“He made 240, 000 RMB in one day!”

Sichuan Airlines CEO, Long Yujiang, has made headlines in the Chinese media for his ability to purportedly make “240,000 RMB in one day” from making Bitcoins. Long got into making Bitcoins back in 2009 and has amazed many in China by his ability to create so much wealth “out of thin air”.

Bitcoins, appear to have become an excellent way of making money as they are appreciating fast. Last week the value of Bitcoin currency was rated at 8000 RMB. As one optimistic watcher of Bitcoins said, “Today a Bitcoin is worth an iphone, tomorrow it could be worth a house.”

However, Bitcoins are only a virtual currency and therefore prices are unstable, to put it lightly. While the operation of “mining for Bitcoins” is free to anyone to undertake, it takes a room full of computers and a lot of resources to make them. Turns out that while Long appears to be making a lot of “virtual money”, he needs to spend a lot of “real world hard currency” to accomplish this. In order to make his Bitcoins, Long needs to spend 9000 RMB a day on electricity alone in order to operate his bank of computers.. 

While Bitcoins may look like a good investment, they aren’t for everyone. For the time being we are going to leave them to the drug dealers and Airline CEOs to play with.

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Keywords: Sichuan Airlines CEO Bitcoins virtual money