Welcome back to OKX Blockchain 60, Episode 43! Today, we delve into the second half of "The Rise of Mining Ecosystems," focusing on Bitmain's ascent and how Wu Jihan became a pivotal figure in cryptocurrency mining history.
From Wall Street to Bitcoin: Wu Jihan's Journey
Unlike many early blockchain pioneers, Wu Jihan epitomized elite entrepreneurship. After graduating from Peking University, he swiftly climbed the ranks in investment banking, becoming an investment manager within two years. His life took a turn in 2011 when he discovered Bitcoin on an online forum.
Wu later reflected:
"Bitcoin was a beacon for me. I knew it would redefine my life. I was ready to break all conventions to embrace this future."
This conviction led him to:
- Invest in early mining ventures: In 2012, Wu backed Friedcat (Jiang Xinyu), whose ASIC miners later dominated Bitcoin mining, yielding Wu a 1,000x return.
- Translate the Bitcoin Whitepaper: He authored the first Chinese version, cementing his role as a blockchain evangelist.
Founding Bitmain: The Game-Changing Move
Wu’s ambition outgrew passive investing. In 2013, he partnered with Micree Zhan, a chip researcher, to launch Bitmain. Their breakthrough product—the Antminer S1—combined unmatched energy efficiency with robust performance, quickly capturing market share.
Key Milestones:
- 2013: Antminer S1 debut.
2014–2016: Survived the crypto winter while competitors faltered:
- Zhang Nan’gen (aka "Pumpkin Zhang") exited mining for R&D.
- Friedcat vanished, leaving the industry’s biggest unsolved mystery after Satoshi.
- 2017: Bitmain’s Antminer S9 revolutionized mining efficiency, claiming 50% of global Bitcoin hash rate at its peak.
Why Bitmain Succeeded: 5 Strategic Advantages
- Technological Edge: Continuous ASIC chip innovation.
- Market Timing: Capitalized on post-crash voids.
- Vertical Integration: Controlled mining pools like BTC.com and Antpool.
- Resilience: Endured bear markets while rivals collapsed.
- Visionary Leadership: Wu’s long-term focus on Bitcoin’s potential.
👉 Discover how modern mining pools optimize efficiency
FAQs: Addressing Key Curiosities
Q: How did Wu Jihan first learn about Bitcoin?
A: Through a 2011 BBS forum post, sparking his deep dive into crypto.
Q: What made Antminer S9 so revolutionary?
A: Its 16nm chip technology reduced power consumption by 50%, setting a new industry standard.
Q: What happened to Friedcat?
A: After the 2014 crash, he disappeared—rumors suggest exit scams or personal retreats, but no evidence confirms either.
Q: Does Bitmain still dominate mining today?
A: While competitors like MicroBT emerged, Bitmain remains a top player, especially in ASIC innovation.
Legacy and Lessons
Bitmain’s rise underscores the intersection of vision, timing, and adaptability in blockchain’s volatile landscape. Wu Jihan’s story exemplifies how calculated risks and technical prowess can reshape industries.
For deeper insights into mining’s evolution:
👉 Explore Bitcoin’s mining ecosystem
This episode was produced by OKX in collaboration with Sina Technology, with expert guidance from BA Capital founder "Uncle Ma." Follow @BlockchainMa on Weibo for more.
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