Binance Block 101 | Wang Xiaochen from Taihe Capital & Zhang Li from 1475pool: How to Strategize IPFS Mining?
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Binance Block 101 | Wang Xiaochen from Taihe Capital & Zhang Li from 1475pool: How to Strategize IPFS Mining?
"Actually, in this sector, the early stage is all about awareness. You just need to be 0.5 steps ahead of your peers, and you can basically enjoy the industry's红利 (dividends), creating a differentiated competition."
Navigating Web3 tides with focused insights- On August 11, 2020, Binance's Boss Ying had a live dialogue with Wang Xiaochen, founder of Taihe Capital, and Zhang Li, COO of 1475pool. During the livestream, Wang Xiaochen and Zhang Li shared insights into the essence and vision of IPFS, introduced future opportunities in mining, and discussed how to mitigate risks. They emphasized that ordinary investors interested in mining should thoroughly understand each miner manufacturer’s actual efficiency and calculate their payback period.
- Wang Xiaochen explained that unlike the centralized HTTP protocol, IPFS is a peer-to-peer hypermedia transmission protocol, whose mesh structure is more robust. In real-life applications, IPFS can solve issues such as high storage costs and whether private data can be protected, making the computing layer more secure and transparent, thereby fundamentally transforming our daily lives.
- Zhang Li believes that the crypto圈 and mining圈 differ primarily in investment cost. Traditionally, mining圈 refers to PoW mining, mainly Bitcoin and Ethereum mining, while crypto圈 involves participation in secondary markets or fundraising through private/public offerings. Secondly, their investment preferences and perspectives differ—mining offers stable returns at lower costs, whereas crypto圈 investments are faster but come with higher risk.
Block 101 Guest Insights – Wang Xiaochen & Zhang Li
"IPFS and HTTP are both fundamental protocols. HTTP uses IP addresses for addressing, while IPFS uses content-based addressing. We can imagine HTTP as an existing highway—when all DApps and application layers run on it, this highway will eventually become extremely congested. In contrast, IPFS forms a peer-to-peer mesh network; the more nodes there are, the more robust the structure becomes."
"Filecoin mining overall isn't about obtaining coins like Bitcoin or Ethereum mining. When miners package blocks and earn block rewards, they're simultaneously performing storage—a process similar to centralized cloud storage markets."
"In the post-Filecoin era, once mining settles down, what we truly care about is whether storage can bridge blockchain and traditional business. This is the significance of Filecoin—enabling real integration between storage, industry, and blockchain."
"For those looking to participate early in mining, you must deeply understand the actual efficiency of each miner manufacturer. The two most important metrics are: first, how much effective hashing power (in GB) each 10,000 yuan invested generates per hour; second, their sealing speed."
"When observing this sector, early competition is about awareness. If you only get ahead by half a step compared to others, you can enjoy industry dividends and achieve differentiated competition."
This episode's MC: Boss Ying
Guests: Wang Xiaochen, Zhang Li
Total word count: 13,091
Estimated reading time: 33 minutes
1
Binance Boss Ying: Let me first introduce today's guest, Boss Wang. Wang Xiaochen is the founder of Taihe Capital. His fund was one of China’s earliest blockchain investors focused on the Filecoin ecosystem. Boss Wang, please say hello to everyone.
Wang Xiaochen: Hello everyone, I'm Wang Xiaochen, founder of Taihe Capital. We've established a dedicated Filecoin mining fund. Besides this, we manage primary and secondary market funds. Our primary fund mainly invests in DeFi, Web3.0, and decentralized cloud storage—including not only Filecoin mining but also other high-quality projects. Our secondary fund focuses on asset management, and we’ve partnered with several platforms to launch joint funds.
Most of the miners purchased by our Filecoin mining fund come from Zhang Li’s company. We also bought futures during the private sale phase and recently acquired FIL6 and FIL12 futures, as well as investing in computing power platforms.
Binance Boss Ying: I see your profile mentions a completed procurement of a multi-million-level startup fund?
Wang Xiaochen: Yes, that was with Zhang Li’s company—the first phase worth millions.
Zhang Li: Hello.
Binance Boss Ying: Hello. Zhang just joined. I've already introduced Boss Wang. Now let me introduce Zhang. She's the Chief Operating Officer of 1475pool and has over three years of experience in blockchain project investment and venture capital. Would you like to give us a brief self-introduction?
Zhang Li: Hi everyone, I’m Flora Zhang, COO of 1475. As Boss Ying mentioned, I'm currently involved in various aspects of the Filecoin space—miner sales, pool integration, technical empowerment, and investment—focusing on comprehensive upstream and downstream industrial chain development within decentralized storage.
2
Binance Boss Ying: My first question to both of you—when did you first encounter Bitcoin and enter the blockchain industry? What were you doing before that, and why are you bullish on blockchain? Zhang, would you go first?
Zhang Li: I entered the blockchain space quite early—around late 2016 to early 2017—starting in the secondary market. After entering, I initially worked on project incubation and investment, incubating and investing in over 20 blockchain projects in less than two years. Before that, I was in a completely unrelated field—real estate, so it was quite a big transition.
Binance Boss Ying: How did you get exposed to blockchain and decide to join?
Zhang Li: It started because of some friends around me. I remember a friend from Peking University's computer science department—he was probably in grad school at the time. Around 2012, he was mining Bitcoin using his personal computer.
Since it was computer science, they had group discussions and research topics. They found it fascinating—combining cryptocurrency and blockchain technology—and thought it was a cool, geeky thing. After learning about it, I became curious and looked up information online, which is how I discovered Bitcoin, though back then I only knew about it superficially.
Later, I decided to dive in seriously after seeing the booming market in 2017. I thought beyond just investing, I could grow alongside the industry’s momentum and build my own career. That’s how I got involved—my journey in short.
Binance Boss Ying: How about you, Boss Wang?
Wang Xiaochen: I used to work in VC. Ever since graduating college, I’ve been doing this job. From 2015 to 2017, I focused on AI, big data, and fintech. From a big data perspective, blockchain is actually one direction under that umbrella.
Back then, I met many early-stage Chinese blockchain startups—some of which we still know well today, like Neo (formerly Antshares) and VeChain, which were already visible in traditional equity circles and have developed quite well since.
However, due to our fund’s investment focus at the time, we weren’t bold enough to fully embrace blockchain and remained relatively conservative. In 2017, I co-founded a blockchain investment fund with a few partners. This year, aiming to scale further, we launched Taihe Capital.
3
Binance Boss Ying: Let’s move closer to today’s main topic. There are several key points—I’ll break them down. First, what’s the essential difference between IPFS and HTTP? And what is IPFS’s vision? Let’s start with these.
Zhang Li: As mentioned, IPFS and HTTP are both foundational protocols. HTTP relies on IP address-based addressing, while IPFS uses content-based addressing. What does that mean? To visit someone, under HTTP I need to know she lives in Building 8—so I find her via city, district, community, building, and room number, just like an IP address.
But if she moves, I can no longer find her—that’s when we get a 404 error: page not found.
With IPFS-based addressing, it works differently: as long as the person exists, regardless of whether she’s in Beijing, Shanghai, New York, or Tokyo, I can locate her based on who she is. That’s a vivid way to describe the fundamental difference between IPFS and HTTP—IPFS could be the next-generation internet protocol.
Note that the IPFS protocol itself has little to do with miners or mining—it’s simply a peer-to-peer hypermedia transfer protocol. That’s the basic distinction.
Binance Boss Ying: Got it. Boss Chen, would you like to add anything?
Wang Xiaochen: HTTP is a centralized protocol, while IPFS is a peer-to-peer hypermedia transmission protocol. You can think of HTTP as an existing highway. When all DApps and application layers run on it, traffic congestion is inevitable. IPFS, however, is a peer-to-peer mesh network—the more nodes there are, the more resilient the structure becomes.
Filecoin is the incentive layer for IPFS, encouraging greater adoption. Why use a decentralized storage network? Let me share two real-life examples. First, all household and personal consumer data constitute private information. Currently, this data doesn’t belong to individuals—it belongs to third parties and centralized servers. My data sits on someone else’s server.
Second, many cold data sets—such as medical records, education data, public relations archives—are rarely accessed but must still be stored. Traditional storage faces two problems: first, excessive storage costs; second, uncertainty about whether private data can be securely preserved, permanently stored, and protected from hackers or tampering. These issues persist under third-party control. IPFS can resolve all these concerns.
Moreover, we believe that during the Bitcoin era, we had a “trusted network” solving transaction trust. In the Ethereum era, we advanced to “trusted computation,” where the computing layer became more transparent and secure via smart contracts.
Once these two layers are solved, data storage requires a “trusted storage” environment. That’s why we believe IPFS will fundamentally transform our lives and serve as a strong complement to current blockchain developments.
Binance Boss Ying: Could you elaborate further? Why do we need IPFS? What major impacts might it have on our lives?
Wang Xiaochen: Simply put, any data stored via IPFS will be permanently preserved—it won’t disappear like under HTTP if the server goes offline.
As for intangible impacts on daily life: first, spam calls may decrease—we’ll have better data security.
Second, our data will generate more value. Right now, banks and financial institutions use our data without compensating us. But every piece of data we create should have ownership and value. This could lead to new Web3.0 commercial models—though that future may still be distant, and describing it concretely today is challenging.
4
Binance Boss Ying: Boss Wang, could you tell us about Taihe Capital and why you chose to invest in 1475?
Wang Xiaochen: We believe Filecoin has practical industry value from a storage standpoint. It addresses a genuine demand—making it one of the best projects bridging blockchain and real-world industries.
After selecting the sector, we evaluated different ways to participate—mining being just one option. Within mining, we compared all upstream and downstream miner manufacturers. Starting last year, we began procurement gradually. We identified key indicators: service architecture that truly delivers storage solutions effectively.
How do we assess storage efficiency? Here are critical metrics: sealing speed, and storage capacity per 10,000 yuan per hour (measured in GB). Since storage is core to the system, higher efficiency leads to greater mining rewards.
Based on comparisons, 1475 ranks among the top players in the industry. Just stating objective facts here.
Additionally, since the official team continuously iterates technically, it’s crucial to track hardware upgrades. If you followed their progress from 2017–2019, you’d see real improvements—from CPU-only mining to incorporating GPUs and other hardware advancements. Whether the team stays aligned with technological trends matters greatly. So far, 1475 remains technically aligned with the official roadmap—an aspect we’re satisfied with.
Binance Boss Ying: I’d like to ask Boss Zhang—many viewers are curious—why is it called “1475”? Does this number carry special meaning?
Zhang Li: Yes, this question often comes up, especially from people outside the sector. We’re likely the only mining brand in the entire industry named purely with numbers.
Why “1475”? Those familiar with Filecoin mining know that each testnet restart assigns a miner ID. On December 11, 2019, when the official team launched the first testnet version, our node ID was T01475. At that time, nobody knew our company or team.
We were low-key and didn’t engage in marketing. Yet, 1475 quickly surged to #1 on both leaderboards—the computing power leaderboard and the mining leaderboard.
Many miners started asking who 1475 was—even Juan Benet, Filecoin’s founder, offered rewards in Slack communities for the 1475 team to contact him. So naturally, we adopted 1475 as our brand name.
Later, through multiple rounds of offensive-defensive exercises with the official team, we continued using the 1475 brand. Even though miner IDs change with each chain restart, we’ve maintained communication with the official team. Unless something unexpected happens, we expect to retain the 1475 node ID in upcoming global tests—like the upcoming large-scale 4.25 million Filecoin miner test expected next week.
5
Binance Boss Ying: Next question—how do you both understand mining and the so-called mining圈? What’s the essential difference between mining圈 and crypto圈? People in the community often discuss terms like crypto圈, mining圈, and chain圈.
Zhang Li: I’ll divide this into two parts. First, traditionally, mining圈 refers to PoW mining—mainly Bitcoin and Ethereum mining. Participating in mining means you’re naturally a coin producer—an early participant in the primary market. Crypto圈 generally means engaging in secondary markets or raising funds through private or public offerings in the primary market. That’s the distinction.
From my perspective, the differences lie in investment angles and cost structures. First, investment costs differ significantly. Second, investment tendencies and approaches vary.
Mining tends to be more stable with relatively lower costs. Crypto圈 investments in secondary markets are faster—if you buy low and sell high or trade with leverage, profits can come quickly, but so can higher risks.
Now let’s talk about Filecoin mining. Unlike Bitcoin or Ethereum mining—which aims to obtain coins—Filecoin mining involves storing data while packaging blocks and earning block rewards. This resembles centralized cloud storage markets.
In centralized cloud storage (e.g., Tencent, Alibaba, Amazon), users pay fiat currency for data storage or retrieval. In Filecoin mining, miners receive Filecoin tokens for fulfilling storage orders. Additionally, as block-packaging miners, they earn block rewards.
This, to me, is the key difference between Filecoin mining and traditional PoW coin mining, and my take on the distinction between mining圈 and crypto圈. That’s the gist of it.
Binance Boss Ying: Boss Wang, would you like to add anything?
Wang Xiaochen: I see mining as fulfilling a bookkeeping role. In traditional centralized systems, third-party institutions like banks, brokers, and auditors act as bookkeepers.
In decentralized economic systems, from an operational standpoint (i.e., mining圈), every miner serves as a bookkeeper. From the crypto圈 perspective, token holders tend to prioritize short-term gains and liquidity needs.
From a supply-demand standpoint, crypto圈 represents demand, while mining圈 represents supply. Only when there's demand—and thus value in tokens—will miners supply mining output, selling to buyers in the crypto圈. Some buyers later hold for appreciation, others to participate in economic ecosystem building—there are many roles.
Binance Boss Ying: Got it. Someone asked—what should ordinary investors watch out for when investing in mining? They feel the market is full of traps with miners. Who wants to explain?
Zhang Li: Let me briefly address this. When investing in Filecoin, first clarify your approach: Are you joining the primary market as a miner now? Buying investor futures off-exchange? Trading futures or derivatives on exchanges? Over eight or nine major exchanges already list Filecoin futures and contracts. Or waiting until the project launches before jumping into secondary market speculation? Your entry method varies.
If mining, choose between miner-based products or computing-power-based products—that’s a decision point.
If choosing miner-based products, do you prioritize hardware strength or software algorithm advantages? Do you pick top performers on testnet leaderboards or opt for better cost-performance ratios? These are all considerations.
I recall a recent survey by a leading media outlet—China currently has around 600–700 miner companies, and the total computing power sold (both miner and power products) exceeds tens of billions. The waters are indeed deep—you must conduct thorough due diligence.
6
Binance Boss Ying: Thanks, Boss Zhang. Following up—Boss Wang, what similarities and differences do you see between BTC mining and IPFS mining? How do you view the Filecoin project?
Wang Xiaochen: The fundamental difference lies in consensus mechanisms. PoW, PoS, and Filecoin use hybrid consensus. Take BTC as an example—PoW mining raises ongoing concerns about "double-spending attacks." With 51% control of network hash power, attacks become feasible and easy, causing serious transaction issues. That’s a flaw in BTC’s PoW model.
It seemed unlikely before, but if mining equipment manufacturers grow powerful and collude, it becomes theoretically possible.
IPFS’s hybrid mechanism includes two types of mining: storage mining and retrieval mining. Financially, they have unique accounting methods. Industrially, they deliver tangible value through mining.
Filecoin combines finance and industry in its mining model—fundamentally different from BTC. It’s not just another token. Through storage demand and token incentives, it can energize the entire ecosystem and integrate with traditional sectors.
Binance Boss Ying: Thank you. Any additions, Boss Zhang?
Zhang Li: The main differences between Bitcoin/PoW mining and IPFS mining fall into two categories. First, consensus mechanisms differ. PoW operates on “work done = reward earned”—a simple, clean, logically consistent, and fair model.
For those familiar with IPFS consensus, it relies on two layers: Proof-of-Replication (PoRep) and Proof-of-Spacetime (PoSt). So consensus differs. Second, the mining logic itself is different.
Bitcoin mining is highly sensitive to electricity costs. After ten years of development, Bitcoin mining has formed a mature industrial chain. Looking at algorithms and hardware, differences are minimal—specialized ASIC chips dominate, and mining essentially means plugging machines into cheap electricity sources.
IPFS mining is younger and far more complex. Its logic and algorithms aren’t as straightforward as Bitcoin or Ethereum. Hardware-wise, it uses general-purpose components—CPUs, GPUs, memory, hard drives. Software-wise, each company develops proprietary algorithm optimizations—a crucial differentiator.
Third, although IPFS mining consumes less power than Bitcoin, it demands extremely high stability in electricity and network connectivity. It also features a penalty mechanism—this explains why Bitcoin miners favor remote, low-cost electricity areas, while IPFS miners prefer professional Tier-3 or Tier-4 IDC data centers.
Binance Boss Ying: Got it, thanks. One more question—Filecoin is one of 2020’s most anticipated directions. What are 1475’s upcoming plans?
Zhang Li: 1475 is relatively young—founded in May 2018, so just over two years old. Our strategy revolves around the IPFS and decentralized storage sector. Specifically, we focus on several areas:
First, basic miner sales.
Second, pool integration. Similar to Bitcoin pools like F2Pool or ViaBTC, we aggregate computing power from small and medium miners to smooth earnings and improve block stability.
Third, technical empowerment. We provide services to peers and partners using 1475’s proprietary software algorithms. While the project is open-source, we’ve extensively deconstructed and restructured the底层 code, giving us a closed, non-open-sourced mining algorithm suite that accelerates ordinary miners and boosts efficiency. These are our three core businesses.
Going forward, we’ll expand into upstream and downstream产业链布局. We’ve launched 1475Fund to invest in IPFS-based applications. If you have promising projects—especially those watching this stream—feel free to reach out. We’re happy to support solid teams.
Binance Boss Ying: Thanks. Given there are similar competitors, what’s 1475’s product positioning and competitive edge? You’ve touched on it already.
Zhang Li: Let me add a few points. In this sector, early competition is about awareness. Getting just half a step ahead lets you capture industry dividends. For example, while others focus on selling miners to end consumers (C-end), shifting to serve同行 gives you differentiated competition.
When competitors realize they can offer similar services, you can again gain half a step by partnering with top-tier exchanges, communities, and media to build your ecosystem—securing another round of industry benefits.
Looking mid-term, competition shifts to technology. Once the project launches, irrational industry booms occur. If your tech is strong and ROI high—like our early emphasis on “effective hash power growth per 10,000 yuan per hour,” which later became one of six official miner purchasing guidelines—you gain advantage.
Mid-term winners are those with superior technology who mine more Filecoins and reap greater rewards.
Long-term, when tech barriers break down and capabilities converge into centralized bottlenecks, operational stability and ecosystem positioning become key survival factors and competitive moats.
In summary: early stage = awareness, mid-stage = technology, late-stage = operations and ecosystem layout.
7
Binance Boss Ying: What do you see as future opportunities in mining? And do you have personal advice for new and experienced mining investors? Boss Wang, would you start?
Wang Xiaochen: I suggest analyzing this question from two dimensions—horizontal and vertical.
Horizontally, consider Filecoin’s position within the broader mining landscape. Today, Filecoin mining includes miners, mining farms, pools, exchanges, and potentially custodians in the future. The industry is evolving from early tech barriers to capital barriers. While 1475 currently holds a strong tech lead, over time technological gaps will narrow. Capital-intensive players will enter, turning this into a capital-heavy industry increasingly resembling traditional models.
Vertically, we look at the distributed cloud storage architecture. At the bottom is the technical foundation—the IPFS network itself. Above it is Filecoin’s incentive layer. Then comes the third layer: distribution platforms and tool-related application layers—think Baidu Netdisk-like software built on IPFS and Filecoin for storage and sharing.
The fourth layer involves decentralized storage applications themselves—integrating with traditional projects like browsers, streaming media, and video websites that have massive storage needs and tight cost controls. Decentralized storage can become a valuable supplement in these environments.
In the post-Filecoin era, once mining stabilizes, our real focus should be whether storage can bridge blockchain and traditional commerce. That’s Filecoin’s true purpose—connecting storage, industry, and blockchain.
Binance Boss Ying: You didn’t give us your advice yet?
Wang Xiaochen: For early mining participation, thoroughly research each miner manufacturer’s actual efficiency. Two key metrics matter most: first, how much effective hash power (in GB) each 10,000 yuan invested generates per hour. Second, their sealing speed. These directly reflect payback efficiency—calculate your payback period. That’s paramount.
Binance Boss Ying: Got it, thanks. Boss Zhang, would you like to add anything—future mining opportunities and advice?
Zhang Li: I see veteran miners falling into two groups: PoW miners and PoC (Proof-of-Capacity) miners—those doing hard drive mining. With Bitcoin halving now realized, mining payback periods depend heavily on network hash rate and price. When prices drop, hash rates drop, extending payback time; when prices rise, hash rates rise, but payback still takes time. However, giant-scale miners remain profitable.
Due to their size, they enjoy better pricing power—not just for miners but for electricity. For smaller Bitcoin miners, survival space is shrinking. This is a good moment to explore alternative mining projects. Recently, Filecoin has emerged as a mainstream star project—Bitcoin miners, I urge you to take a look at Filecoin mining.
For PoC miners—they don’t need much evangelizing. PoC existed largely because Filecoin faced technical delays, creating a niche for hard drive mining. Now that Filecoin is nearing readiness, the king is returning.
For newcomers—those who haven’t participated in any mining projects—be cautious of pitfalls in the mining process, including hardware traps and marketing exaggerations from miner companies. When companies present themselves, they often appear beautified—like wearing makeup. You need to develop the ability to see past the surface, judge the real quality behind the facade.
Third, where your machine is hosted and whether operations are guaranteed—is critical. These three aspects—hardware, company credibility, and operational support—are unavoidable considerations. That’s my advice.
8
Binance Boss Ying: Keep a long-term perspective. Boss Zhang made it very clear. Back to both of you—mining brings returns but also risks. How do you handle potential risks and avoid them?
Zhang Li: As a new miner deciding to enter Filecoin mining, consider several risks.
First: miner vs. computing power. What to compare? Miners represent physical assets that can be delivered—helping mitigate hardware risks. Filecoin miners are expensive—while Bitcoin miners sell for ~30,000–40,000 RMB, Filecoin miners average 200,000–300,000 RMB or more. Entry barriers are higher, but assets are transparent and fully deliverable.
Computing power products, priced at thousands per terabyte, lower entry thresholds. But computing power suffers from asset opacity—e.g., if I sell 1,000T of computing power, do I actually have 1,000T of underlying hardware? This is hard to verify. Here, a company’s brand reputation and credibility become critical factors when choosing between miners and computing power.
Second: whether choosing miners or computing power, compare ROI—same 10,000 yuan investment, which company delivers more computing power? This is a core metric.
Underlying this is sealing speed—how fast effective computing power grows. A Filecoin miner is like an empty bottle—no water inside. Sealing speed determines how fast we fill it. The faster the filling, the higher the effective computing power growth—meaning higher mining efficiency. This is a key performance indicator.
Once you filter these two aspects, you’ll clearly know: whether to invest in miners or computing power, and which company to partner with—giving you a solid decision framework.
Third risk—harder to avoid: systemic, project, and industry risks. For example, as of this livestream, the project hasn’t launched. If it launches tomorrow, capital lock-up lasts one night. If launching end of year, funds sit idle for ~three months. If delayed to next year, ask yourself: is this idle capital surplus money? Did I use leverage? Should I allocate this capital to something more certain, or gamble on potentially huge early-mining rewards despite the risk? This depends on your investment style—neither right nor wrong, just different philosophies. Consider these carefully.
Binance Boss Ying: A viewer asks—what kind of IPFS computing power investment suits average users?
Zhang Li: Whether investing in miners or computing power, it’s ultimately about the physical machine generating returns. Compared to Bitcoin mining—where the key metric is electricity cost—Filecoin places greater emphasis on the technical capability of the company or miner provider.
Our team has nearly 70 algorithm engineers, mostly focused on optimizing底层 algorithms to boost mining efficiency. For example, to get the number 5, the official open-source algorithm might require 1+1+1+1+1. But after modifying底层 code, we can do 1×5—achieving in one step what takes five steps otherwise. That’s one optimization.
Another optimization: traveling from Beijing to Shanghai, I can walk, take a bullet train, or fly. Flying is obviously faster. Optimization falls into two categories: reducing workload entirely, or maintaining workload but increasing speed or parallelism.
For instance, instead of going A→B→C→D, I go A→C→D, skipping B—faster execution. In my view, for Filecoin mining, a company’s technical strength far outweighs hardware specifications alone.
9
Binance Boss Ying: Boss Wang, how should we handle mining risks and avoid them?
Wang Xiaochen: We’ve researched many miner manufacturers—their real capabilities vary widely. One critical point in the current official economic model: if a miner manufacturer’s effective hash power growth rate falls below the network average, their FIL rewards will continuously decrease.
Plus, with the official requirement for high initial FIL质押, many manufacturers may mine very little or even zero FIL—what little they mine goes straight into质押. This creates a “rich get richer, poor get poorer” dynamic. Investors must be vigilant—thoroughly investigate those two key network-wide technical indicators.
Second risk: new vs. old miners. New miners require a ramp-up period to grow effective hash power. By contrast, older miners have already completed this climb and reached full sealing capacity—thus offering higher mining efficiency than new miners during this phase.
Suppose BTC price was high earlier—you might have bought a miner as a futures contract. Three months later, receiving the machine, you still need time to ramp up. Manage your timing window carefully. These are my additional points—stay alert, invest within your knowledge scope. Otherwise, money earned by luck will be lost by skill.
Binance Boss Ying: Thanks. Another viewer asks—IPFS hasn’t launched yet. If buying a miner now, with mainnet algorithms likely to adjust, how can we reduce such risks? How are you handling this?
Zhang Li: First, the底层 code has already been frozen—no major disruptive changes will occur. Filecoin founder Juan Benet confirmed this in a global miner video conference about two months ago. He’s studied core algorithms extensively.
For example, the current SDR algorithm was chosen over alternatives like NSE or WSE after extensive testing. The final choice reflects maturity, low risk, and resistance to deep-layer and ASIC attacks. There’s sound logic behind it.
So, fundamental, disruptive algorithm changes won’t happen.
Second, Filecoin miner parameters will continue adjusting—this is certain. Ethereum took nearly five years from 1.0 to 2.0 and still isn’t fully transitioned. Even after mainnet launch, parameters and algorithms will keep optimizing.
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