Lu Qing is just a 24-year-old investor who accomplished a living cryptocurrency mining at the Tibet-area, Delingha. He recently came back to his home located to Jiangxi Province. This was the result, that Lu was driven out with business failing.
For some time now, Bitcoin is tumbling around 80% considering its peak levels, digital currencies as a whole decline. Talking about China, while it bans cryptocurrency trading, the country gets affected. Specifically, the youth who were carrying their aspiration to get richer soon.
Miners do earn digital assets by lending their computing power to verifying transactions. Lu was also one that operated a mining business within an industrial sector by outsourcing cost-effective electricity gathering from a state supplier.
This facility was holding around 7,000 mining computers at the mid of last year. Looking at the cooling fans, Lu owns a stake in the operator at a facility and set up computers which were paid for with personal funds. Additionally, he organized operations on other mining equipment of people on their behalf.
When they identify the signs of a market, downturn is starts showing, even the business seems to manage to make profits. This was due to the back support by the cost-effective electricity in Qinghai. This place is a province flexible in the energy sources like solar, wind, etc. Lu says that:
I want to expand the computer fleet to 12,000 units, and I will one day become an investor like George Soros.
However, the business declined as bitcoin dropped badly around $20,000 to less than $4,000, resulting in forcing Lu to sell off the mining computers.
Mining computers also experienced a market bubble crash. This equipment is a tool within which investors pour resources. Bitmain is the leader within cryptocurrency-mining computers that the unexpected market fluctuations ruined.
The market in Beijing has struggled for a breakthrough since a quiet time now in the trade war. On the other hand, the Chinese government is also searching to funnel investment into the company. Thus betting on its ability to create semiconductors.