In the ever-evolving world of cryptocurrency, few names carry as much weight as the enigmatic figures who helped shape the early landscape of Bitcoin. While public attention often focuses on market swings and regulatory crackdowns, the real story lies in the pioneers who turned a digital concept into a global financial movement. One such figure is a post-85s entrepreneur, a Peking University graduate, and the co-founder of what has become the world’s largest Bitcoin mining organization—Bitmain.
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From Psychology Graduate to Cryptocurrency Visionary
Wu Jihan, born in the mid-1980s, graduated from Peking University with dual degrees in psychology and economics—a background that would later prove instrumental in understanding both human behavior and market dynamics. An old Renren (Chinese social network) profile believed to belong to Wu reveals that he entered Peking University’s School of Economics from Chongqing Nankai High School in 2005. His favorite film? The Matrix. His favorite book? Jim Rogers’ Investment Biker. Both reflect a fascination with systems, control, and decentralized power—themes that would define his career.
After graduation in 2009—the same year Bitcoin was introduced by Satoshi Nakamoto—Wu entered the investment sector as a venture capital analyst. He first encountered Bitcoin in 2011 and was immediately captivated. Unlike many skeptics, he didn’t just study it—he bet everything on it. He reportedly spent his entire life savings purchasing Bitcoin at a time when it traded for just a few dollars.
This bold move mirrored that of another early believer: sci-fi writer Chang Jia (real name Liu Zhipeng), who also invested heavily in Bitcoin around the same time. Chang Jia, a three-time winner of China’s Galaxy Science Fiction Award (alongside Liu Cixin for The Three-Body Problem in 2006), shared Wu’s passion for decentralization and digital freedom.
In 2011, Wu Jihan, Chang Jia, and internet personality Lao Duan co-founded 8btc (Babt), one of China’s first and most influential Bitcoin information platforms. This community hub became a breeding ground for crypto innovation, eventually evolving into Hangzhou Shicuo Information Technology Co., Ltd. in April 2014.
Building the Backbone of Bitcoin: The Rise of Bitmain
While trading Bitcoin offered short-term gains, Wu saw a more sustainable opportunity upstream: mining hardware. As Bitcoin’s value rose, so did competition among miners. The process of validating transactions and earning new coins required immense computational power—power that could be monetized through specialized equipment.
Enter Jihan Wu and the birth of Bitmain in 2013.
Though Wu lacked technical expertise, he had vision—and he knew he needed a co-founder who could bring that vision to life. That person was Micree Zhan, a Tsinghua University computer science graduate running a set-top box company called DivaIP (Tianjin Diwei Digital Technology). Their meeting was serendipitous: while walking in Beijing, Wu was approached by one of Zhan’s sales reps. Intrigued, Wu reached out directly.
He handed Zhan the Bitcoin whitepaper and Wikipedia entry, challenging him to understand it in two hours. Zhan did—and decided to join Bitmain on the spot.
Bitmain soon acquired Zhan’s company entirely and began developing application-specific integrated circuit (ASIC) miners. In 2014, despite a bear market triggered by the Mt. Gox hack (which saw 850,000 BTC stolen), Bitmain pushed forward.
Zhan led the development of the Antminer S5, the fifth-generation mining rig that drastically improved energy efficiency—cutting power consumption by about one-third compared to earlier models. When Bitcoin prices rebounded in mid-2015, demand surged. Miners flocked to the S5, and Bitmain emerged from near-bankruptcy to dominate the market.
Global Dominance and Profit Power
Today, Bitmain stands as the world’s largest manufacturer of Bitcoin mining hardware and operates some of the biggest mining pools globally. Though exact figures are private, industry insiders estimate that at its peak, Bitmain generated $30 million in monthly profit—nearly 200 million RMB. If accurate, this would mean over 1 billion RMB in net profit within just six months.
Major investment firms like Sequoia Capital and IDG Capital have shown interest, signaling strong confidence in Bitmain’s long-term viability.
But success hasn’t come without challenges. Regulatory pressures in China led to a ban on cryptocurrency trading and mining in 2021, forcing Bitmain to shift operations overseas—to Kazakhstan, North America, and other crypto-friendly regions.
Still, Wu Jihan’s influence endures. While figures like Li Xiaolai—former New Oriental teacher and self-proclaimed holder of six-figure BTC—were once labeled “China’s Bitcoin king,” many in the crypto community now regard Wu as the true wealthiest figure due to his control over infrastructure rather than just holdings.
Core Keywords:
- Bitcoin mining
- Bitmain
- Wu Jihan
- ASIC miners
- Cryptocurrency entrepreneur
- Bitcoin hardware
- Mining profitability
- Blockchain infrastructure
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Frequently Asked Questions (FAQ)
Q: Is Wu Jihan still involved with Bitmain?
A: Yes, though leadership dynamics have shifted over time due to internal disputes with co-founder Micree Zhan, Wu remains a central figure in Bitmain’s strategic direction, especially in international expansion.
Q: What makes Bitmain’s Antminer series so dominant?
A: The Antminer line combines high hash rates with relatively low energy consumption. This efficiency is crucial for profitability in competitive mining environments where electricity costs can make or break operations.
Q: How did the Chinese crypto ban affect Bitmain?
A: The 2021 mining ban forced Bitmain to relocate data centers abroad. However, this also accelerated its globalization strategy, positioning it strongly in markets like North America and Central Asia.
Q: Can individuals still profit from Bitcoin mining today?
A: It’s far more difficult than in the early days. Profitability now depends on access to cheap electricity, efficient hardware (like Antminers), and scale. Most individual miners join pools to increase chances of earning rewards.
Q: Why is controlling mining infrastructure more valuable than holding Bitcoin?
A: While holding BTC offers passive appreciation, controlling mining gives active income through block rewards and transaction fees. Plus, infrastructure leaders influence network stability and development.
Q: What’s next for Bitmain and Wu Jihan?
A: Expansion into AI chips and decentralized cloud computing is being explored. With rising interest in blockchain-based data solutions, Bitmain may leverage its semiconductor expertise beyond crypto.
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Conclusion: The Quiet Architect of a Digital Revolution
Jihan Wu may not seek the spotlight like other crypto celebrities, but his impact is undeniable. From a psychology student inspired by The Matrix to the mastermind behind the machines that secure the Bitcoin network, his journey embodies the spirit of technological disruption.
He didn’t just invest in Bitcoin—he built the engine that keeps it running.
As the digital economy evolves, figures like Wu remind us that true wealth isn’t always measured in coins held, but in systems created. And in the world of cryptocurrency, infrastructure is power.