Gaio Doria opened his session at Mining Disrupt Miami 2024 with the question he says customers ask most: what is the secret of BITMAIN? Doria, a Senior Sales Manager based in Raleigh, North Carolina, where he helps the company's US team expand its footprint, gave two answers. The first was a philosophy he called quality by design. The second was that customer success is the company's success. The session, recorded at the event held June 24–26, 2024, was as much a product briefing as an argument, and it ended with the specifications of the S21 line and an invitation to the BITMAIN booth.
From the S1 to market leadership
Doria began with the company's history. In 2013, he said, BITMAIN launched its first ASIC miner, the Antminer S1 (rendered as "N-miner" in the session captions), which he described as a milestone for efficiency and processing power that set a new benchmark for mining hardware. He added that later models such as the S7 and S9 are still held in high esteem by miners, and that he has heard of owners keeping them as collectibles.
In 2013, BITMAIN launched its first and famous ASIC miner, the [Antminer] S1, which was a milestone in terms of efficiency and processing power.
Gaio Doria · 1:19
By 2017, in his telling, BITMAIN had secured its leadership position in the market. He described the company as the largest manufacturer in the space and said that holding that position meant keeping research and development as its primary interest. He also pointed to the newly announced XP series as a step up in operational efficiency.
Half the company in research and development
The first part of his answer rested on staffing. Doria said half of BITMAIN's employees work in research and development, and that 70% of them hold master's or doctoral degrees from universities around the world. In his framing, that means half the company is dedicated to creating new and more efficient products.
It's not a coincidence that, as it was in the previous slide, 50% of our employees are from research and development.
Gaio Doria · 3:42
Quality by design, he said, is a principle applied through the whole development process, from design and prototypes to manufacturing and shipping.
It's quality by design.
Gaio Doria · 3:18
Customer success and the service network
The second reason was the customer. Doria said the history of BITMAIN cannot be told without the history of its customers' success, and that the company places a high value on long-term partnerships based on trust and mutual growth. To support that, he described a global footprint covering research and development, production, logistics and sales.
The second, which I think is as important as the first, is customer success is our success.
Gaio Doria · 4:10
On after-sales service, he said BITMAIN runs repair centers around the world with round-the-clock response, aimed at cutting downtime when a miner goes down, and keeps national spare parts warehouses stocked with replacements ready to ship. He also showed slides on the company's customer contact center and its service satisfaction figures.
He presented the wider group as a one-stop solution for miners, whether they are new to the industry or experienced. He listed a mining pool he called a leading pool with a stable and secure payment system; BitFuFu, where customers can buy coupons or use cloud mining; and Antalpha ("Antalfa" in the captions), which he called BITMAIN's venture capital arm, helping clients secure capital or upgrade their fleets. Whether a project is small or large, he told the audience, the company wants to hear about it and tailor a solution.
Doria said BITMAIN looks at the world as a single entity with different regional needs, and pointed to products built for extremely hot and cold weather and for different cooling methods. The collaborative approach named in the session's title, he said, rests on the belief that a stronger ecosystem improves the company's own ability to support the industry.
Hashrate against efficiency
Midway through, Doria turned to buyers who are new to mining. He recalled that few people in the room had raised their hands when asked earlier who was mining, and said that choosing a machine comes down to two numbers. Hashrate is the computational power, how much a machine can mine and at what speed, and buyers want it as high as possible. Efficiency, in joules per terahash, is the cost side, and buyers want it as low as possible.
And it really boils down to [hashrate] versus energy efficiency.
Gaio Doria · 5:33
He referred to an earlier session in which a speaker, whose name he said he had missed, described using mining heat to pasteurize beer, which he called a way of putting the cost side to use. BITMAIN's commitment, he said, is to push hashrate up and joules per terahash down with each launch. By his figures, the company's air-cooled models have improved energy efficiency by more than 130 times and hashrate by more than 1,300 times over its history, and the newer hydro-cooled models have improved efficiency by more than six times and hashrate by more than 18 times.
The S21 line and the HW5 container
Doria closed with three new models. The Antminer S21 Hydro, which he called a beast, is rated at 473 terahash at 12 joules per terahash. The new immersion model runs at 300 terahash and 13.5 joules per terahash in normal mode. The S21 XP air-cooled model is rated at 270 terahash and 13.5 joules per terahash. These are the manufacturer's figures as presented on stage.
BITMAIN also updated its containers and introduced the Antspace HW5 ("endspace" in the captions), a dedicated immersion container. Doria said it holds up to 160 immersion-cooled miners and is aimed at operators building a new immersion farm from the ground up.
It will hold up to, let me just confirm, 160 miners of the immersion cool model.
Gaio Doria · 12:52
An invitation to booth 99
He ended by repeating his advice to new buyers, to look at hashrate and energy efficiency first, and invited the audience to BITMAIN's booth, number 99, where sales staff and people from other companies in the BITMAIN group were taking questions. He said the company wanted feedback on its products and services as much as orders.
At the time of the conference, Bitcoin traded at $61,272. On October 17, 2026, it was $81,466. Mining Disrupt 2027 runs March 22 to 24 in Irving, Texas.