Early Beginnings: A Chance Encounter with Bitcoin
Wu Jihan, born in 1986, was a standout student from an early age. By 19, he had secured admission to Peking University, where he pursued dual degrees in psychology and economics. After graduation, he embarked on a career as a venture capital analyst, a role that would later shape his approach to Bitcoin.
In May 2011, Wu discovered Bitcoin. His analytical mindset led him to delve deep into its technical underpinnings, ultimately convincing him of its transformative potential. Inspired by the adventurous spirit of his favorite book, Rogers’ Investment Travels, he pooled 100,000 RMB from friends and family to purchase 900 Bitcoin.
By late 2013, Bitcoin’s price soared to $750, granting Wu his first significant capital—a springboard for his entrepreneurial ambitions.
Evangelizing Bitcoin: The Birth of BTCMedia
2011 marked Wu’s collaboration with Chang Jia (Liu Zhipeng), a fellow Bitcoin enthusiast. Together, they founded BTCMedia (8BTC), China’s earliest Bitcoin community platform. Wu’s vision was clear:
"Mainstream Chinese forums dismissed Bitcoin as a pyramid scheme. We felt a duty to explain its economic value and technical principles."
August 2011: Wu published his first article on BTCMedia, detailing Bitcoin transactions—like upgrading cloud memory for 0.1 BTC. These experiences fueled his mission to demystify cryptocurrency.
Later that year, he translated Satoshi Nakamoto’s whitepaper, Bitcoin: A Peer-to-Peer Electronic Cash System, earning him the title “Bitcoin Evangelist” and cementing his influence.
Building Bitmain: The ASIC Revolution
2012: Wu invested heavily in Friedcat (Jiang Xinyu)’s ASIC chip project, despite a 30% success probability. The gamble paid off—by December, Friedcat’s team produced the world’s first Bitcoin mining chip, ushering in the ASIC era.
However, challenges arose:
- 2013: Competitors like Pumpkin Zhang delayed deliveries, and Friedcat’s exit highlighted the fragility of reliance on external chips.
Wu realized vertical integration was critical. Enter Micree Zhan, a Tsinghua-trained engineer. Their pact:
- Zhan’s team would develop chips; if specifications were met, they’d receive 60% equity.
November 2013: Bitmain launched the Antminer S1, a market sensation that established Wu as a mining titan.
Surviving Bear Markets, Dominating Bull Runs
2014’s crypto winter tested Bitmain:
- Mt. Gox’s collapse eroded trust.
- Many miners exited, but Wu doubled down on R&D, releasing iterative Antminers (S2–S5).
December 2015: The Antminer S7 revolutionized efficiency, netting 400M RMB in two months. Bitmain’s monopoly began.
Expansion: Bitmain diversified into mining pools (BTC.com, ConnectBTC), cloud services, and AI chips, becoming a blockchain conglomerate.
The Hash Wars: BCH and the Clash of Ideologies
2017’s scaling debate split Bitcoin:
- Wu’s camp advocated hard forks (BCH) to increase block sizes.
- Core developers pushed SegWit, fearing centralization.
August 1, 2017: Bitcoin Cash (BCH) forked, backed by Wu’s hash power. Critics branded him “BCH’s Father” or “The Mining Tyrant.”
November 2018: Wu faced Craig Wright (CSW) in the “Hash War”—a battle over BCH’s future. Bitmain redirected BTC hash rate to BCH, securing a temporary victory.
Legacy and Future: AI and Beyond
Wu’s essay The Beauty of Hash Rate reflects his philosophy:
"Humanity’s greatest conflict is between growing data demands and limited compute power. Bitmain’s AI chips aim to bridge this gap, merging blockchain with industrial transformation."
Today, as rumors swirl about Wu’s potential departure from Bitmain, one question lingers:
👉 What’s next for the man who reshaped Bitcoin mining?
FAQs
Q: How did Wu Jihan make his fortune?
A: Through early Bitcoin investments, founding Bitmain, and pioneering ASIC mining dominance.
Q: Why is Wu controversial?
A: His support for Bitcoin Cash splits and hash rate control drew criticism from decentralization purists.
Q: What’s Bitmain’s role in AI?
A: Bitmain develops AI chips to expand beyond blockchain, optimizing compute power for machine learning.
Q: Did Wu really “win” the Hash War?
A: He secured BCH’s survival, but the debate over Bitcoin’s vision continues.