Project Overview - Bybit's new project resembles Aster's S1, offering potential earning opportunities [1] - The project involves a three-month period, referred to as "Q4TGE" [1] - Mining starts on the 6th [1] Incentive Mechanism - Team participation can increase rewards by up to 1.5X [1] - Group participation allows for a maximum of 1.5X points [1] - Commission rebates are available upon registration for APEX [1] Investment Strategy - The project is considered a "blind mining" opportunity with potential for significant gains [1] - The author emphasizes the importance of participating in this Bybit project, especially for those who missed out on Aster [1]

Cryptocurrency Project Opportunity - APEX registration is available with full commission rebates [1] - Mining starts on the 6th [1] - Bybit's own perpetual contract (perp) is launching [1] - Team formation can yield up to 1.5X points [1] - Blind mining is expected to be profitable [1] Investment Recommendation - The project is compared to Aster's S1 [1] - Missing out on Aster is a reason to consider this Bybit project [1]

Mining Operation Issues - ASTER mining operation is experiencing significant difficulties and confusion [1] - Inconsistent积分(points) multipliers (1.5X) are being applied within the same team [1] - Some accounts initially received 1.5X multipliers and points for interactions, but the multiplier disappeared and points decreased shortly after [1]

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Core Insights - Zhao Changpeng, the former Chinese billionaire and founder of Binance, was released from a federal prison in California after serving a four-month sentence, which was two days shorter than planned [1] - Despite facing a staggering fine of 71 billion yuan (approximately 10 billion USD) and resigning from his position, Zhao emerged with a net worth of around 30 billion USD, maintaining his status among the world's top billionaires [2] Background and Early Career - Zhao's journey began over thirty years ago when he moved from Jiangsu, China, to Vancouver, Canada, at the age of 12, where his family struggled financially [4] - He developed a passion for technology and programming, eventually studying computer science and economics at McGill University, which he later leveraged in the financial sector [4][5] - After working in Tokyo developing trading systems, Zhao returned to Shanghai to start a company called "Fuxin," which dominated the domestic brokerage market by providing superior trading technology [5] Creation of Binance - Zhao founded Binance after leaving Fuxin due to internal conflicts, introducing innovative strategies such as the Binance Coin (BNB) ICO to attract users by offering trading fee discounts [7] - Binance quickly gained traction, reaching over six million users and achieving a daily trading volume of 76 billion USD within five months of its launch [7] Regulatory Challenges and Legal Issues - In 2023, Binance faced scrutiny from the SEC and CFTC, leading to allegations of manipulating trading volumes and misusing customer funds [9] - Zhao opted for a plea deal, admitting guilt and cooperating with investigations, which resulted in a reduced sentence and allowed him to preserve his stake in Binance [9][10] Strategic Acumen - Zhao's ability to navigate challenges is highlighted by his strategic decision-making, balancing aggression with pragmatism, and knowing when to concede [12] - His actions demonstrate a calculated approach to risk management, allowing him to maintain significant wealth and influence in the cryptocurrency industry despite legal setbacks [12]

Financial Data and Key Metrics Changes - In Q1 2025, total revenue reached USD 145 million, with USD 144 million coming from Bitcoin mining operations, marking a significant increase compared to the previous year [4][12] - Gross profit for the quarter was USD 13.61 million, while the operating loss was USD 155.5 million, primarily due to a decline in Bitcoin prices [4][15] - As of March 31, 2025, total cash, cash equivalents, and short-term investments amounted to USD 347 million, providing solid support for future business expansion [4] Business Line Data and Key Metrics Changes - Revenue from the Bitcoin mining business was USD 144 million, with 15.41 Bitcoins mined in Q1 2025 [13] - Revenue from automotive trading related income decreased to RMB 64.4 million compared to the same period in 2024 [13] - The average cost to mine Bitcoin was USD 70,602.1 per coin, excluding depreciation of mining machines [13] Market Data and Key Metrics Changes - The company holds a total computing power of 32 exahashes per second, accounting for approximately 4% of the global average hash rate in Q1 [5] - The average monthly effective hash rate consistently exceeded 30 exahashes per second, with a coin yield of 16.6 Bitcoins per exahash, placing the company among the top three publicly listed mining companies [7] Company Strategy and Development Direction - The company is committed to a "mine and hold" strategy, focusing on self-mining and long-term holding of Bitcoin [8] - Plans to optimize existing computing power resources and pursue M&A opportunities to scale operations and enhance market competitiveness [9] - The traditional automotive business, AutoCango, aims to connect China's used car market with overseas buyers, with over 480,000 used car listings [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Bitcoin's long-term value appreciation potential and the stability of its supply [8] - The company is focused on optimizing mining operations and exploring new market opportunities while strengthening partnerships [25] - Management acknowledged challenges from increasing computing power and mining difficulty but emphasized ongoing efforts to enhance operational efficiency [20][24] Other Important Information - The company has reduced its total outstanding loan balance to approximately RMB 2.6 billion, with improved loan quality metrics [5] - The average power efficiency for the quarter was 21.62 per terahash, indicating strong operational metrics [7] Q&A Session Summary Question: Trends in the cryptocurrency market - Management believes the cryptocurrency market presents both opportunities and challenges, with a focus on monitoring developments and adjusting strategies accordingly [19] Question: Response to increasing computing power and mining difficulty - The company plans to optimize existing mining operations and expedite the delivery of additional computing power [20] Question: Reasons for declines in April metrics - A significant decrease in mined Bitcoins in April was attributed to an increase in global network hash rate and mining difficulty [22] Question: Pressure from increasing electricity costs - The company is experiencing high electricity costs but is exploring renegotiation of hosting agreements and partnerships in low-cost clean energy projects [24] Question: Future strategic direction - The company will focus on optimizing mining operations, enhancing efficiency, and exploring new market opportunities while pursuing sustainable energy sources [25] Question: Concentration risk in revenue from Bitcoin mining - While the majority of revenue comes from Bitcoin mining, the company remains confident in its used car export business and plans to explore additional opportunities for diversification [28] Question: Plans for cash flow and financing - The company has sufficient liquidity for operations and plans to prioritize debt financing over equity financing [30]