In the world of cryptocurrency mining, Bitmain, headquartered in Beijing, is perhaps the most influential player in the blockchain ecosystem. Bitmain remains rather mysterious, and rarely comments in media reports, especially where cryptocurrency is banned in China. However, we have noticed a shift of attitude when Bitmain publicly announced its plan to conquer AI. In this report, Counterpoint provides an in-depth analysis of Bitmain and blockchain ASIC ecosystem, after an exclusive interview with Bitmain’s Director, Colin Wu in June.