Who is Jihan Wu ?
Jihan Wu was born in 1986. He is a Chinese entrepreneur, financial analyst, and Bitcoin evangelist. He is the Co-Founder of Bitmain Technologies Limited , the world’s leading supplier in ASIC mining chips and leads the world’s largest Bitcoin Mining pool , AntPool.
He is a major proponent of Bitcoin Cash, having previously supported Bitcoin network scaling solutions such as Bitcoin Unlimited. He believes that Bitcoin and Blockchain technologies are now significantly changing modern world and people’s way of life. Wuis claimed to be one of the most controversial names in crypto industry meanwhile he is still one the most influential proponent of cryptocurrencies and Blockchain technologies worldwide.
In 2018 he was ranked number 3 in Fortune’s The Ledger 40 under 40, under Brian Armstrong (CEO of Coinbase) and Vitalik Buterin (Founder of Ethereum) for transforming business at the leading edge of finance and technology.
Jihan worked as a private equity fund manager in 2009 and also as a financial analyst. At one point, he was an Investment Manager at China Grand Prosperity Investment.
Wu first discovered Bitcoin in May 2011 as a Venture capitalist looking to invest in Bitcoin related projects and first bought Bitcoins off Taobao and Mt.Gox..He created the first Chinese translation of Satoshi Nakamoto ’s whitepaper for Bitcoin and later founded the Chinese Bitcoin news site: 8btc.com. With 8btc.com, Wu was able to explain the fundamentals and value of Bitcoin which help put him at the forefront of Bitcoin in China .
Alongside Micree Zhan, Wu founded Bitmain in 2013 which developed ASIC mining chips and grew to be the world’s largest manufacturer of Bitcoin mining equipment. Bitmain is the parent company for several brands including Antminer, Antpool, and Hashnest . For Bitmain, Wu is in charge of marketing, sales, and investment affairs.
Some of Wy’s early investments in Bitcoin-related companies include a Seed investment in the smart contract platform Rootstock, a Series A in the Bitcoin market data provider Btckan, and a Series A in the mining pool ViaBTC.
Bitmain controls as much as 80% of the market for crypto mining gear, according to a February report from Sanford C. Bernstein & Co., whose most conservative estimate of the company’s operating profit is similar to that of Nvidia’s. Bitmain’s Antminers server-sized boxes filled with dozens or hundreds of identical high-powered chips sell for a few hundred to a few thousand dollars and are typically bought in bulk by professional operators with access to cheap electricity.
FORTUNE’S THE LEDGER 40 UNDER 40
Wu is the undisputed king of cryptocurrency mining hardware and crypto mining pools. His firm Bitmain, based in Beijing, is reportedly valued at $12 billion after a recent round of funding. Wu has been known as a big proponent of Bitcoin Cash, a controversial fork of Bitcoin.In 2018, his company led a $110 million financing round for Circle, the crypto startup with the highest valuation in the U.S. Wu told Fortune earlier this year that he’s interested in “stablecoins,” virtual coins that have a fixed price, and that he plans to diversify Bitmain by developing AI chips.
The alternative vision of Bitcoin holds decentralization risks that are worse.