The Myth of the Cryptocurrency World: Shen Yu Becomes a Billionaire at 23, Once Again "Turning 1000U into 100 Million U"

Shen Yu not only became a billionaire at the age of 23 but also quickly made a fortune of 100 million U from the cryptocurrency world using just 1000 U, equivalent to about 720 million RMB.

Summary of Shen Yu's Journey into the Blockchain Industry

1. For a period, every day he woke up to see millions added to his account, searching on Zhihu about what to do with a hundred million, feeling lost and unsure about how to handle it; that year he was 23.

2. At the beginning of 2016, he sold 100,000 Ethereum at 20 yuan each, making over 2 million, which was very exciting, and his family was also very excited. However, later Ethereum rose to 12,000 yuan each. So theoretically, he lost over 2 billion.

3. In 2011, during his sophomore year, Shen Yu was introduced to Bitcoin for the first time, feeling very excited, skipping classes, and staying in the dormitory. In 2011, Bitcoin rose from one dollar to thirty dollars, and Shen Yu earned a million in a year. In 2013, during his first year of graduate studies, he dropped out to establish China's first Bitcoin mining pool—f2pool.

4. During his first withdrawal, his family had misunderstandings and confusion about what Shen Yu was doing, including himself who was about to graduate, and his family had already made ample arrangements.

5. In 2013, many friends in the group made a lot of money; everyone wanted to buy buildings in the International Trade Center, demolish hotels, and engage in many other crazy activities. Still in 2013, Bitcoin plummeted, and the industry entered a long winter; mining costs were inadequate. A typical example was "Kao Mao," a top student from the University of Science and Technology of China, who created one of the early mining chips in China. The company virtually IPO'd on forums, with several million Bitcoins in circulation, but in 2015, "Kao Mao" disappeared. Suddenly vanished without a trace.

6. In 2015, Shen Yu was forced to liquidate his company and returned to his hometown. On the last day of liquidation, he called all shareholders, bearing most of the losses, returned the machines to his hometown, and began to doubt himself. He tried to work in gaming for a month but returned to the cryptocurrency world, once again preparing his mining site and established China's earliest Ethereum mining pool, at one point owning one-third of the world's Ethereum hash rate.

7. In 2017, Shen Yu's company suffered a hacker attack, losing 100 million RMB. In December 2017, Bitcoin broke 20,000 USD, rising 21 times throughout the year.

8. In 2014, when Shen Yu married his girlfriend, he did not buy a diamond ring but instead mined two new blocks embedding their wedding vows inside: I love you.