Introduction
Wu Jihan, often called the "Bitcoin King" in China's crypto circles, transformed from a curious investor purchasing Bitcoin on Taobao to co-founding Bitmain—a $17 billion blockchain conglomerate. His journey mirrors Bitcoin's rise in China, blending technological innovation, entrepreneurial grit, and controversy.
Early Life and Career
Born in Chongqing in 1986, Wu excelled academically, graduating from Peking University—China's top institution. He later became a venture capital analyst, working 100-hour weeks.
"My early career was monotonous yet busy, fulfilling yet hollow," Wu reflected.
Bitcoin Epiphany
In 2011, Wu discovered Bitcoin through a project and immersed himself in its technology. Key milestones:
- First Bitcoin Purchase: Bought via Taobao using personal savings.
- Translation Work: Translated Satoshi Nakamoto’s whitepaper into Chinese, still a foundational text for Chinese investors.
- Co-Founded Babbitt: Partnered with sci-fi writer Liu Zhipeng (aka "Long Sword") to create China’s first Bitcoin news platform.
Building Bitmain
Mining Beginnings
Wu invested in "Fried Cat" (a pioneer ASIC miner), earning millions by 2013. When supply chains faltered, he pivoted to developing proprietary chips.
Technological Leap
With co-founder Jihan Wu, Bitmain launched:
- BM1380 Chip: 55nm technology breakthrough.
- Antminer S1: Dominated the 2013 market.
Market Crisis and Dominance
After the 2014 Mt. Gox crash decimated mining, Bitmain emerged as the sole major ASIC supplier by 2015. By 2018:
- Controlled 74.5% of global mining hardware.
- Filed for a Hong Kong IPO with $7.4B H1 2018 profit.
Controversies
Employee Surveillance
Bitmain deployed Appia, an AI tool marketed for security but allegedly used to:
- Monitor staff communications.
- Track productivity during 2018 layoffs (50% cuts reported).
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FAQs
1. How did Wu Jihan start in Bitcoin?
He purchased his first Bitcoin on Taobao in 2011 after studying its technology for days.
2. What’s Bitmain’s market position?
At its peak, Bitmain held 74.5% of the mining hardware market and earned $7.4B in six months (2018).
3. Why is Wu controversial?
Critics cite aggressive market control and employee surveillance via tools like Appia.
Conclusion
Wu Jihan’s story—from translating Bitcoin texts to leading a crypto empire—highlights both blockchain’s potential and its ethical complexities. Bitmain’s innovations revolutionized mining, but its methods spark debate about power in decentralized systems.