ohxiyu
ohxiyu
2013年加密货币/长线比特币/AI
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Recently, computing power has become sufficient, and various mining games investing in computing power have started to appear domestically. Caution is warranted
Blockbeats
An NVIDIA B300 unit is already being speculated at 20 million yuan through gray market channels in China.
How has the price of the B300 changed over the past year?
End of 2025: about 4 million yuan per unit
April 2026: about 7 million yuan
June 2026: 9 million–10 million yuan
August 2026: about 14 million yuan
October 2026: surpassed 17 million yuan
November 2026: public channel quotes reached 17 million–20 million yuan, with some Dell 4T versions quoted at 19.9 million yuan.
All the above prices are for the complete 8-card B300 system, not for a single GPU. Data at different times come from public reports and channel quotes, not continuous transaction records.
Even more striking is the price gap between China and the US.
According to a Reuters report on April 30, a server equipped with 8 B300 cards is priced at about 550,000 USD in the US market, which converts to about 3.76 million yuan at the exchange rate at that time.
Meanwhile, unofficial channels in China now quote prices between 17 million and 20 million yuan, approximately 4.5 to 5.3 times the US reference price.
Of course, this is not a strict same-day transaction price comparison, but it sufficiently reflects the scarcity premium in the domestic computing power market.
The issue is that the price increase of the B300 does not entirely mean that the computing power itself is more valuable.
Export controls, supply chain risks, cross-border delivery costs, and the urgent demand from domestic AI companies for high-end computing power are all driving up this premium.
When the quote for an 8-card server approaches 20 million yuan, can computing power rental providers still cover hardware costs? In this AI computing power arms race, how much profit will ultimately remain in the hands of hardware owners?
According to Bitcoin Magazine quoting Barron's, Robbie Mitchnick, head of BlackRock Digital Assets, said that the activity of large holders exchanging their self-custodied BTC for IBIT shares has reached an all-time high, with clients citing safety and peace of mind as the top reasons.
2026/08: In an interview with Bloomberg, Mitchnick mentioned that kidnappings, extortion, and custody incidents have prompted some holders to convert part or all of their positions into ETFs.
2026/11/09: Barron's reported new developments in such conversions, stating that BlackRock has handled about $3.6 billion, with the threshold lowered to about $1 million to $2 million, facilitated by institutions like Galaxy, Talos, and Virtu.
All of the above are media reports.
My view: Choosing ETFs out of concern for personal safety is understandable. After the exchange, what you hold are fund shares in a brokerage account, with the underlying BTC custodied by institutions, and you no longer control the private keys yourself. While you relieve yourself of the burden of key custody, you must also accept the constraints of the brokerage and custody system.
If you want to continue self-custody, you can use 2/3 multisig, distributing devices and keys from different brands and channels separately, so that the signature threshold cannot be met at a single location. This can reduce the risk of single-point theft but cannot prevent ongoing personal coercion. Position information should also be minimally exposed.
Now no one says compliance is useless anymore.
In fact, there are many compliant platforms, but most have compliance without liquidity.
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