Cryptocurrency entrepreneurs now among China’s richest, despite bear market

At least 13 cryptocurrencies big shot, with trades that range from bitcoin mining and virtual currency trading to undertaking capital funding, made their entrance in the newest ranking of China’s richest people. The increase of blockchain technology, bitcoin and cryptocurrencies have made a lot of people rich, but the world’s smartest entrepreneurs in the space are beginning to make waves among the world’s lushest predictable business minds. The Hurun Research Institute released its twelve-monthly China Rich List on October 10. Comprised in this list of 1,893 individuals are 14 people who have made their fortune from cryptocurrency and blockchain related business ventures.

One the topmost of the chart of crypto entrepreneurs is Micree Zhan Ketuan, co-founder of Bitmain, with a projected wealth of 29.5 billion yuan ($4.3 billion). The individual is one and only crypto-billionaire in the top 100 of the Hurun Rich List. Following him is associated Bitmain cofounder Wu Jihan who is worth 16.5 billion yuan ($2.4 billion), coming in at 204 on the prestigious list. The third Bitmain cofounder Zhaofeng Zhao, as well as Bitmain vice president Yuesheng Ge, and shareholder Yishuo Hu are also featured on the list.

Bitmain has been hit with criticism for its stranglehold on the Bitcoin mining sphere, as well as its aggressive tactics when it comes to launching new ASIC mining hardware. The likes of Siacoin and Monero have taken active measures to make their mining protocols ASIC-resistant.

That hasn’t stopped the company from forging ahead in what has been a highly lucrative enterprise. In the first quarter of 2018, Bitmain reportedly made over $1 billion in profit. In July 2018, the company was officially valued at $12 billion after a series B round of funding.

The biggest talking point of 2018 centered around Bitmain were reports in June of a potential launch of an intended initial public offering (IPO) on the Hong Kong Stock Exchange scheduled for September. This mainly came from comments from Wu, who had hinted at the possibility of an IPO. Investment analysts were speculating that the company could raise anywhere between $3 to $18 billion.

With plans to launch the IPO in the public sphere, a number of companies, including Softbank, Temasek, Tencent, and DST Global, which were linked to the listing, distanced themselves from the move.

Nevertheless, Bitmain filed a draft application for listing on the Hong Kong stock exchange late in September, bringing the IPO one step closer to life.

While Bitmain has become a household name in the crypto mining world, the men who founded its competitors Canaan Creative and Ebang International Holdings are also among China’s richest, namely Canaan’s founder Zhang Nangeng and Ebang’s Hu Dong.

There have been a huge number of the utmost minds coming from the blockchain and crypto world from last 2 years. It’s ranking among the choice in the industry, expertise, and monetary world. Forbes, which is again famous for its annual rich list, has even put together a cryptocurrency list of the best-off in the business. Fortune also has its own 40 under 40 in crypto.

Furthermore, Fortune’s 40 under 40 features four of the brightest minds in crypto, who have had major influences in the development of blockchain technology and cryptocurrencies.

Seeing the small amount of time from the beginning of Bitcoin and the continuous growth of new skill in this industry, the accomplishments made by people in the crypto sphere and their acknowledgment among worldwide leaders across industries promises well for the impending of the crypto industry.