Original Author: Noc, BlockBeats

Compared to the previous bull market, the voice of the mining industry seems to have faded significantly behind the new highs of Bitcoin in this round. Aside from last year's surge in miner profits that made everyone aware of the Bitcoin ecosystem, there is little interest in the new highs of global hash power. The main reason is that the market believes the mining industry landscape is already set, and new players seem to have little room for maneuver.

However, in reality, the core segment of mining machine manufacturing, as the upstream of the industry, is experiencing new technological upgrades and intense market competition. On one hand, tightening global regulations and improved energy efficiency standards are forcing mining machine manufacturers to continuously invest in research and development and optimize chip processes; on the other hand, non-Bitcoin PoW networks like DOGE and LTC, due to their light asset models and community vitality, are gradually becoming important choices for small and medium miners and emerging hash power markets.

At this critical juncture of market transformation and cycle change, cryptocurrency mining equipment manufacturer ElphaPex successfully held the "Dog Night · Hong Kong" global sales gala on June 27, officially launching two new Dogecoin mining machines — ElphaPex DG 2 air-cooled version and ElphaPex DG 2+ air-cooled version. As a professional mining machine manufacturer focused on the DOGE/LTC ecosystem, ElphaPex's release this time is not only a concentrated showcase of technological products but also sends a clear signal of its continued deepening in niche tracks and strengthening its global brand layout.

At the launch event, Rhythm BlockBeats engaged in an in-depth dialogue with two core executives from ElphaPex — Business Development Director Payne Cong and Product Vice President Ben Weng. From product strategy to technical paths, from industry cycles to global regulations, this dialogue comprehensively showcased ElphaPex's philosophy and layout, providing global miners and industry observers with deep insights.

From Silicon Valley Giants to the Frontline of Hash Power

Rhythm BlockBeats: First, could you both introduce your backgrounds and what prompted you to join ElphaPex? How did you enter the cryptocurrency mining field?

Payne Cong: My career began 12 years ago when I went to the U.S. for my studies. After completing my undergraduate education in the U.S., I spent 8 years in Silicon Valley during my career's golden period. This experience allowed me to work at several top tech companies — from the world-changing Tesla to the redefining Uber Eats, and connecting young people globally through TikTok.

In these companies, I was involved in various fields such as supply chain management, strategic planning, and data analysis, giving me a comprehensive understanding of the tech industry. However, what truly made me decide to join ElphaPex was a chance encounter.

At that time, I had an in-depth conversation with the founder and investors of ElphaPex, and their passion for the Dogecoin ecosystem and long-term commitment deeply moved me. This was not just a business judgment but stemmed from a firm belief in a decentralized future. That pure love and steadfast belief made me realize that this is a truly worthwhile endeavor.

In the year and a half since joining ElphaPex, I have been deeply involved in the company's journey from 0 to 1. This experience has been not only challenging but has also given me an unprecedented sense of accomplishment. We are not just manufacturing mining machines; we are building a decentralized future.

Ben Weng: My background is somewhat similar to Payne's, but I have spent a bit longer in the U.S. — I came to the U.S. about 20 years ago. However, my career path has been more focused, consistently delving into software development in the high-tech industry.

My career trajectory has covered several key points in the mobile communications industry: from Huawei's communication infrastructure to Nokia's mobile platform, and then to Apple's iOS ecosystem. Particularly during my over a decade at Apple's Cupertino headquarters, I was responsible for developing core features of iOS and macOS, which gave me a profound understanding of software system security and stability.

My interest in cryptocurrency and blockchain technology dates back quite early. Even while working at Apple, I often organized offline tech sharing sessions with colleagues to discuss topics like Bitcoin's technical principles and the PoW (Proof of Work) mechanism. I even wrote a simple PoW mining program and ran it on a server, giving me firsthand experience of the technical implementation of mining.

When a friend introduced me to ElphaPex's development of a new Dogecoin mining machine, I immediately recognized it as an excellent opportunity. Compared to the fiercely competitive Bitcoin mining market, Dogecoin, which originated from a "good-natured joke," has developed a mature PoW ecosystem since 2013. More importantly, Dogecoin's relaxed atmosphere and fast transaction characteristics give it unique advantages in practical application scenarios.

Considering the technical prospects, market opportunities, and team philosophy, I ultimately chose to join ElphaPex, focusing on product development and technological innovation.

Rhythm BlockBeats: With many mining devices already existing in the market, why did ElphaPex decide to make Dogecoin mining machines? What is the strategic positioning?

Payne Cong: This is a very core question, and I believe it can be answered from several dimensions. First, we have a firm belief in the PoW mechanism. We believe that PoW is the best path to achieve true decentralization, allowing currency to become more decentralized and globalized. This is our fundamental stance.

But why choose Dogecoin instead of Bitcoin? There are deep strategic considerations here. Although the Bitcoin mining market is the most popular track, as we can see, it has transformed from a blue ocean market to a red ocean market, with fierce competition. From an economic benefit perspective, the current yield from Dogecoin mining is generally higher than that of Bitcoin mining, providing miners with better investment returns.

More importantly, our team has a strong belief in the Dogecoin ecosystem. We firmly believe that Dogecoin will become one of the most important circulating currencies in the world, and possibly even on Mars. This may sound a bit "crazy," but that is our vision — to provide the best infrastructure support for this future.

Therefore, our strategic positioning is clear: to become the world's best Dogecoin mining machine manufacturer, contributing to the development of the global Dogecoin ecosystem through continuous technological innovation and product optimization.

Ben Weng: To add from a technical perspective, Dogecoin has an important design difference compared to Bitcoin — it has no total supply limit. Dogecoin adopts a fixed inflation model, with a fixed number of new coins issued each year, which is actually closer to the real-world currency system.

This design allows Dogecoin to maintain PoW security while possessing stronger transaction attributes and usability. It has the security guarantees brought by the proof-of-work mechanism and liquidity characteristics similar to traditional currencies, making Dogecoin uniquely advantageous in actual payment scenarios.

It is based on our deep understanding of Dogecoin's technical characteristics and development prospects that we decided to fully commit to building the Dogecoin ecosystem. We believe that as global digital payment demand grows, Dogecoin will play an increasingly important role in diversified payment scenarios.

ElphaPex's Technological Innovation and Market Breakthrough

Rhythm BlockBeats: As a new force, how has ElphaPex won its first batch of users in a technically mature and customer-loyal mining machine market? Have you encountered any resistance?

Payne Cong: In the mining industry, there are indeed several long-established, large-scale mining machine manufacturers that have made indelible contributions to the development of the entire industry, helping the mining industry achieve long-term and stable growth globally.

As a newcomer, our strategy is to redefine industry standards through innovation. We are committed to setting higher standards for the industry across multiple dimensions — whether in product quality, technical performance, or customer service experience.

We believe that as a fresh injection of blood, ElphaPex can bring two important values to the entire industry: first, providing miners with more choices. The market needs diversified competition to truly drive technological progress and service improvement; second, helping the entire industry establish newer and higher standards. We hope to promote the entire industry towards higher quality and more professional development through our efforts.

This philosophy is reflected not only in product development but also throughout every interaction we have with customers. We believe that only by truly creating value for customers can we stand firm in fierce market competition.

Ben Weng: From the product and service perspective, our core competitiveness is reflected in several aspects:

First is the absolute guarantee of product quality. Our mining machines adhere to the highest standards in every aspect of design and manufacturing, ensuring that the stability and durability of the products meet the stringent requirements of industrial applications.

Second is our global after-sales service network. We have established repair service points in major mining regions worldwide, equipped with professional technical teams to provide 7×24 hours of technical support. No matter where customers are in the world, they can receive timely and professional technical services.

Third is our team's deep technical accumulation. Although the ElphaPex brand is relatively new, our R&D, production, and operations teams all have rich experience in mining machine development and operation. It is this deep technical accumulation that enables us to develop mining machine chips that set world records in energy efficiency.

Finally, we continuously invest in innovation. We are not satisfied with merely following; we aim to break through at the technological frontier. This spirit of innovation has allowed our products to gain high recognition in the market right from their initial launch.

Rhythm BlockBeats: What are the current technical bottlenecks facing the entire mining machine industry? What directions is ElphaPex focusing on for breakthroughs?

Ben Weng: In the mining machine field, the technological high ground is undoubtedly self-developed ASIC chips. To achieve extreme energy efficiency, we must continuously push the physical limits, which requires adopting the most advanced manufacturing processes, and our chip design team needs to work day and night on various optimizations.

In this process, we indeed face significant challenges. Currently, with the rapid development of AI and other high-performance applications, the production capacity of the most advanced process chips has become extremely scarce. This tight supply chain situation puts pressure on the entire industry.

However, we have several important advantages: first, we have an experienced supply chain management team with deep expertise in supply chain optimization; second, we have established a solid partnership with chip foundry Samsung, which ensures that we can obtain sufficient capacity support in a complex market environment; third, we continuously invest substantial resources in optimizing production processes to ensure that our chip yield rates remain industry-leading.

The combined effect of these advantages allows us to maintain a competitive edge across multiple dimensions, including supply chain, manufacturing, and technical design. Our goal is to continuously drive the development of ASIC chip technology, providing miners with more efficient and stable mining solutions. Technological innovation is always our core driving force. We believe that only by maintaining a technological lead can we create real value for our customers.

Rhythm BlockBeats: The cryptocurrency mining industry has strong cyclicality, and miners face more challenges during bear markets. In the long run, what qualities should one possess to become an "excellent miner" beyond just hash power?

Payne Cong: I think this can be answered from two levels:

The first level is the persistence of belief. You must have a long-term belief and commitment to the entire cryptocurrency ecosystem and the mining industry. This belief is not blind but is based on a deep understanding of technological development trends and market evolution patterns. Only with this long-term belief can you maintain composure amidst market fluctuations and not be swayed by short-term price movements.

The second level is rational strategy. Excellent miners need to continuously do the right things. What are the right things? It is the "buy low, sell high" principle that we often mention — entering the market at low points, acquiring cheaper electricity resources, and purchasing more cost-effective equipment.

There is a significant psychological challenge involved. The market often exhibits counterintuitive characteristics: when coin prices soar, everyone wants to buy equipment, but at that time, equipment prices are also high; when coin prices fall, people hesitate to invest, but this is precisely the best time to invest.

Successful miners must possess a counterintuitive investment mindset, able to do the right things at the right time, and consistently adhere to this rational investment strategy. Those who can obtain cheaper electricity and purchase equipment at more reasonable prices will gain an advantage in long-term competition. This requires not only technical judgment but also strong psychological resilience and firm execution.

Consensus, Regulation, and the Future: The Value of PoW and ElphaPex's Goals

Rhythm BlockBeats: Currently, many countries around the world are strengthening regulations on cryptocurrencies, especially the energy consumption and carbon emissions of PoW mining, which are receiving widespread attention. How does ElphaPex view the future regulatory trends in cryptocurrency mining?

Payne Cong: This is a very critical question. We observe that there are significant differences in regulatory attitudes towards mining across different regions globally. Some areas are relatively lenient in compliance and have lower electricity prices; whereas countries like the United States, with a more developed regulatory system, have higher mining costs, but in the long run, this is a stable and sustainable path. Many people question: why mine in places with high electricity prices and heavy tax burdens? My view is that each region has its specific challenges, such as safety, electricity stability, or infrastructure issues. From a long-term perspective, the actual costs in different regions will eventually converge.

The United States is a good example. Many large miners choose to deploy hash power in Texas, which is not a coincidence. Although the PoW mechanism is often criticized for its "huge energy consumption," in reality, it acts like a "dynamic battery," flexibly adjusting loads and helping the grid effectively absorb excess electricity during times of surplus. Governments and grid companies can also benefit from this, using the revenue to invest in infrastructure upgrades. Therefore, we should not view mining solely from the perspective of "energy consumption," but rather recognize its potential as a balancing element in the energy system.

Ben Weng: Exactly, the "dynamic adjustability" of mining machines is a significant advantage. Unlike traditional batteries, mining machines can rapidly increase or decrease power consumption in a very short time, achieving second-level responses and playing a very flexible regulatory role for the grid.

I live in California, where electricity prices are among the highest in the nation, but the government has legislated that new single-family homes must install solar panels, resulting in severe electricity surplus during the peak sunlight hours, which is precisely when mining machines can add value. Many startups are also exploring how to deploy mining machines to convert excess electricity into crypto assets, empowering the monetization path of green energy.

Thus, cryptocurrency mining is not a representative of energy waste but has the potential to become a part of the future smart grid. It helps convert "unused electricity" into valuable digital assets, which is the embryonic form of the energy internet.

Rhythm BlockBeats: In recent years, the debate over whether PoW will be replaced by PoS has intensified, especially after Ethereum successfully transitioned to PoS. How does ElphaPex view this mechanism evolution? Does PoW still hold irreplaceable value?

Payne Cong: Essentially, PoW is a more secure and decentralized mechanism. To control a PoS network, theoretically, you only need to buy 50% of the coins; but for a PoW network, you need to acquire 50% of the global electricity and hash power resources, which is nearly impossible in reality. Therefore, in terms of censorship resistance and attack resistance, PoW is a more defensive mechanism.

Ben Weng: I tend to believe that the two are complementary rather than substitutive. PoS indeed has advantages in high concurrency and low latency applications, while PoW remains the most reliable security mechanism currently. For example, BTC, as digital gold, has already attained the status of a "national strategic reserve," and the vast majority of institutions still anchor their value based on PoW networks.

In different application scenarios, the two will coexist for a long time. For instance, financial clearing and smart contract systems may adopt PoS, while underlying protocols involving asset security and censorship resistance will still rely on PoW. Rather than debating "who replaces whom," it is more productive to think about "who serves whom."

Rhythm BlockBeats: What are ElphaPex's goals for the next stage? What role do you hope to play in the mining machine industry in the future?

Payne Cong: We adhere to long-termism and are committed to becoming the best manufacturer in the global Dogecoin mining machine field. In the industry, there are many fleeting players, and we hope to provide stable and reliable products and services through continuous innovation and positive values. In 2024, we will launch a series of forward-looking and competitive product lines, aiming to expand diverse mining machine categories driven by R&D to serve global users.

Ben Weng: We will continue to iterate high-performance mining machines on the product side and continuously improve our global after-sales service system. Our ultimate vision is to promote the global adoption of the proof-of-work mechanism, making Dogecoin widely accepted as a truly decentralized currency not only on Earth but throughout the universe. This is our "ultimate goal."

Rhythm BlockBeats: Finally, if you could say one thing to miners around the world, what would it be?

Payne Cong: "Keep doing the right things and persist with belief."

Ben Weng: "Stay true to your original intention and create value for customers with the best mining machine products and services."

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