Wu Jihan is widely regarded as one of the most influential figures in the Chinese cryptocurrency landscape. Internationally, he is often credited with controlling around 30% of Bitcoin's global computing power, giving him significant sway over the direction of the network. His influence has not gone unnoticed, and during the Bitcoin hard fork debates, he faced both fear and criticism from opponents. On foreign forums, he was frequently labeled "Jihad," a term derived from his name "Jihan," which ironically carries connotations of terrorism.
In November 2017, Wu Jihan played a pivotal role in canceling a long-anticipated Bitcoin hard fork that he had initially supported. When he realized that not forking would benefit his Bitcoin Cash (BCH) project, he shifted his stance and advocated for the cancellation. This move sparked controversy, with some accusing him of self-serving motives. Despite this, the price of BCH rose significantly afterward, further solidifying his position within the industry.
The term "Jihad" became synonymous with Wu Jihan, reflecting the intense opposition he faced. He openly confronted critics on platforms like Twitter and Reddit, using strong language to defend his views. At the time, his power in the Bitcoin ecosystem was undeniable, and many feared his growing influence.
Wu Jihan founded Bitmain, a company that produces mining hardware and operates three major mining pools: BTC.com, AntPool, and ConnectBTC. These pools collectively account for roughly 30% of the world’s Bitcoin mining power. His rise to prominence began with the creation of Bitcoin Cash in 2017, a response to the block size limitations of Bitcoin itself.
Bitcoin was originally designed with no set limit on block size, but as usage grew, the 1MB limit became a bottleneck, causing network congestion. This led to a debate over how to scale Bitcoin—whether to increase block sizes or implement layer-two solutions like the Lightning Network. Wu Jihan, representing the "big mining pool" faction, favored increasing block sizes, while the Bitcoin Core team preferred scaling through off-chain solutions.
The conflict between these factions reached a boiling point in 2016 when a compromise was attempted in Hong Kong. However, it failed to gain widespread support, leading to a complete split between the two sides. In 2017, a secret meeting in New York excluded the Core team, marking a turning point in the ongoing battle.
Wu Jihan's vision for Bitcoin Cash emphasized independence from Bitcoin, stating that it had its own development path. However, the creation of BCH directly competed with Bitcoin, leading to a surge in mining activity and a shift in computational power. At one point, nearly half of Bitcoin’s hash rate was redirected to BCH, causing increased congestion on the original chain.
Despite criticism, Wu Jihan's influence continued to grow. Many miners found it more profitable to mine BCH, and his company, Bitmain, dominated the mining hardware market. With an estimated 70-80% of the global mining machine market, Bitmain holds a near-monopoly in the industry.
Wu Jihan's journey into Bitcoin began in 2011 when he first encountered the cryptocurrency. He invested heavily, buying Bitcoin at around $10 per coin. By 2014, the price had surged to over $300, and his early investments paid off handsomely.
He also played a key role in spreading Bitcoin knowledge in China by translating Satoshi Nakamoto’s original whitepaper into Chinese, earning him the title of "Bitcoin evangelist." Alongside other pioneers, he co-founded Babbitt, a platform for Bitcoin news and discussion.
In 2012, Wu Jihan invested in a company called "Roasted Cat," which later became a major player in Bitcoin mining. This investment eventually led to the founding of Bitmain, where he partnered with technical experts like the Jank Group to develop Bitcoin mining chips.
Throughout his career, Wu Jihan has been both celebrated and criticized. While some view him as a visionary, others worry about the centralization of power in the Bitcoin ecosystem. Despite this, his impact on the cryptocurrency space remains undeniable, shaping the future of digital currencies in ways few others have.
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