By Aki Wu on the block chain
By the end of October 2025, Nvidia ' s stock prices were at record highs, with a market value of $5 trillion at a time, becoming the world ' s first company to cross this market value threshold. Since the advent of ChatGPT at the end of 2022, British stock prices have risen by more than 12 times, and AI’s revolution has not only pushed for high standard 500 index innovation, but has also triggered discussions about the technology valuation bubble. Today, the market value of Infelda is even larger than the total size of the encrypted money market, and by global GDP ranking, it is second only to that of the United States and China. It is impressive that this superstar of the AI era has also had a period of & ldquo; honeymoon & rdquo; This paper will review the history of the fall and fall between the British and the encrypted mining industry, as well as the choice to withdraw to the AI core business。
encrypted cow city trench: game card & ldquo; moneymarker ”
Looking back at the history of Britain, it's also a legend of the evolution of science and technology narratives. Founded in 1993, and founded on the invention of GPU, the company quickly rose to the top of the GPU in the late 1990s, when the PC game was so popular, and the GeForce series was so successful. However, as the game market became saturated and growth slowed, Britain also faced stock stagnating. Fortunately, the opportunity is always left to those who are prepared & mdash; a major turn-off is an encrypted currency boom。
In 2017, the price of encrypted currencies, such as bitcoin and the Taifung, skyrocketed & ldquo; mining ” hot tides. Since the GPU is well suited to parallel calculations for mining, the global miners are fighting for a graphic card, and the GPU became a money-printer, short supply, high prices. Young Waida has become one of the biggest winners behind this encrypted cow market, with a full revenue stream。
The encryption market began in the second half of 2020 after two years of cold winter. Bitcoin prices soared from less than $15,000 in mid-year to a peak of $60 million at the beginning of 2021, and the ETA rose from several hundred dollars to over $2,000. A new round of high-priced money booms has set off a new wave of mining in the flash cards. The miners have launched a new generation of GeForce RTX 30 graphic cards, leading to high-end Kachis, which were originally for game players, and the market is once again falling into the madness of & ldquo; supply is short of demand & rdquo; The British Weeda RTX 30 is a graphic card that, when it was released, surprised the gamers with high performance and high value for money, but as the revenues from mining in the Taifeng skyrocketed, the actual prices of these cards were pushed up to an eccentric level, and RTX 3060, which recommended a price of RMB 2499, went up to $5499 in the market, and the flag class RTX 3090 even called for nearly $20,000。
However, the continuing shortage of graphic cards has led to conflicts between players and miners being pushed to the stage. In response to the choice of “ double-line parallel ” which was reduced to the Haxi rate of the Taifung by the game-oriented GeForce (first from RTX 3060), it was found that the miner had found for RTX 3060 in “ fake HDMI small tail & rdquo; and dummy HDMI, which had concluded that other cards were also operating as display adapters, thus bypassing the computational limits in excess of the calculator scene and achieving full speed mining。
Andreas showed it on his Twitter
On the other hand, the Crystal Mining Products (CMP) series was launched specifically for miners in an attempt to achieve & ldquo; diversion & rdquo; On the same day, official bloggers made it clear: “ GeForce was born for players, and CMP was born for professional mining. ” CMP will remove the windways displaying the output, open panels, to upgrade the dense shelf, and downgrade the peak voltage/frequency in exchange for energy efficiency stability, but it is also because the CMP does not show the output, the warranty period is short, and it is more difficult for miners to exit, and GeForce can dig the mine and resell it to poor players, with better residual value and liquidity. The project is therefore the last to be thundered and rained, and the last to fade away。
In the first quarter of the financial year 2021 & ldquo; mining & rdquo; card sales accounted for one quarter of the volume delivered during the season, and the sale of encrypted currency-specific chips (CMP series) amounted to $155 million. With the trend of encryption, the revenue of Ingweida 2021 surged to $26.9 billion throughout the year, an increase of 61 per cent over the previous year, and the market value of the company was over $80 billion。
however, this good view has not been sustained for long, and on 21 may 2021, a meeting of the finance committee of the state council of china proposed a severe crackdown on mining and trading in bitcoin. this was followed by a succession of repairs and closures in xinjiang, qinghai and sichuan, and mining operations were quick & ldquo; brakes & rdquo; in the same month, & mdash; in the following month, the bitcoin calculates at the same time as the currency price, and the group of miners is forced to move out or clean up the equipment. by september 24, the central bank issued a joint circular with various sectors, characterizing all virtual currency-related transactions as illegal financial activities and proposing a nationwide & ldquo; orderly discharge of mining & rdquo; requirements for further & ldquo; refilling & rdquo; at the policy level。
for mining operators in the north of china, the cycle of booming and falling has become strange. those who went through the mine & ldquo at the beginning of 2018; the mine & rdquao; some of the crashes are still fresh in their memories, others retreat, but a few of the defenders survived the winter and put the demurrage machines into their own mines to dig for the next round. it turns out that in 2020 & ndash; in 2021, bull city once again turned the persistent player saltfish over。
In September 2022, a landmark event took place in the encryption industry, where & ldquo; consolidation & rdquo; upgrading from the Workload Certificate (PoW) mechanism to Proof of Entitlement (PoS) no longer required large numbers of graphic cards to be involved in mining. This marks the end of the GPU mining era, which has lasted for many years, the absence of the special needs of encrypted miners, the rapid cooling of the global graphics market, and the direct impact on the performance of Weeda. In the third quarter of 2022, British Wida received a decline of 17 per cent to $5.93 billion in the same year, with net profits of only $680 million, or 72 per cent in the same year. In 2022, the stock price fell to about $165, the higher point nearing the waist, and the digital dividend became a performance burden。
Clearing the line: the break-up between Yin Weida and the mining industry
In the face of the madness of the mine and the complaints of game players, as well as the problems posed by cyclical profits, Weida has come to recognize the need to strike a balance in the wave of encrypted currency mining and to draw boundaries with & ldquo in due course. With the bubbles of soaring currency prices, companies have suffered from financial compliance. A later survey by the United States Securities and Exchange Commission (SEC) found that in the 2018 fiscal year, the contribution of encrypted currency mining to the growth of game card revenues had not been fully disclosed for two consecutive quarters. This was found to be an improper disclosure of information. In May 2022, Yvette agreed to settle with SEC and paid a fine of $5.5 million. The incident led to a re-trial of the delicate relationship with the encryption industry, which, while generating considerable profits, could on the other hand run counter to the reputation and performance of the company by its volatility and regulatory risks。
In 2022, after the transformation of the Ether factory into POS, the GPU mining demand fell off the cliff, and the British video card business quickly returned to normal supply and demand. Wong In-hoon has also repeatedly stressed that the future growth drive of the company will come mainly from the areas of artificial intelligence, data centres, auto-driving, and not from speculative operations such as encrypted currency. It can be said that after a round of & ldquo; mine calorie & rdquo; climax and cooling, Young Wida decisively drew a line from this highly volatile industry by investing more resources in the broader and more social AI calculations. Meanwhile, & ldquo; the non-eligible type of organization & rdquo; which includes & ldquo; companies associated with encrypted money can be seen in the latest official network for the AI Enterprise Inceptment project, which clearly wishes to disentangle from past encrypted old friends。
So after the full embrace of AI Industries, is there an overlap between British Chips and Encryption? On the surface, GPU ' s association with traditional encrypted mining has diminished significantly since the departure of the &ldquao; the mining age &rdquao; Major currencies such as Bitcoin already use dedicated ASIC mining machines, and GPU is no longer as encrypted miners compete for & ldquo; Shanti ” as in the past. However, the two main areas are not entirely intertwined and new integration points are emerging in different forms。
A NUMBER OF COMPANIES THAT HAVE BEEN DEEP-DRYING AND ENCRYPTED ARE SHIFTING THE FOCUS OF THEIR OPERATIONS TO AI MATHEMATICAL SERVICES, TURNING INTO NEW CLIENTS IN ENGLAND. MOREOVER, THE TRADITIONAL BITCOIN MINING CORPORATION HAS ALSO BEGUN EXPLORING THE USE OF SURPLUS ELECTRICITY AND SITE RESOURCES FOR AI COMPUTING TASKS. IN THE VIEW OF SOME LARGE MINING COMPANIES, WHICH HAVE RECENTLY REPLACED SOME OF THEIR EQUIPMENT WITH A SPECIAL MINING CHIP INTO GPU HARDWARE FOR TRAINING AI MODELS, AI TRAINING CAN PROVIDE A MORE STABLE AND RELIABLE SOURCE OF INCOME COMPARED TO MORE VOLATILE ENCRYPTED CURRENCY MINING。
AI & mdash; & mdash; sell “ shovel ” Weedda
In November 2022, OpenAI's ChatGPT was born across the globe, and the AI mega-model was a huge global sensation. This is no doubt another & ldquo of destiny for Ying Weida; once in a century & rdquo; a great opportunity. The world suddenly found that the AI monsters that drive these & ldquo; which consume energy like drinking water & rdquo; can only be supported by GPU hardware in Weavera。
Following the explosion of ChatGPT, major technology companies and start-up teams are pouring into “ the big model ” the track where the calculator needs to train the AI model are growing explosively. Young Weida has captured the essence that, no matter how technology changes, computing will always be the base currency of the digital world。
At present, Ying Wei Da occupies over 90 per cent of the market share of large model training chips. GPUs such as A100, H100, and the new generation Blackwell/H200 have become AI's industry standard for accelerated calculations. Because demand is far greater than supply, Britain has extraordinary pricing rights and profit space on high-end AI chips. According to Goldman Sachs, capital spending by Amazon, Meta, Google, Microsoft and Oracle cloud service providers alone in 2025 to 2027 is expected to be close to US$ 1.4 trillion, nearly three times higher than in the previous three years, and these large-scale investments in real money and silver have solidified the foundations behind the market value of British dollars。
However, there has been one & ldquo; impact wave & mdash; & mdash; DeepSeek fire in the AI field. The DeepSeek project claimed to have trained a model of DeepSeek V3 with performance equivalent to GPT4 only at a very low cost of approximately $5.576 million, followed by a model of R1 with extremely low reasoning costs。
At that time, there was a great deal of industry, and many people sang about the emergence of this low-cost AI model, which meant that SMEs could deploy larger models with fewer GPUs, which could shock the demand of the top GPUs. Will the “AI computing needs be replaced by the efficiency revolution? &rdquao; became a hot topic. As a result of this expected impact, the share price of Ingweida fell sharply at a time when the collection fell by about 17 per cent and the market value of a single day evaporated about $589 billion (known as one of the largest single-day market value losses in US stock history)。
However, a few short months later, this concern proved to be a barrier. DeepSeek has brought not a reduction in the demand for computing power, but rather an outbreak of new demand for computing power. & ldquo; arithmetical balance rdquo; — — significantly lowers the hardware threshold for large models through algorithm innovation and model distillation, allowing more institutions and businesses to afford AI applications. On the surface, because of the increased efficiency of the model, it appears that & ldquo; it does not require much of the calculus & rdquo; in fact, DeepSeek has become a much more popular AI application, allowing for exponential growth in computing demand. A large number of firms competed for access to DeepSeek, triggering a wave of AI applications, and reasoning quickly became the new dominant force for computing. This corresponds to the well-known & ldquo; the Jevens paradox ” & mdash; & mdash; which accelerates resource consumption rather than technological efficiency. DeepSeek lowers the AI threshold and surges its application, resulting in a shortage of computing resources。
It turns out that whenever a new AI model is born, it often means that new GPU orders follow. The more AI innovates, the stronger Britain, the stronger it is, this time again validated in DeepSeek. The financial statements released in February 2025 show that data centre operations are far ahead of expectations, and more deeply, DeepSeek ' s success is not a threat to Britain, but an indication of & ldquo; downside efficiency & rdquo; will lead to a larger scale of application expansion, thus boosting overall computing needs. And this time, DeepSeek became the new fuel of the British Empire。
As the artificial intelligence pioneer U Nanda said: &ldquao; AI is the new power &rdquao; In the era of power in AI, there is no doubt that a calculator like Yvesda played the role of an electric power company. Through large data centres and GPU clusters, & ldquo; energy ” drives the intelligent transformation of industries. It's the core logic that Britain's market value can soar from $1 trillion to $5 trillion in two years. Mdash; & mdash; A qualitative leap in global demand for AI ' s calculus has been made, with the scientific and technological giants of all countries competing to invest in an arms race-like purchasing power。
With $5 trillion in market value, the influence and volume of Ingweida has surpassed the economic influence of many Governments. Young Weida is no longer just a & ldquo; graphic card & rdquo; manufacturer, but is transformed into an AI-era fuel, a recognized & ldquo in the gold rush; a shovel man & rdquo; As the volume increases, the myth of the wealth of the British employees continues to flow within the industry, and many British employees hold stock values that exceed even their annual salary. And YVeda itself through constant & ldquo; talking about &rdquao; new technological narratives have led to self-scrambling, with video cards opening the first door for it, with a second increase in the current, and AI putting YVeda to a real peak。