Produced | Odaily (ID: o-daily)

The army of "decisive battle against Sichuan's high water season" has not yet settled down, and news of "surplus" aircraft slots came from the Sichuan mine.

Every year from April to October is the high water season in Sichuan. The hosting price of mining machines in Fengshui Power can be as low as about 0.25 yuan per kWh. Compared with the price of about 0.35 yuan per kWh in Xinjiang and Inner Mongolia, Sichuan’s Fengshui Power has attracted many miners. .

Some industry veterans speculate that during the high water season in Sichuan, 80% of mine owners moved from Xinjiang and Inner Mongolia to Sichuan and Guizhou. Odaily learned that most of the mine owners started to take a large number of electricity to build factories years ago.

The mine owners are building their mines in full swing, but no one expects whether there are enough miners behind the surge of mines.

Chai Hua, the founder of Tiantian Mining, estimates that compared with the same period last year, Sichuan Province has added 500,000 new machine seats this year, but both miners and mining machines are much less than last year. Several mine owners told Odaily that their mining machines have not yet been sold in April.

Supply and demand are out of balance. Another unfavorable news is that the current price of Fengshui machine slots in Sichuan is 0.26 yuan/kWh, but in actual transactions, some mine owners have already offered a profit of 0.22 yuan/kwh in order to sell the machine slots as soon as possible. signs of war".

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General oversupply of mines

"Sichuan Fengshui's entrusted price is already an open price of 26 cents, and there is still room for negotiation on this basis." Recently, Liu Xiang, the owner of the mine, revealed to Odaily. In the few price negotiations he has come into contact with, the electricity price can even be mentioned as 20 cents or 20 cents. Even so, the seat may still not be sold.

What Liu Xiang said is troubling most of the mine owners who moved here during the flood season in Sichuan.

At the end of March, a matchmaking meeting for mining resources held in Chengdu, which was supposed to be a gathering of miners, mining machine dealers and mine owners, almost became the home of the mine owners.

"The scene is full of mine owners." He Xi, the owner of the mine, smiled wryly. At the meeting, he and the mine owners could only look at each other, quite helplessly.

Chai Hua, the founder of Tiantian Mining, told Odaily that compared with the same period last year, Sichuan Province is expected to add 500,000 new machine seats this year, but both miners and mining machines are much less than last year.

"On the one hand, the bear market has affected the entry of new miners, and the old miners have also left the market; on the other hand, some old mining machines such as Whatsminer M3 Avalon 741 and Antminer T9 have been shipped to Iran and other overseas regions with lower electricity costs. , The mining machines currently on the market are not enough to support so many slots.” She said.

Chai Hua revealed that the reason why so many people flocked to Sichuan was also related to the situation last year.

“Last year, the electricity price for managed machine slots during the high water season was around 0.35 yuan, and all the slots were sold out, which led many mine owners to gamble heavily on building new mines, and most of them were nearly 10,000 slots in size.” Chai Hua said.

"We have a total of 50,000 seats, and there are still more than 20,000 for rent." At the mining matchmaking meeting, a mine owner said.

"Sichuan's water-rich mine is ready, and there are tens of thousands of seats waiting for you to sign!" Recently, Wang Jun appeared in Moments every day to advertise his own mine, but there were very few applicants. .

In the miners group, all mines are also "calling for orders".

Wu Gang, CEO of Bixin, said with emotion: "It's all mine seats, and there are no advertisements for mining machines."

Wang Jun has a 100,000-seat hydropower mine in Sichuan, which can be powered on for mining by mid-to-late April at the latest. Now only half of the seats are sold (the buyer has paid half a month's electricity bill as a deposit), and the other half needs to be sold as soon as possible within half a month.

Cao Shengyuan is not as lucky as Wang Jun. The mine has been prepared long ago. Seeing that the flood season will come in another month, he has not sold a single seat.

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Leveraging Huaqiangbei dealers

Since 2014, Cao Shengyuan has been mining in partnership with his friends (mining machines are hosted in other people’s mines), and he has gradually become All in.

At the end of last year, Cao Shengyuan came into contact with the low-cost Fengshui Power in Sichuan under the introduction of a friend. After a month of investigation, he finally signed the 20,000-kilowatt electricity (can arrange 15,000 machine seats). After receiving electricity, Cao Shengyuan's mine started construction, and it is expected to be completed and electrified by the end of April this year.

But rather than building a mine, Cao Shengyuan is more concerned about finding "tenants" for these planes.

In the past month, Cao Shengyuan has often asked friends in the circle to help introduce miners who have mining machines that need to be hosted. However, Cao Shengyuan, who was attracting large-scale investment for the first time, seemed to have encountered difficulties.

Cao Shengyuan told Odaily that there are miners with hosting needs, but miners with more than 2,000 mining machines are "very rare".

In Cao Shengyuan's vision, "tenants" with a large amount of mining machines are easy to manage. "It only takes 5-6 orders to rent out 12,000 seats, and the remaining seats will be rented to small retail investors with hundreds of seats. It doesn't matter if there are still a few seats that are not fully booked."

But the problem is also that big miners are relatively scarce resources.

Why is this? Cao Shengyuan attributed the reasons to the low transparency of the industry and information asymmetry.

Information is a resource, especially in mining, an industry that has not yet been standardized. Cao Shengyuan pointed to the investment advertisements in various miner groups and told Odaily, "Many of the mines that advertised in the groups have problems, and they may not be able to sell (power/seats). Good electricity has long been robbed Let’s go, there’s no need to sell it.”

Although this kind of speculation is somewhat one-sided, it has become the existing cognition of insiders, and it also reflects that mining is a business of "acquaintances".

Cao Shengyuan said that he is also planning that if the mine is not fully recruited by the end of next month, then it is necessary to recruit special salesmen to be in charge of machine slot sales. Most of these people are mining machine dealers in Huaqiangbei. Hold the resources of the miners.

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The "price war" has already started

The first shot in Fengshui's price war was fired by Bit Deer.

On March 30, at the "Fengshui Power Matchmaking Conference" hosted by Coinin Mining Pool, Lu Haiyi, the founder of BitDeer, announced the launch of the Fengshui period package. In the package, the Fengshui electricity fee is as low as 0.22 yuan.

There were bursts of wailing at the scene.

"How can we survive? Isn't this going to start a 'price war'?" Liu Xiang said with emotion. For miners, buying cloud computing power does not require the purchase of machines, no operation and maintenance, no transportation fees, or even no loss. The electricity price is also cheaper than the open price of 0.26 yuan during the wet season.

The profit margin of the mine owner is mainly in the electricity price difference, which covers hidden costs other than electricity fees such as mine construction and operation and maintenance.

"Now this profit margin has been squeezed to the brim, and some mine owners even have to sell at a loss, just to get back their money." Liu Xiang told Odaily.

Against this background, Chai Hua judged, "This year's wet season, the mining industry is about to usher in a major reshuffle."

In addition, she believes that the wet season will run from April to October, and after the wet season ends, the fate of many mining machines is uncertain.

"This may be the last year of the Antminer S9, which accounts for half of the mining machines." Chai Hua said.