Entering the cryptocurrency industry at the end of 2013—right after Bitcoin experienced a major crash—what kind of person would you become today? Jiang Zhuo’er, founder of BTC.TOP Pool, stepped into the crypto space at precisely that moment.
There’s a common joke in the cryptocurrency community:
99.99% of people in the space are complaining. Among them, 99% complain about not getting in early enough, 0.99% regret selling too soon, and the remaining 0.01% become legendary figures everyone admires.
While meant to be humorous, this statement reflects a real dynamic in the industry.
If you could choose, when would you have liked to enter the crypto market to avoid regrets? How did Jiang Zhuo’er grow from starting with just two GPU miners to operating over 200,000 mining machines and establishing one of the world’s largest Bitcoin mining pools?
From Big Data to Bitcoin
Jiang Zhuo’er graduated from the University of Science and Technology of China with a double major in Computer Science and Business Administration. As a programmer, he later worked at Shanghai Mobile, where he focused on data warehousing and big data analytics.
His belief that “using big data to observe people is like humans watching ants” and his expertise in data analysis provided a strong foundation for his future investments in cryptocurrency.
Jiang first heard about Bitcoin in 2011. Like many, he didn’t pay much attention initially. It wasn’t until 2013, during Bitcoin’s next major price surge, that he took serious notice. At the time, he was leading a data analytics team but decided to resign in October 2013 to pursue opportunities in crypto mining.
Starting with just two graphics card miners, he began by mining Litecoin and other alternative cryptocurrencies. Within four to five years, he built a mining empire.
Education and Advocacy
Jiang Zhuo’summarizes his work in the blockchain space into two areas: education and mining.
His deep understanding of Bitcoin, combined with his ability to explain complex ideas in simple terms and engage in sharp debates, quickly made him a key opinion leader (KOL) in the industry.
His long-form article "What Is Bitcoin?" published on Zhihu, became one of the most widely read introductory articles on Bitcoin in the Chinese-speaking world, with nearly 6 million views. Many companies even use it as training material for new employees.
In addition, Jiang regularly publishes commentary on industry trends on social media, with many of his articles surpassing 100,000 reads. For example, his series of posts during the BCH and BSV hash war accumulated over 500,000 views.
The popularity of his content stems from his insightful and accurate understanding of blockchain and Bitcoin.
The Three Dimensions of Mining
Beyond advocacy, Jiang is best known for mining, which forms the core of his business operations.
His mining pool, BTC.TOP, is now one of the world’s largest—a journey that began with two GPU miners in late 2013.
On December 10, 2013, Jiang purchased two mining rigs, a move that went against the prevailing market sentiment. Bitcoin had peaked at ¥8,000 in November before crashing, and many miners were exiting the market. Seizing the opportunity, Jiang took over abandoned mining facilities and leased additional capacity.
Realizing that mining pools were essential for altcoin mining, he assembled a team and registered the domain for BTC.TOP on January 1, 2014.
The pool was designed as a "shotgun pool," automatically switching between tokens based on real-time metrics like mining difficulty, block rewards, and market depth to maximize returns. In its early days, the pool achieved a remarkable 7-day return rate of over 40%, quickly making it a leader in Litecoin and X11 algorithm mining.
By mining altcoins and converting earnings to Bitcoin, Jiang accumulated significant Bitcoin holdings.
The Bitcoin scaling debate made him realize that “to protect your Bitcoin, you must have Bitcoin hash rate.” So, in 2016, he established his Bitcoin mining pool, which, during the 2017 bull market, temporarily became the largest by hash rate.
This illustrates the first dimension of mining for Jiang: using hash rate to protect one’s assets.
During market downturns, such as the September 2017 crash and the late-2018 mining collapse, many mining farms shut down, and machines were sold as scrap. Contrary to the trend, Jiang leveraged debt to expand his operations, using his coins as collateral to buy more miners.
This represents the second dimension: building a coin-centric business system that ensures you never miss out on long-term growth.
Through his mining influence, Jiang also played a key role in several critical events, such as supporting the Bitcoin Cash fork and defending the network during the BSV hash war. This demonstrates the third dimension: using hash rate to vote for your ideals.
A Quantifiable and Anti-Fragile Trading System
Jiang’s astronomical returns over a short period can be attributed to his successful market timing, which he refers to as the “art of investment.” He employs a clear methodology for judging macro-trends and is willing to act on his convictions.
It’s important to note that his methods may not work for everyone, and past success does not guarantee future results. Independent thinking is essential.
Trading System 1.0: A Quantifiable Model
Jiang avoids short-term price predictions, arguing that short-term movements are random and unpredictable. Instead, he focuses on long-term trends and quantitative models.
His “macro-cycle theory” predicts bull and bear market highs and lows based on the idea that Bitcoin’s volatility decreases as its market capitalization grows. Using this, he accurately predicted the end of the bear market around Spring Festival 2019, with Bitcoin bottoming near $3,000.
He also developed three key bubble indicators:
- Metcalfe’s Law Index: Bitcoin’s market cap divided by the square root of active addresses. A mismatch suggests a bubble.
- 60-Day Cumulative Gain: Rapid price increases unsupported by new capital inflow indicate a bubble.
- Miner Payback Period: A sharp decline in the time for miners to recoup costs signals a market top.
These indicators must be used together, and even then, they are not foolproof.
Trading System 2.0: Anti-Fragility
Jiang’s updated system emphasizes anti-fragility—gaining from volatility and black swan events common in crypto.
He advocates “light judgment, heavy risk control,” meaning you should have opinions but avoid overcommitting based on them. Diversification across emerging value opportunities is also key.
He believes the real investment opportunities lie in discovering new forms of freedom, such as Bitcoin’s monetary freedom or Ethereum’s programmable ownership.
Ultimately, Jiang stresses that no trading system is perfect. The market evolves, and so should one’s strategies.
Final Thoughts: Evolution Over Belief
Unlike many in blockchain who talk about “belief,” Jiang prefers an evolutionary perspective. During the Bitcoin scaling debate, he used his hash rate to support the direction he believed in.
Drawing parallels to the internet, he notes that today’s leaders were not the pioneers of 20 years ago. Similarly, Bitcoin may not remain dominant forever, but blockchain technology will continue to evolve, offering new possibilities and freedoms.
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Frequently Asked Questions
What is Jiang Zhuo’er best known for?
Jiang Zhuo’er is a prominent figure in the cryptocurrency mining industry. He founded BTC.TOP, one of the largest Bitcoin mining pools, and is recognized for his deep market insights and educational content about blockchain.
How did Jiang Zhuo’er build his mining empire?
He started with two GPU miners during a market downturn in 2013. By focusing on altcoin mining, strategic expansion during crises, and developing efficient mining pool technology, he scaled his operations to over 200,000 machines.
What are key indicators in Jiang’s trading system?
His quantitative model includes the macro-cycle theory and three bubble indicators: the Metcalfe-based value-to-user ratio, 60-day cumulative gains, and miner payback periods. His updated system also emphasizes anti-fragility and risk management.
Why does Jiang emphasize anti-fragility in trading?
Cryptocurrency markets are highly volatile and prone to black swan events. An anti-fragile system aims to gain from uncertainty and volatility rather than simply withstand it.
What is Jiang’s view on Bitcoin’s future?
He sees Bitcoin as part of a broader evolutionary process in blockchain. While it may not remain forever, the technology will continue to develop new forms of economic and personal freedom.
How can someone start learning about Bitcoin mining?
Begin by understanding basic concepts like proof-of-work, mining hardware, and pool operations. Focus on long-term trends and risk management rather than short-term gains.