It was a government loan, so he didn't have to pony up all the cost up front. Maybe figured the crypto profits would repay the loan and bingo, cheap system.
I've been saying for years that the collapse of crypto was not if but when, and if the economy goes down the toilet crypto will be completely worthless rather than becoming more useful. It has always felt like a fad, I'm kind of shocked it has gone on as long as it has. I hate to think of all the gigawatts of energy it has consumed and millions of tons of carbon it has released into the atmosphere.
Totally true, but a lot gone for the easy money - making money from nothing, and some done a ton.
I have a family friend who was my neighbour here. His wife left him for another man and he said screw it.
He sold his apartment, quit his Tencent job and moved to his hometown in rural China. There he rented a warehouse and for 7 years (during the boom of Bitcoin and Etherium) invested in equipment and mined 24/7, taking advantage of the cheaper energy prices of his prefecture.
When things staring coming down, he sold all his investment and coins, made a ton of money, got married again with a childhood girl from the same town and moved back to Shenzhen.
He now lives in a Mansion in Yantian, close to the mountains (5 min away from me), his wife have a law degree done in the US (she's a consultant for international companies wanting to do business in China) and him being an IT guy open his own company also providing consultancy (I've done some work for him in laying cable and server racking and configuration).
Currently he is waiting for the first kid and have a better life that he only could dream about some years ago. But for his sucess case a ton of failures exist worldwide.