[Huaqiangbei has a merchant saying that there were 8,000 Avalon 741s in the high position, and each one has lost 10,000 yuan each time. Avalon 741 has been discontinued. At present, there are only two mobile phones, and the market is around 1,600 yuan. - One tenth of the period of the peak. ] The mining machine is obviously a profiteering industry. The main product of Jia Nan Zhi Zhi is the Avalon mining machine that digs bitcoin, and the latter delivers the second largest in the global Bitcoin mining machine. Recently, the company’s prospectus submitted by the Hong Kong Stock Exchange has been able to see the business of the mining machine. In just three years, Jianan Zhizhi's revenue soared from RMB476.99 million in 2015 to 1.308 billion in 2017, with a compound annual growth rate of 423.7%; gross profit margin also increased from 29.1% to 46.2%. Jia Nan Zhizhi's position on himself is chip design company, founder Zhang Nanxun invented the first cryptocurrency mining machine with built-in ASIC chip technology. The more powerful ASIC mining machine gradually replaced the computer and the graphics card mining machine, becoming the mainstream choice for miners mining. However, Jianan’s market share is much smaller than that of Bitian. According to its prospectus, in 2017, Jianan Zhizhi delivered 294,500 mining machines, with a market share of 20.9% in terms of deliverables, ranking second in the world; the first ant mining machine delivered 940,100 units, market share It is 66.6%. In the SEG Digital Plaza in Huaqiang North, the world's largest digital currency mining and distribution center, almost all mining machine sales counters sell ant mining machines, and Avalon mining machines are relatively small. A retailer told the First Financial Reporter that the ant mining machine is more stable and the after-sales service is also very good. If the mine machine has problems within half a year after the sale, the manufacturer can be replaced with a new one. For the stalls, the sale of ant mine opportunities is much less troublesome; in addition, the ant mine machine is famous, the buyer is far more than other brands of mining machines, the Avalon 741 series mining machine has been a fire for a while, then it is gone. market. A mining machine that just started selling in Avalon in the market said that the ant mining machine has a new speed, the price is relatively cheap compared to Avalon, and the Avalon mining machine is very slow. When the mining machine is in circulation, the investment properties are obvious. A higher currency price means that the mining yield is higher, and the price of the mining machine is rising, and vice versa. The high bitcoin price is also the hottest time for the Avalon mining machine. At the peak, Avalon 741 was fired to two or three thousand yuan. On December 17, 2017, the price of bitcoin reached $19,666, which was close to the $20,000 mark. For the miners, the high-priced repurchase of the mining machine can return to the original in about a month, it is difficult to find a machine. In Huaqiang North, mining machine sellers experienced a “mine disaster†for three months. The price of bitcoin began to fall in February, and it was only about 8,000 US dollars on May 20. Third-party website data shows that on May 19, Avalon’s 841 single-day earnings were $3.11. The current price of this mining machine is around 6,600 yuan. If you can guarantee the daily income of $3.11, the miners will return after 200 days. this. In Huaqiang North, the mining machine seller will display the mine yield website to the customers who come to purchase the mining machine. However, the price of Bitcoin is fluctuating violently. No one can predict the rate of return for the next day. Discounting has become difficult. The lowering of the price of the coin also means the diving of the price of the mining machine. The reselling of the mining machine is more like a gamble. There are merchants in Huaqiang North who said that they had 8,000 Avalon 741 at the high level, and each one has lost 10,000 yuan each time. Avalon 741 has been discontinued. At present, there are only two mobile phones, and the market price is about 1,600 yuan. - One tenth of the period of the peak. Although the peak period was fired to two or three thousand yuan, but the Jianan Zhizhi prospectus shows that the ex-factory price of the Avalon mining machine is between 3,122 yuan and 4,402 yuan, and the unit cost is only between 2,354 yuan and 2,600 yuan. In the Huaqiang North merchant account, the Avalon mining machine is the only “listed†mining machine manufacturer, which seems to form an endorsement effect. In Huaqiang North, hot mining machine futures buyers are also more than spot buyers. The Jianan Zhizhi prospectus shows that the proportion of customer advances is 30%~50%. “Generally, it is required to include 30% to 50% of the prepaid purchase price of the buyer who usually lists the waiting list for the highest three months, and the balance is paid. The product is settled before the product is shipped. The ordering time determines the priority in the waiting list." On the other hand, mining machine manufacturers are weak in the face of suppliers. According to Jianan's prospectus, TSMC is the only foundry partner of Jianan Zhizhi. From 2015 to 2017, TSMC's orders accounted for 75.7%, 66.2% and 63.5% of the company's purchases, respectively. This obviously cannot be compared with the orders of traditional mobile phone chip manufacturers. In the prospectus, Jia Nan said that there is no TSMC capacity guarantee. The company has not signed a long-term contract with TSMC, but obtained the supply in the form of a purchase order and prepaid the purchase amount. Lin Jianhong, an analyst at Jibang Consulting, told the First Financial Reporter that TSMC and many customers took prepaid orders to process the chips, that is, the customer prepaid the reserved capacity, and finally deducted the cost from the actual production. The purpose was only to hope that the customer would not turn. Single, and can not guarantee production capacity. From 2015 to 2017, the advance payments made by Jianan Zhizhi to TSMC were 28.4 million yuan, 36.6 million yuan and 606 million yuan respectively. Despite the lucrative profits, the large prepayments paid to the suppliers caused Jianan Zhizhi to generate huge cash flow outflows, and the cash flow of Jianan Zhizhi's operating activities remained negative until 2017. From 2015 to 2017, the cash generated from the operation of Jianan Zhizhi was -188.21 million yuan, -689.94 million yuan and 82.2 million yuan, which was far from the net profit of 1.511 million yuan, 52.544 million yuan and 361 million yuan. Jia Nan Zhizhi did not disclose the specific amount of the IPO. According to the announcement of the Hong Kong Stock Exchange, the net IPO of Jianan Zhizhi is intended to be invested in four projects, namely ASIC chips for the development of artificial intelligence algorithms and applications; blockchain algorithms and applied ASIC chips; through overseas strategic investment and global establishment New offices, expanding artificial intelligence and blockchain operations around the world; optimizing supply chains and repaying debts generated by restructuring. It can be seen that the AI ​​chip is the focus of Jia Nan's layout. Coincidentally, the leading company of mining machine manufacturers, Bitland, also regards AI chips as the focus of future efforts. At the end of 2017, Bit China, known for its low-key and muffled money, held a press conference to introduce its AI chip products. The Jianan Zhizhi prospectus shows that the proportion of R&D personnel and R&D investment shows that this is indeed a technology-driven technology company. But can the advantages of mining machine manufacturers on the chip continue to the AI ​​chip? The head of the chip business of an AI company in Shenzhen once told the First Finance that mining needs a lot of repeated logic operations. The mining chip can repeat a large number of simple logic units, and the design is relatively simple. The AI ​​chip not only requires massive computing, but also requires high flexibility and efficient data interaction efficiency to cater to the evolution of fast and variable deep learning algorithms, and constantly adapt to the whimsy of the neural network in the industry. There is a big gap in the specific design goals.
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