From Traditional Entrepreneurship to Crypto Mining
"I'm from Longyan, Fujian—just one kilometer away from Zhang Yiming's hometown. My initial entrepreneurial goal was to compete with Toutiao. Now that it's worth tens of billions, the pressure is on. To surpass it, conventional strategies won’t suffice."
The Bitcoin Awakening
- 2015 Revelation: Discovered Bitcoin through the novel Rebirth of the Demon Harem King, sparking an all-in investment strategy.
- Radical Shift: Sold properties and vehicles to buy Bitcoin at ¥1,500 ($230 at the time), driven by unwavering conviction in crypto’s potential.
Mining Philosophy: HODL at All Costs
"Our sole purpose is to accumulate coins. Selling feels like betrayal—what if the price skyrockets tomorrow? We’d rather eat pickles than sell."
Core Principles
- Profit Through Mining: Focus on generating revenue via mining operations, avoiding speculative trading.
- Cost Efficiency: Mine coins at ¥20,000 ($3,000) and sell for ¥100,000 ($15,000), maintaining a 4x annual ROI.
- Infrastructure: Early operations required DIY setups in remote locations like Yunnan, balancing technical demands and local logistics.
Industry Dynamics and Wealth Redistribution
Key Observations
- Generational Shift: Early adopters (80s/90s cohorts) dominate; older generations initially skeptical but now entering the fray.
- Global Wealth Transfer: Crypto enables voluntary redistribution—"They sell us real estate; we sell them coins."
- Miner 2.0 Era: Shift from individual mining to computational power consolidation, where "hashrate is the new wealth metric."
Strategic Pivots and Future Vision
Business Evolution
- From Mining to Investment: Transitioned parent company into a blockchain-focused VC firm, targeting "the Ant Group of crypto."
- Global Expansion: Relocated 90% of operations overseas (Romania, North America), planning 1 million-unit mining capacity.
Risk Management
- Market Cycles: Sold mining equipment at 5-6x profit before 2022 downturn, emphasizing proactive asset liquidation.
- Long-Term Focus: Prioritizes projects with locked-up tokens and sustainable models, anticipating maturation in 3-5 years.
FAQ: Addressing Common Queries
Q: Why not cash out Bitcoin profits?
A: Psychological toll of potential missed gains outweighs short-term liquidity needs.
Q: Is Bitcoin mining environmentally ethical?
A: Energy expenditure secures trillions in global blockchain value—a "necessary trade-off."
Q: How to avoid being the 'bagholder'?
A: Level determines outcome. Early entrants profit; latecomers face steeper climbs.
👉 Discover OKX’s trusted crypto solutions for secure trading and mining support.