Last week, Bitcoin prices surged to new heights, peaking at over ¥5,600 per coin—a strong continuation of the upward trend that began in October last year. After three years of volatility—from explosive popularity to sudden decline and now a full recovery—the Bitcoin ecosystem, driven by approximately 2,000 entrepreneurs, has once again become a market hotspot.
Story 1: From Education Entrepreneur to Bitcoin Miner
Key Term: Hash Rate
Hash rate measures a Bitcoin miner’s ability to produce Bitcoin, representing the number of hash collisions a miner can generate per second. The conversion ratio is:
- 1,000G = 1T
- 1,000T = 1P
The current global hash rate stands at roughly 2,000P, competing daily to mine 1,800 Bitcoins. Mining can be simplified as this competition among computational power. Hash rate trends generally correlate positively with Bitcoin prices and negatively with mining hardware costs.
From Tutoring to Cryptocurrency
Wu Guangzeng, COO of Haobtc.com, shared his Bitcoin journey in a Beijing office. A 30-year-old serial entrepreneur, Wu transitioned from running a tutoring business to diving deep into Bitcoin.
- Early Days: Initially dismissive, Wu saw Bitcoin as merely a "geek toy" after purchasing some for just tens of RMB each.
- Turning Point: A report about a 50x surge in a Bitcoin-related stock convinced him of Bitcoin’s potential as a future ecosystem.
- Full Commitment: He invested over ¥100,000, bought hundreds of Bitcoins, and later joined Haobtc.com in Beijing—a company that pays salaries in Bitcoin.
Ambitions and Market Shifts
Wu aims to maintain 0.1% of the global hash rate (0.2P), mining ~0.18 BTC daily. Over four years, this could yield 262 BTC.
"People used to call me a fraud for working with Bitcoin. Now, I’m ahead of the curve."
2023’s Market Revival: Policy shifts, blockchain adoption, and practical use cases (e.g., gaming payments) have revitalized Bitcoin’s reputation.
Story 2: Managing the World’s Largest Bitcoin Mining Farm
Key Term: Bitcoin Mining Rigs
These specialized computers use high-performance chips (and lots of electricity) to mine Bitcoin. Prices range from ¥200 to ¥200,000 per unit.
Sun Xiaoxiao: From Project Manager to Mining Mogul
Sun, a former IT project manager, entered Bitcoin mining in 2013. Now, he oversees Haobtc’s mining farms in Xinjiang and Sichuan, totaling 110P hash rate.
- Daily Output: ~110 BTC (pre-halving: 190/day).
Logistical Challenges:
- Relied on Sichuan’s cheap hydropower during wet seasons.
- Moved operations to Xinjiang’s coal-fired plants in winter.
Infrastructure:
- 30,000 rigs running 24/7 in temperature-controlled sheds.
- Cost efficiency: Cheap hardware (Shenzhen) + low energy (Sichuan) = 70% of global hash rate originates in China.
"Mining is a survival game—we’ve faced blackmail, landslides, and more."
Sun now leads Haobtc’s Standard Hash Rate Exchange, emphasizing that mining’s future lies in large-scale,专业化 operations.
Story 3: The Bitcoin Veteran’s Highs and Lows
Wu Gang: The ‘Gandalf of Bitcoin’
A pioneer since 2009, Wu Gang lost 8,000 BTC from an old wallet but remains a linchpin in China’s Bitcoin community.
- Investments: Backed numerous projects (e.g., Fried Cat shares, Silver Fish stock), most of which failed.
- Philosophy: "Every坑 (pitfall) makes you stronger."
- Haobtc.com: Now China’s top Bitcoin wallet, offering exchanges, mining pools, and理财 services.
Market Realities
- 90% of mining firms collapsed post-2013 crash (¥8,000 → ¥900/BTC).
Notable Failures:
- Fried Cat’s founder vanished after earning ¥200 million in 3 months.
- Speculative traders often lose everything to 50x杠杆 futures.
Survivors: Only well-funded or adaptable companies endure.
Market Outlook: Long-Term Confidence
- Zcash’s Lesson: Early hype (¥200万/genesis block) vs. reality (¥75 later) shows speculative risks.
- 2023 Trends: Steadier growth, driven by institutional investors and real-world utility.
"Bitcoin is the internet’s next phase—blockchain is just one应用." —Wu Gang
FAQ Section
1. Is Bitcoin mining still profitable?
Yes, but requires scale and cheap electricity. Solo mining is near-impossible.
2. What’s the biggest risk in Bitcoin investing?
Leveraged trading—50x futures can wipe out accounts in hours.
3. Why did 90% of mining companies fail?
Poor capital management + 2013–2015 price crash.
👉 Explore Bitcoin’s future with OKX
Source: Tencent Tech