency may be required to asynchronously transmit the transaction data to the central bank daily, It is easy for the central bank to grasp the necessary data to ensure that regulatory targets such as prudent management and anti-money laundering can be achieved, You can reduce the burden of taking system.
Third, China's current central bank digital currency design should focus on M0 instead of M1, M2 alternative
At this stage, M1 and M2 are based on commercial bank accounts and have been electronically or digitized without the need to re-digitize them in digital currencies Inter-bank payment and settlement systems that support the transfer of M1 and M2 (such as small-sum payment systems and online payment cross-bank settlement System, etc.), various types of online payment means of commercial banks and other non-bank payment institutions operate normally, and are constantly improving and upgrading, becoming increasingly efficient and able to meet the needs of China's economic development. Will not help to improve the payment efficiency, but also will cause a huge waste of existing systems and resources.In contrast, the existing banknotes and coins issuance, printing, recycling and storage and other aspects of higher costs, the circulation system level and more , And they are inconvenient to carry, easily forged, anonymously uncontrollable, there is a risk of being used for money laundering and other criminal activities, and the necessity of digitalization is increasing day by day. In addition, non-cash payment instruments such as traditional bank cards and internet payment Based on the tightly coupled account model, the public's need for easy-to-use and anonymous payment services can not be fully met and it is impossible to completely replace M0, especially at Household services and communications networks in poor coverage areas, people rely heavily on cash is still high.CBC digital currency retains the properties and the main features of cash to meet the needs of portable and anonymous, will be the most substitute for cash Good tool.
It is precisely because the central bank's digital currency is an alternative to M0, should not pay interest on it, so that it will not trigger 'financial disintermediation', it will not lead to inflation expectations. Correspondingly, nor will the existing monetary system, The financial system and the real economy have a big impact on the operation of the economy.
In the same way, since the central bank's digital currency is M0 alternative, all existing regulations on cash management and anti-money laundering and anti-terrorist financing should also be complied with. In order to cooperate with anti-money laundering and other related activities, And suspicious transactions to the central bank.At the same time, in order to guide the central bank's digital currency to be used in the small retail business scenario, it will not produce crowding-out effect on deposits and avoid procyclical effects under arbitrage and stress conditions, and may set daily and annual accumulated transactions Limit, and provides a large booking exchange.When necessary, but also consider the exchange of digital currency in the central bank to achieve hierarchical charges, for small, low-frequency exchange can be free of charge, for large, high-frequency exchange and transaction charges to increase Exchange costs and institutional friction In the case of interest rates below zero, this arrangement can also create conditions for the central bank to implement negative interest rate policy.
Fourth, the central bank should be cautious of loading smart contracts in digital currencies
According to the definition given by Nick Szabo, a smart contract is a set of promises that are defined in digital form, including agreements on which contractual parties can enforce those promises. Smart contracts are written in computer-readable code. Once the triggering conditions are met, it is automatically executed by the computer, which can load preconditions such as time and credit, and can also be applied to various scenes such as tax payment and anti-terrorist financing.
However, as mentioned above, the central bank's digital currency is an alternative to M0 and has infinitely compensatory functions, namely carrying out the functions of value measure, means of circulation, means of payment and value storage, etc. The original cash money did not carry any other society And administrative functions, the People's Republic of China Regulations on RMB Management prohibit the deliberate destruction of the renminbi, so adding extra social or administrative functions to the cash actually derails the renminbi.
In order to maintain the legal status of unlimited legal repudiation, the central bank's digital currency should not undertake other social and administrative functions besides the four functions that money should have. Loading smart contracts other than the function of the legal tender itself will affect its legal compensation Function, or even fade into valuable documents, reducing the degree of free use of the digital currency of the Central Bank of China will also have an adverse effect on the internationalization of the RMB, will also reduce the speed of currency circulation, affect the conduction of monetary policy and the macro-prudential central bank to perform its functions At the same time, it may also infringe the privacy of citizens and not conducive to the protection of individual rights and interests.
(The author is vice president of the People's Bank of China) First Financial Daily
5. Different Huaqiang North: bitcoin mining machine chain new sample
Re-enter Huaqiang North, a lot of things quietly change inadvertently.Many people are talking about the blockchain, bitcoin, calculator, hash value, mining machine ......
Securities Times reporter Luo Man Wu Ming
Is that virtual currency, bitcoin in the end how far from us?
In fact, it is you and me.
As we all know, bitcoin mainly relies on digging, and the emergence of a mining machine has taken place in the bitcoin world one after another for calculating the arms race. The threshold for mining has also been rising. In fact, 'Made in China' A few years firmly monopolize the design and production of all kinds of mining machine.However, not many people know, Shenzhen Huaqiang North has become the country and the world's largest distribution center for mining machine .Chengdu 'China Electronics First Street' Huaqiang North Street, the first anniversary, we do not talk about the flow of people have not restored, do not talk about how to transition Street, we dig from the bitcoin mining machine story, about a different Huaqiang North.
Mine machine story
The bitcoin price surge may seem exciting, and the story of miners is just as good.
Nowadays, the profit margin of small and medium-sized miners who hold a mining machine to go back home or deploy a small workshop for family mining is very limited, and the mining industry is also gradually concentrating on enterprises and teams that have low-cost electric resources and specialized deployment capabilities. However, There are many factors that affect the mining, such as the performance and power consumption of the mining machine, the calculation and difficulty of the whole network, the deployment and operation and maintenance capabilities of the mine, the availability of cheap electricity resources, and the guidance of the price and policy. It can be argued that with no miner and more and more miners, bitcoin may still only be produced by idle-time notebooks from geeks.
In the early days of bitcoin, bitcoin was very good and it could be done by ordinary computer CPU, and it could be solved automatically by just downloading the software. As the number of output blocks per day is fixed, as the price of the currency goes up, More and more people will find it harder and harder to dig coins, and as a result, the more money and power the world has, the more difficult it is for them to dig.
Bitcoin prices skyrocketing over the past year, objectively let bitcoin break through the geek circle, into the ordinary people's horizons.When most people are finally looking for bitcoin and other virtual currency, there are people who smell Sensitive, quickly capture the business opportunities behind bitcoin rise - mining machine.In a global contest of professional mining machine research and development, a large number of miners influx, a machine hard to find a machine, this dynamic game also gave birth to another Group: mining machine wholesalers.
The bit of mainland China, founded in 2013, found another business opportunity from Bitcoin boom, which designed chip of bitcoin mining machine, which is assembled into the machine and then sold to customers all over the world.Nowadays, 80% or even 90% Of the mining machines are provided by the company, the company relies on the production of mining machine, build a mining pool to grow up, has long occupied the head of bitcoin's entire network of computing power.
Looking back at 2017, the biggest surprise for the semiconductor industry was the sudden demand for bitcoin chips in the third quarter. Coincidentally, bitcoin started its own soaring journey from then on. Research report pointed out that the third quarter of TSMC's virtual currency ASIC chip revenue, 'we believe most of the bit from the mainland.'
In fact, 'Made in China' has firmly monopolized the design and production of various types of mining machines in the past few years, and the world's top three digital miner makers, Bit Continent, Jia Nan Yun Zhi and Billion State Technology, have included 90% More than the share of these three companies are founded by the Chinese.
International mine sales
Many miner's booth advertisements are printed in Chinese, English, Korean and even Arabic, showing the miner's business is very 'internationalized' here.
Re-enter the Huaqiang North, a lot of things quietly inadvertently changed.Many people are talking about the blockchain, bitcoin, calculating, hash value, mining machine ... ... They were originally selling computers, to explain Computer running speed and configuration, shops are still placed in the computer, but in fact they are selling ore machine.
'Now who also sell computers, casually asked to ask how much mining machine received less mining machine, the price is changing every day, second-hand ant mining machine S9 can still sell about 21,000 yuan.' Rain mining sales Dingyang Told reporters.
Into the Huaqiang North SEG Plaza, the reporter found the middle of a huge shopping mall impressively wrote 'Scoop rain S9, 4th floor' mining machine business in Huaqiang North is already an open secret.
'Ant miner S9 how to sell?' Reporter asked.
Salesman did not directly answer, but quickly tap the calculator on the day the price of mine machine - 24,700 yuan, which seems to have become a rule.
'We take the goods directly with the bit mainland manufacturers, the price includes the power supply, this is only the price today, because the price of mine machine every day is not the same, the volatility is also very large, usually 10 sets from.' 'Sales Tintin said.
In the entire exchange process, Tintin kept answering the phone, are to inquire about the price of the miner today, put down the phone and she continued that the ant miner S9 is currently sold out of stock in the market, and just 10 guests booked 10 Later, he let another salesman to the customer to the 10 mines sent to the designated location.In Huaqiang North field visit process, the reporter found ant miner S9 is currently the most popular market a, and Different store prices are not the same, basically maintained at 22,000 yuan to 27,000 yuan.
Reporters found that many miner's booth ads are printed in Chinese, English, Korean and even Arabic, showing mine business here is very 'international.' Weixin mining salesman Lee Beibei introduced to reporters to Huaqiang North to buy ore Machine buyers mainly from Russia, India, South Korea, Japan, etc., and in their exchanges, due to language barriers, the basic process of using a calculator in the bargain.
The Huaqiangbei business favorite is that these miners from overseas buyers, their goals are clear, and the volume of purchase is basically 100 sets from time to time, and visa time is limited, coupled with daily mining machine price fluctuations than the more Big, so once they're right, they'll finalize right away.
In short supply:
Mine earn but sell ore machine
One of the merchants on the fourth floor of SEG Plaza told reporters that while mining their own while selling mining machine, but now mining threshold high, but also earn money selling machine.
According to report, the production cost of ant miner S9 only needs about 3000 yuan, but because the market is more and more popular fried miner, the ant miner S9 has been fired all the way around 30,000 yuan, still in short supply, we can see how much the profit margin of mining machine .
'How much can be basically how much to sell, we are also stockpile, in fact, a great risk, because the price of mine machine is proportional to the bitcoin price, so we have a great risk .However, the most profitable or bit Mainland China and other manufacturers, a machine at least three times more profitable, we are just brokers. If the price is good, we have guests booking 5000 a day. 'Scott Wilson Mining staff introduced to reporters.
It is worth mentioning that miners are likely to not need the traditional 'loan' financial model at all because they use the older method of paying first and then waiting a month or more to receive After inquiry, reporter learned that many mining machine manufacturers have factories in Shenzhen Shajing and other places, indicating that the majority of mining machines are also manufactured in Shenzhen.
'Basically do not have to go to the official website of the reservation, where all are booked by the agency and then hand over, everyone in the mining machine, I used to do loans, and now do not switch to mine machine. The future trend, this thing is quite Fire. "Sage Square, one of the four floor, said to reporters, digging while selling mine machine side, but now mining threshold high, but also to sell ore machine. A mine from Inner Mongolia, the main After experiencing such madness, he handed over the old mining machine that was replaced in the mine last year and handed over the merchants in Huaqiang North. 'With a used mobile phone in a year, it actually cost more than the price I originally bought.'
After the miner business is done, there are some new ways for the seller to start anew. Some merchants find another way to provide derivative services to attract customers, such as the mining machine hosting business, businesses find stable electricity and venues, and build mines. Buyers buy After the mining machine choose to host, after paying the custodian fee without considering other issues. Tintin told reporters: 'If you buy the mine do not want to use at home, I can introduce a friend to you, you host the mine in his mines , Hosting fee of 5 cents per kilowatt, digging out bitcoin is still considered your, or quite cost-effective.
Speaking of hosting, industry insiders told reporters that frequently thousands of mine machine room has 24-hour full-time maintenance staff, as well as air-cooled water-cooled insulation measures to ensure the continued operation of the mine. In addition to Sichuan, there are some mines Will be gathered in Inner Mongolia, but over there is the use of thermal power.Generally in the wet season, generating capacity oversupply, so the mine also help Sichuan effective use of some of the local water resources, but does not rule out the existence of illegal electricity consumption.In the dry season , The mine may relocate the extra mines to Inner Mongolia, Xinjiang, etc. However, the high energy consumption and high pollution caused by the mining activities and the resulting market speculation have prompted many governments to tighten their regulatory measures.
On the other hand, due to the bitcoin's "digging up" turmoil, it also prompted miners such as BitTorns to look for a new blue ocean, while AI chips came in. BitContinental released its AI brand Sophon, Self-developed world's first tensor acceleration computing chip (TPU) - BM1680.
In the sale of this end, mining machine business depends on the face of virtual currency, but also depends on the supervision of the tight.This may also be some Huaqiang North portals a true portrayal of: Although the mining machine is already 'Made in China' and the product is very hot Sales, secretly are also selling mining machine, but the computer business or let go ... ... Securities Times