From its humble beginnings as a meme to its current position in the top ten by market capitalization, Dogecoin is not only a legendary story of transition from a joke to innovation, but also a vivid embodiment of the PoW spirit of "everyone can mine, and the benefits are fairly distributed." On the evening of August 26th, BlockBeats hosted Ben Weng, Vice President of Product at mining machine manufacturer ElphaPex, Payne Cong, Head of Business, Paphy Cai, representative of ViaBTC mining pool, Denny Xing, Vice President of Business Development at HashHouse, and Song, a core member of the Dogecoin community. Under the theme of "From Joke Coin to Innovation-Driven, Decoding the Transformation of the Doge Mining Ecosystem," they discussed the long-term potential and future opportunities of Dogecoin mining. BlockBeats: Welcome to today's Space. We will discuss the long-term development of Dogecoin mining, exploring multiple dimensions, from hardware to community, from finance to culture. First, please introduce yourselves. Ben Weng: Hi everyone, I'm Ben, and I'm from the San Francisco Bay Area. Before joining ElphaPex, I worked as a software development engineer at various tech companies, bringing over a decade of development experience. By chance, I discovered crypto and was deeply drawn to its decentralized and distributed nature. Currently, I focus on product management and roadmap-related work at ElphaPex. Payne Cong: Hi everyone, I'm Payne Cong, and I'm currently in charge of business development and sales at ElphaPex. My background is similar to Ben's, having worked in various roles at several large Bay Area tech companies, including Tesla, TikTok, and Postmates, before moving into the crypto industry. I believe both the crypto market and the mining industry are currently experiencing excellent opportunities, and I'm excited to share some insights on Dogecoin mining with you today. Denny Xing: Hello everyone, I'm Denny, and I'm the Vice President of Business Development at HashHouse. HashHouse provides one-stop mining solutions, including containerized or factory-style oil/water cooling systems, transformers, power distribution cabinets, smart PDUs, and more. To date, we have delivered approximately 400 megawatts of solutions globally, with clients primarily in North America, Africa, and Australia. Before joining HashHouse, I focused on the crypto mining industry, including mining pool firmware, equipment financing, and operations and power management for large-scale mining projects in North America. Song: Hello everyone, my name is Song, and I'm currently an independent developer in the Dogecoin community in South Korea. I invested heavily in Dogecoin in 2016, joined the Dogecoin Asian community in 2018/2019, and have been actively involved in ecosystem development ever since. Currently, I'm primarily developing the L1 smart contract language for Dogecoin. Similar to Ethereum's Solidity, I believe the UTXO model also requires a similar development language. This language, called Cardity, is expected to be released this year, making it easier for developers to develop applications on UTXOs. Its core logic is derived from derivative concepts such as ordinals and inscriptions. I'm also working on a project called cardipool, which aims to build a decentralized PoW mining pool. Compared to the lack of transparency in existing centralized mining pools, cardipool aims to make hashrate access, block production, and the hashing process completely open and transparent, allowing everyone to participate in mining pool construction. Development of the Cardity protocol began two or three years ago. It is the largest ecosystem protocol on Dogecoin L1 and the first protocol to have a DEX and ecosystem. Currently, this ecosystem is built entirely on Dogecoin and does not rely on the EVM or other chains. Paphy Cai: Hello everyone, I'm Paphy. I entered the PoW mining industry in 2017 and have been working in mining pools for many years. In 2020, I joined the ViaBTC mining pool. ViaBTC is currently ranked third among global Bitcoin mining pools and has long been ranked first among Litecoin and Dogecoin mining pools. BlockBeats: Thank you all for your introductions. Let's get started. First, I'd like to talk to you all. Dogecoin has been around for over a decade. From its earliest days as a "joke coin," it still maintains considerable hash rate and community activity. What are your thoughts on the current level of participation in Dogecoin mining? Compared to a few years ago, what are the key changes in the hash rate structure and mining ecosystem? Ben Weng: As everyone knows, Dogecoin was first created as a lighthearted joke in 2013. At ElphaPex, we believe it has always been a lighthearted and active token with a very welcoming community. Its lovable image makes it easily accepted by the public. Additionally, Dogecoin has a history of over a decade and utilizes the PoW consensus mechanism, ensuring its security has been proven in real-world scenarios. Compared to Bitcoin, Dogecoin's hash rate concentration is less concentrated, giving small and medium-sized miners greater access to it, unlike Bitcoin, which is highly concentrated in the hands of large institutions. This is a key difference we've observed in terms of hash rate structure and ecosystem. Payne Cong: I believe the popularity of Dogecoin mining has increased significantly over the past two years, and there are several reasons for this. First, price. As the price has risen, Dogecoin has attracted more attention from both retail and institutional investors, and market attention continues to grow. Second, it's the long-term support and participation of the community. For example, Elon Musk, a major influencer, has publicly supported Dogecoin. On the developer side, the Dogecoin Foundation and community developers like Song have driven the emergence of more applications, including Layer 1 and Layer 2, as well as payment functions. These have expanded use cases and increased the coin's popularity. Third, the mining barrier is relatively low. Compared to Bitcoin, Dogecoin requires lower electricity costs and a smaller hashrate, making it more accessible to small and medium-sized miners, and competition is less intense than on the Bitcoin network. Fourth, institutional interest is increasing. In recent years, institutions like Grayscale have launched Dogecoin ETFs, some publicly listed companies have begun incorporating Dogecoin into their financial strategies, and traditional financial institutions like family offices and hedge funds have also entered the mining sector. The introduction of these funds and approaches has brought more liquidity, accelerated the industry's pace, and promoted the development of the mining ecosystem. Overall, with increasing institutional participation, the Dogecoin hashrate structure is gradually becoming more institutional. This has brought a new rhythm and vitality to the mining ecosystem, driving the continued rise in popularity of the entire industry. BlockBeats: Cryptocurrency stocks are undoubtedly the hottest topic right now. Several US-listed companies have recently purchased large quantities of Dogecoin. What are your thoughts on this misalignment between traditional financial institutions' "holding" and "mining"? Does this mean that Dogecoin has entered a new cyclical node? Ben Weng: Regarding the relationship between holding and mining, I personally believe they are complementary. In our conversations with many mining machine customers, we've found that they often participate in mining because they have relatively cheap or even free energy. For example, in some regions, electricity costs are lower, or during periods of low demand, the power grid provides extremely cheap or even free electricity. In these cases, through mining, customers not only help regulate the grid but also transform low-cost electricity into a financial asset. From this perspective, mining and holding coins aren't mutually exclusive options; rather, they exist side by side and work together. Another client raised an interesting point: they believe Dogecoin can actually be used as a medium for electricity storage and consumption. When electricity is cheap in a certain region, mining can be used to convert electricity into tokens. In other regions where electricity is expensive, these tokens can be sold and exchanged for electricity. This effectively establishes a cross-regional electricity value conversion mechanism. Therefore, I believe both roles are crucial and mutually beneficial within the entire ecosystem. Payne Cong: Institutional investors are often more focused on making a company more attractive to both retail and institutional investors. One key way to do this is by telling a good "story"—both Treasury (holding coins) and mining (mining). The two are complementary, and for large, publicly traded companies, they should coexist. It all comes down to "doing the right thing at the right time." For example, when the price of a coin is low, investors can increase their investment in coins and mining equipment. Coin purchases fall under treasury management, which is understandable for long-term investors with conviction. Mining and mining equipment, on the other hand, generate cash flow for listed companies. In IPOs and secondary markets, these assets can also create a valuation multiplier effect, boosting the company's overall valuation and positively impacting its stock price. When market conditions improve, different companies adopt different strategies. For example, some choose to hold mined coins long-term (HODL), while others immediately cash out, converting them into USDT or USDC to pay for electricity bills or purchase more mining equipment. These different strategies create a diverse combination of treasury and mining, creating a richer experience. This also suggests that Dogecoin may have entered a new cyclical phase. In the future, more institutional investors, more institutional funds, and more listed companies will participate. This will have a positive impact from both a fund and market perspective. Recent news confirms this trend. Companies like Dogehash Technologies, for example, draw more from traditional finance. While not experts in mining, they see the growth potential within this sector. These companies bring not only capital but also a deep understanding of the capital markets and the ability to manage resources. Their approach is simple: not just to participate in mining, but to maximize the company's valuation in the capital markets. This influx of traditional financial forces may impact the existing mining landscape, but this impact is positive and will drive further industry development. Paphy Cai: I checked the data today and discovered an interesting phenomenon: the time required for the entire Litecoin network's computing power to double is showing a significant decrease. In the most recent cycle, the doubling time from 1.2P to 2.4P took only 10 months. The cycle before that, from 600T to 1.2P, took approximately 21 months. And even earlier, from 300T to 600T, it took approximately 44 months. It can be seen that the doubling time has almost halved in each of the three cycles. This illustrates two key points: first, the rapid iteration of equipment technology has driven computing power growth; second, user participation has continued to increase. The second point is about coin stocks. As the industry develops, Dogecoin mining has gradually attracted the attention of traditional finance. Traditional financial institutions often enter the market using the methods they are most familiar with. Initially, the most common approach is to directly hold the coins, which offers lower risk and the fastest entry point. However, as scale expands and strategies deepen, they gradually incorporate mining. Mining can establish closer connections with various resource chains and achieve more stable and sustained Dogecoin growth at a lower capital cost. As for whether this signifies entering a new cyclical node, I believe people in different roles and at different stages of the supply chain will have their own opinions. Denny Xing: Based on my industry experience, the Dogecoin ecosystem and community development have roughly gone through three stages. The first stage was the early ecosystem, with retail investors and a small number of pioneers participating in Litecoin and Scrypt mining. At the time, the mining pool's slogan was "Mine Litecoin, get Dogecoin for free." As Dogecoin developed, the slogan gradually changed to "Mine Dogecoin, get Litecoin for free," and Litecoin mining experienced rapid growth. The second stage was when influencers and public figures in the market began to endorse Dogecoin, increasing its market recognition. Dogecoin gradually evolved from participation by retail investors and niche miners to widespread adoption by a wider range of miners. The third stage saw the start of large-scale institutional involvement. Whether through the establishment of a treasury or large-scale investment and mining by listed companies, one key word is evident: "going beyond the niche." The booming Dogecoin ecosystem reflects its transition from cyclical speculation to long-term value investment. This means it's gaining acceptance not only from retail investors but also from sophisticated investors and institutions. Therefore, we can view the current situation as a new milestone in Dogecoin's development: it has moved from niche to mainstream, becoming an emerging and widely accepted asset. Song: I've recently been in contact with a number of cryptocurrency-to-equity companies, and most are interested in establishing Dogecoin reserves. I've also promoted this initiative to listed companies and friends' companies. Many companies initially hoped to attract significant Dogecoin holders to transfer their coins to them in exchange for potential returns in the stock market. However, those willing to actually invest their cash in Dogecoin are still relatively rare. Instead, they prefer to first design appropriate product structures to attract these significant holders. I've previously tweeted that the POS mechanism isn't well-suited to the "coin-to-equity" model. Proof-of-Stake (POS) is more like a financial game, requiring continuous innovation. However, Ethereum's innovation has slowed in recent years, and subsequent breakthroughs in DeFi have been limited. Ultimately, the value of POS is sustained by the "coin-share" model. Under the POS model, capital costs will continue to decline, similar to early liquidity mining, relying more on users' tokens to generate new tokens. This differs from the Proof-of-Work (PoW) model. In the PoW models of Bitcoin and Dogecoin, mining involves real costs such as energy, chips, and labor, making it difficult to implement a mechanism to reduce costs by simply issuing tokens out of thin air. This is why I believe Dogecoin is particularly suitable for "coin-shares"—among the top ten cryptocurrencies by market capitalization, only Bitcoin and Dogecoin meet this requirement. Furthermore, I believe the future development of coin-share companies will require the support of an ecosystem. Simply issuing additional shares and raising funds from the market cannot sustain long-term growth. While Bitcoin's value growth can rely on national recognition, Dogecoin relies on a wider range of application scenarios and ecosystem development. It doesn't require rebuilding an EVM chain like Ethereum. Instead, it needs to expand the use cases of tokens, such as in payment, development languages, and ecosystem support, to promote Dogecoin's use in more scenarios. From my conversations with these companies, I understand that in the medium term, in addition to exploring the coin-share model, they will gradually invest more resources in ecosystem development. I believe this is the key to future development. After all, fiat currency is infinite, while cryptocurrency is finite. Regardless, building reserves of finite crypto assets is an irreversible trend. Therefore, we should not only focus on the coin-share model itself, but also on whether these companies have actually purchased Dogecoin and invested in ecosystem development. BlockBeats: From an external perspective, mining has long been a crowded market, with high barriers to entry for major players and a stable ecosystem. Why did you choose to refocus on Dogecoin mining at this time? How does Elphapex understand the space for "telling a new story"? Ben Weng: As you mentioned, the mining industry has gradually become a crowded market, so why did we choose to invest in Dogecoin? We believe there are several reasons. First, while most people are focused on Bitcoin and Ethereum, Dogecoin mining offers a certain level of competitive differentiation. Unlike Bitcoin mining, it's not as fierce, and may instead present some blue ocean opportunities. Second, Dogecoin's inflation model differs from Bitcoin's. Bitcoin has a fixed supply and cannot be increased; Dogecoin, on the other hand, has a fixed annual supply, which is closer to the real-world currency model. This means mining can be continuous, and miners can more clearly predict long-term revenue. Furthermore, in terms of energy efficiency, Dogecoin mining is more efficient than Bitcoin in some cases. For the same kilowatt-hour of electricity, mining Dogecoin may yield higher returns in fiat currency than mining Bitcoin. Another trend worth noting is the rise of artificial intelligence and AI agents. In the future, AI agents will often require a convenient transaction medium when completing chain tasks. For example, when helping users book flights or hotels, payment will be required. In this regard, Dogecoin, due to its lightweight nature, community-building nature, and meme-based culture, is more easily accepted by the public. Furthermore, it utilizes PoW consensus and has long-standing security verification. Therefore, we believe Dogecoin has the potential to assume a wider role as a transaction medium in AI applications, particularly in lightweight transactions and point-based payments. Looking further ahead, Musk has publicly promoted Dogecoin several times, and it may be incorporated into the Starlink or X ecosystems in the future. This gives us confidence in Dogecoin's prospects. Payne Cong: Ben just mentioned an interesting topic, namely, the transaction scenarios for AI agents. Although this may be a slight digression, I would like to add that Dogecoin's properties make it more suitable as a transaction medium than many other cryptocurrencies. Bitcoin is more of a store of value, while Dogecoin, with its fixed inflation model, possesses more monetary properties and can sustain transactions. With the development of AI, many future application scenarios will require AI agents to directly execute operations. The choice of cryptocurrency these agents or developers will choose as a medium will be a highly interesting topic. In my opinion, Dogecoin holds great potential in this area. I previously saw data that suggests approximately 10% to 20% of crypto transactions are already being processed by AI agents. As this proportion increases, transaction volume will also continue to grow. Ultimately, which currency will become the dominant medium of exchange will be an interesting and important question. Regarding mining itself, I believe the key lies in the algorithm used. Dogecoin mining isn't as competitive as Bitcoin yet, but as more institutional investors and miners enter the market, competition will inevitably intensify. In the past one or two years, when institutional attention wasn't as high, we often talked about who would be the "first to try it." If you observe the evolution of network hashrate difficulty, you'll see that the rate of increase has accelerated over the past ten months. As more entrants enter the market, competition will naturally intensify. Therefore, miners need to consider how to enter the market earlier and rapidly scale within a short period of time—this is essentially "doing the right thing at the right time." The crypto market is cyclical, and seizing opportunities within these cycles is a question every miner must consider. For us at ElphaPex, Dogecoin mining isn't a recent focus; it has always been our primary focus. As a company, we've always aspired to be the manufacturer and supplier of the highest-quality Dogecoin mining machines. Over the past six to seven years, we've continuously engaged in research and development, testing, and continuous improvement of our machines. Although our first-generation product, the DG1, was released early last year, we had accumulated four to five years of technological expertise prior to that. Our strength lies in our R&D capabilities. We will continue to develop a variety of different models. In addition to air-cooled miners, we've also developed Dogecoin's first water-cooled model and, last year, released the DG Home home machine. We hope to promote the healthy and sustainable development of the Dogecoin mining market while also decentralizing more computing power. For example, we hope to attract more retail users, allowing even those without mining experience to experience mining and contribute to decentralized hashrate. Regarding marketing, we have a highly professional team dedicated to making ElphaPex a "cool" company. Whether it's mining machine design, peripheral products, event formats, or the potential for diverse home mining machines in the future, we aim to continuously raise standards and help set new benchmarks for the Dogecoin mining ecosystem. We believe that through continuous R&D, innovation, and promotion, we can promote more stable and healthy development of the Dogecoin mining ecosystem. This is the direction we're constantly striving for. Song: I've been speaking to the community in 2018 and 2019, and at that time, I proposed that Dogecoin should play a key role in the interaction between robots and AI in the future. AI has become an undeniable future trend, and cryptocurrencies play a crucial role in this process. AI requires computing power, chips, and other support, and PoW is indispensable. Ethereum's PoW once fueled the development of hardware from companies like Nvidia, and now I believe Dogecoin will also play a significant role in the future. Currently, the industry discussion is focused more on centralization, as the entry of large institutions and Wall Street capital has shifted attention. But I remain steadfast in my belief in decentralization. Dogecoin's PoW model, stake distribution, and community foundation make it, in my opinion, the project closest to the "ideal form of currency." For a coin that began as a joke to have grown to where it is today, ranking among the top ten in global market capitalization, is a truly rare opportunity, and similar opportunities may be difficult to find in the future. So how do we seize this opportunity? First, we've been promoting community development, including language support like Cardity, to encourage developers to build more applications on Dogecoin. Many people mistakenly believe that innovation requires reliance on the EVM, but the real innovation of the past two or three years has been the UTXO-based inscription system. Despite pressure from some centralized platforms, developers continue to explore the UTXO model. Compared to the EVM, UTXO offers greater security and is more suitable for businesses handling large sums of money. The EVM ecosystem is plagued by numerous security vulnerabilities and development risks, making it unsuitable for long-term financial-grade development. With the advancement of AI, we have the opportunity to build a more advanced and low-level development language than Solidity, laying a secure foundation for Web3. Regarding mining, we strongly support PoW and promote decentralized mining protocols. We hope to collaborate with major mining pools to increase hashrate transparency, reduce unnecessary competition and energy waste, and ultimately foster a healthier mining ecosystem. Unlike Bitcoin, Dogecoin has a more dispersed miner base and a relatively lower cost-performance ratio, but this makes it ideal for building globally decentralized mining nodes. Dogecoin's fixed annual issuance of 5 billion coins provides a long-term entry opportunity for new users, but costs will gradually increase over time. Overall, I believe there's a greater than 90% chance that Dogecoin's market capitalization will exceed $1 trillion within the next decade. Therefore, now is the perfect time to enter the mining industry, build the ecosystem, and invest in Dogecoin-related fields. BlockBeats: More and more users are not only concerned with mining machine performance, but also with operational details like cooling, noise, and energy efficiency. What are your thoughts on the evolving trends in mining pool services and cooling solutions for Dogecoin mining? Will there be more solutions for average users or lightweight participants in the future? Paphy Cai: Thank you, moderator. I'd like to emphasize that ViaBTC is not an industry expert in cooling equipment or mining machine efficiency optimization. We focus more on online businesses, such as mining financial services, fund management, and exchange-related products. Therefore, ElphaPex or HashHouse may have more say on topics like hardware-level cooling optimization. However, with the development of the industry, especially as the Dogecoin ecosystem enters a new phase, more features and solutions will have room to be implemented, allowing for longer-term service provision. For example, in the last cycle, including Dogecoin as a collateralized lending asset was extremely challenging for most asset management platforms. However, currently, Dogecoin, second only to Bitcoin in PoW coin market capitalization, has entered the top ten (ranked ninth). This means that almost all asset management platforms are taking Dogecoin seriously and integrating it into mainstream assets. This is also the case with ViaBTC. We have already included Dogecoin in our collateralized lending system and will further optimize its fees and lending service options in the future. Denny Xing: Regarding cooling solutions, as the Dogecoin mining community becomes more diverse and institutionalized, miners are increasingly accepting water and oil cooling. This reflects customers' increasing standards for operating efficiency and thermal optimization. We are also providing corresponding solutions. For example, we maintain close collaboration with the ElphaPex team on product and R&D, optimizing the thermal structure to ensure stable chip operation under higher operating conditions and temperatures. In terms of heat dissipation efficiency, we have collaborated with leading global brands to develop high-throughput, high-fin-density dry coolers. Through pipeline design, these devices achieve high flow rates and minimal temperature gradients, ensuring efficient operation with zero water consumption even at ambient temperatures of 45°C. Regarding energy efficiency, we have independently developed an intelligent management system that, in conjunction with leading brands' EC fans and inverters, automatically adjusts pump and fan speeds based on real-time load and ambient temperature conditions, reducing unnecessary power consumption and noise. Furthermore, these products can be widely used in everyday life, such as residential heating and waste heat recovery projects in industry and agriculture. In animal husbandry and farming, they can effectively provide high-energy heat and reduce overall operating costs. We also welcome partners in related industries to discuss and collaborate with us. Dogecoin has always been a "mood coin," with a distinct community atmosphere from other projects. What do you think of the unique role of "miner" in Dogecoin culture? Is mining itself a continuation of the meme spirit? Song: Dogecoin began as a joke coin and a meme coin, so there have always been both noisy and constructive voices within the community. Looking back at the last cycle, Dogecoin skyrocketed to $0.74. At that time, Vitalik donated Dogecoin and promoted the establishment of the Dogecoin Foundation, hoping to transition Dogecoin to Proof-of-Stake (POS). However, this initiative has been met with strong community opposition. The recent Monero 51% attack has also heightened the Dogecoin community's focus on the importance of PoW. We will continue to provide basic education and community education in this area. The existence of the Dogecoin miner community is actually quite unique. In the past, miners, the cryptocurrency community, and the blockchain community were relatively separate. Many miners did not understand the cryptocurrency ecosystem and only engaged in buying and selling. Although some early miners participated in DeFi, overall participation was limited. I've always hoped to foster the integration of miners into the broader blockchain ecosystem. For years, I've upheld a geeky spirit, working diligently to promote development and community building. When I started my business in 2018 and 2019, I also single-handedly led the community. My philosophy is to not rely on centralized organizations, but rather to empower individuals around the world to spontaneously promote the Dogecoin community. For example, the Dogecoin event I organized in Dubai was entirely voluntary, but the feedback was very positive. Local Dogecoin communities have also gradually established themselves in Vietnam, the Bay Area, and other places. Today, there are numerous Dogecoin community organizations around the world. I've always believed that miners should be part of the broader community. However, the reality is that there are few opportunities for miners to engage in dialogue with the community. Today's Space event, for example, is a rare opportunity for exchange. While noise and centralization are increasingly prevalent in the crypto world, miners embody the spirit of decentralization. They can enter and exit freely at any time, earn profits in their own way, and maintain network security and transmission. This is the core spirit of blockchain. Unfortunately, many people only understand tokens, smart contracts, and the EVM, but fail to grasp the true nature of cryptocurrency. To me, the essence of cryptocurrency is the transmission and conversion of energy, a microcosm of the energy transformation of the universe. Mining itself is a very meme-like and geeky activity, a kind of "gene" that can be passed on and infect others. Many miners, once they start mining, continue to participate, even becoming addicted. This same constant motivation is also generated when cryptocurrency users turn to mining. Therefore, I've been pondering how to truly integrate the cryptocurrency and mining communities. I believe one approach is decentralized mining pools. Cardipool is an example; it could become the industry's first decentralized PoW mining pool. While some have attempted this before, it's extremely difficult, requiring the use of smart contracts and protocols. If we can truly connect the mining, cryptocurrency, and entire ecosystems, it will be a very valuable endeavor. If successful, Dogecoin will be the biggest beneficiary. Bitcoin's highly concentrated mining population makes it unsuitable for direct integration with decentralized mining pools. Dogecoin, on the other hand, is primarily composed of small and medium-sized retail miners, making it a perfect fit for decentralized mining pool protocols. I believe this will brighten Dogecoin's prospects. We must uphold the principle of decentralization and actively promote such exploration. Paphy Cai: I saw a listener comment in the comments saying, "It's been so long since I've heard about PoW Space. I almost forgot that wealth equality begins with mining." This remark resonated deeply with me. I've been involved in mining pools since I entered the industry and have heard many stories about miners. I think the biggest difference between Dogecoin and other cryptocurrencies is that it's a PoW coin, and as a merged-mined coin, it has already ranked second among PoW coins in market capitalization, second only to Bitcoin. This in itself is a remarkable achievement. Furthermore, Dogecoin demonstrates its uniqueness within the PoW consensus framework. Many believe that halving and a deflationary model are essential for a currency's long-term survival. However, Dogecoin lacks a deflationary mechanism, yet it continues to expand its ecosystem. This offers greater hope for miners and mining pools. As a platform, we charge a service fee per unit of computing power, and our primary goal is to see stable, long-term price growth, so that the returns per block and per unit of computing power can continue to increase. This isn't seen in many other currencies, but Dogecoin has achieved this. Therefore, from the platform's perspective, this is very welcome. Our primary goal is to maximize user returns and attract more users. This also provides mining pools with a great entry point. Even without a deflationary mechanism, Dogecoin still demonstrates unique development potential. Some users even joked about hearing crickets chirping in the background of Mr. Song's speech. I think this resonates very closely with the lives of miners. Miners often work tirelessly year-round, in wind and rain, in an environment close to nature. I'd like to take this opportunity to personally express my gratitude to all the miners who contribute to blockchain stability and decentralization with their dedicated investments and computing power. I'd also like to raise a question: Is mining itself a continuation of the meme spirit? From a philosophical perspective, the spirit must be dependent on the material. Dogecoin's growth from a "supporting player" in merged mining to the second-largest PoW coin by market capitalization speaks volumes about its value and prospects. The flourishing Dogecoin ecosystem, and the empowerment it provides through PoW, is also a prime example of how to interpret and spread the meme spirit. Denny Xing: I have two final points to add. First, I would like to thank ElphaPex for their new value proposition: viewing Dogecoin mining as an alternative crypto money. Dogecoin mining machines, with their superior energy efficiency and higher tolerance for electricity costs, can unlock more power resources, expand supply-side options, and thus form a sustainable operational strategy to hedge against downside risks. This new approach has also led to a growing number of traditional institutions and compliance agencies becoming more open to Dogecoin mining. Secondly, mining itself carries the characteristics of "leveraged coin hoarding," which can be understood as a long-term call option. To illustrate, a meme depicts a Dogecoin avatar at the forefront of a sandstorm. The army of miners is at the forefront of that storm, shouldering the risk while also providing the underlying consensus and value foundation for the entire network. Compared to Bitcoin miners who must cash out due to fixed electricity costs, Dogecoin miners act more like frontline defenders.
Rhythm BlockBeats: Thank you all for your wonderful presentations. This concludes tonight's official Space discussion. Dogecoin's decade-long journey to its current status as a community with strong computing power and vitality is truly remarkable. Tonight, we discussed not only industry and finance, but also culture and community, each of which is enriching the possibilities of the Dogecoin ecosystem. We look forward to new developments and opportunities for Dogecoin and PoW in the future.
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