Yifu Guo is the man behind the Avalon Bitcoin miners and is accountable for the very first Bitcoin miner that was purpose built. He was the first to acquire over a million dollars in bitcoin.
Let us have a glance on 15 things you probably did not know about Yifu Guo.
Yifu is a drop out of New York University. He did it so that he could start his own company. He began mining coins when he was a student at NYU.
2.Introduction to the world of crypto
An article about Bitcoin popped up in Yifu feed in early 2011, he has no memory as to what the article was about but he remembers thinking that it was the stupidest thing and that it would never work. The fact that it was an open source kept his attention intact and after further research over few days he concluded that it was legit.
3.Involvement with bitcoin community
The first bitcoin conference was convened in New York in September 2011, Yifu attended it and all the important Bitcoin insiders were there, like Gavin Andreeson, Jeff Garzick, as well as people who ran real world Bitcoin services. People talked about their projects and imagined Bitcoin-powered future.
It was around this time that Yifu started to know the people who were trying to build an ecosystem around the bitcoin idea.
After this he attended 2 more conferences and came to understand that this was the future.
One of Yifu’s first projects was a website that showed verified physical locations that accepted bitcoins called Bitcoin Navigator. It made easier for people dealing in bitcoins to search for places where they could use their bitcoins for transactions.
5.Working on Protocol
After understanding the concept of blockchain technology Yifu realized that for true bitcoin adoption, they needed hardware. Tons of software was being developed but no hardware. He set out to make an Android-powered tablet back then, a simple, cheap tool merchant which could be used as a point-of-sales.
6.Went to china
A few months into working on his tablet prototype, Yifu got a chance to go to China to take the next step and figure out logistically what he had to do to get this thing manufactured.
It was in China that he met one of his future co-founders and he understood Shenzhen would help them in great deal to fast track their ASIC production when the time came.
Yifu started Avalon as a project in late 2012 with a Bitcoin talk thread. Avalon shipped the first ASIC based bitcoin miners, custom-built rigs with specially-designed chips for efficiently printing the market’s hottest commodity, ushering in what can be considered the internet’s first gold rush.
The Avalon Project produced ASIC miners.
Yifu left the project after a year of starting it.
8.Competitor gave them opportunity
Avalon’s competitor Butterfly Labs first released their ASIC lineup around June 2012, which was a big deal but after that they got delayed.
So Yifu and his team thought of developing an ASIC. On September 2012, they announced that they would offer 300 units if they were able to get the crowdfunding to do it. He wanted to get the chips and the technology out there.
9.Avalon team and minning
Did you know that none of the Avalon team members had their own mining units except the test units? Since it was meant to be a temporary project, Avalon had decided that they would continue production until they ran out of funds.
YIFU’S Las Vegas-based company, BitSynCom LLC coordinated with in mainland China to make their ASIC project a reality.
Early in 2013 BitSynCom LLC released world’s first bitcoin ASIC Chips.
11.Gifted by Bitcoin Santa’s
Bitcoin Santa appears out of nowhere and bestows gifts on people across the globe with the difference that they give bitcoins, the world’s most popular digital currency.
They contacted Yifu via email stating that they were with an organization called Bitcoin Grant, and asked him what his plans were for Avalon. Yifu simply chatted with them about the future of Avalon, and before too long, they gave him a gift: 10,000 bitcoins. At the time, they were worth more than $100,000, which helped Yifu to start Avalon’s next generation of Bitcoin miners.
He says he never did learn who these mysterious benefactors were or why they chose to fund his project.
12.Thought on roots of uncertainty
Yifu feels: “People need to get their head out of the sand in terms of thinking of it as a competitor to their local currencies. We no longer live in a localized economy. We live in a globalized economy and bitcoin is designed for a globalized system.”
Yifu co-founded Coin.co on April 15, 2014. It is a bitcoin payment processor that focuses on providing bitcoin-processing solutions to forward thinking companies with headquarters in New York. It allowed businesses to accept bitcoin from their customers and yet receive US dollars in their bank accounts. Coin.co was created under Coin Apex, a bitcoin company incubator.
Yifu Guo net worth is $5 million. Nevertheless, Yifu was the first to acquire over a million dollars in bitcoin. He got involved in Bitcoin in 2011.
As soon as miners from USA to Africa found out about the ASIC-based bitcoin miner, the first batch of 600 rigs was sold out in 15 minutes.
He started work on a tablet and wanted to finish that after his bitcoin adventure was over as he said that he liked to build services. He liked building platforms and infrastructure. He wants to build a tablet which has open source.