去年秋天的一个周五，加州都灵联邦监狱的大门缓缓打开，一个穿着普通灰色夹克的男人走了出来，脸上没什么表情，也没跟任何人打招呼，径直上了停在 门口的车。 这个人就是赵长鹏，前华人首富，刚服完四个月的刑期，比原计划还早了两天出来。 你敢信吗？ 就短短四个月，他和他一手创办的币安，砸出去了超过530亿人民币——71亿美元的天价罚款，外加辞职、认罪、放弃控制权，几乎把能给的都给了。 可最魔幻的是，这家伙一出来，兜里还揣着三百亿美元，照样是全球顶级富豪俱乐部的常客。你说这事儿离不离谱？ 这哪是坐牢，简直像去度假回来。 但你要是以为他就是靠运气撞上比特币暴富的暴发户，那可就太小看他了。 赵长鹏的故事，得从三十多年前说起。 12岁那年，他跟着父母从江苏搬到加拿大温哥华，一家子穷得叮当响。 他爸在工地打零工，他妈在家缝衣服贴补家用，他自己呢？ 他老婆气得三个月不跟他说话，结果半年后比特币翻倍，这波操作直接让他从技术宅变身资本玩家。 可人一有钱，内部就开始撕。 放学就去加油站、麦当劳打工，挣点零花钱。 可这小子有个怪癖——特别爱捣鼓电脑，晚上别人都睡了，他还窝在角落里啃编程书。 有天他爸半夜起来，看见儿子还在那鼓捣代码，心疼得不 ...

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]