Jihan Wu was once a well-positioned individual with a broad path to advancement in the financial industry. It’s surprising that he willingly gave it all up to pursue cryptocurrency mining. Consequently, he has earned the nickname “the king” in this particular field. To learn more about Jihan Wu, let us delve into the article below as provided by 247btc.net.
Who is Jihan Wu?
Jihan Wu, born in 1968, hails from Trung Khanh, one of China’s most prosperous cities. During his childhood and academic journey, he had a peaceful and uneventful experience, having attained two degrees in Psychology and Economics from Beijing University and Thanh Hoa University, respectively, both of which are highly regarded academic institutions in China.
Prior to entering the world of cryptocurrency, Jihan primarily focused his career in the financial industry, specifically in managing private investment funds. It was in 2011, while conducting research, that Jihan stumbled upon Satoshi Nakamoto’s research on Bitcoin. From that point on, Jihan’s path to cryptocurrency officially began. However, unlike other traders who approached Bitcoin solely as an investment opportunity, Jihan saw a different path to wealth creation.
Jihan Wu’s career
In 2012, Jihan and his colleagues founded Babite, which is one of the earliest crypto communities in China, fueled by their passion for Bitcoin. Recognizing the potential of the cryptocurrency market, Jihan invested in Asicminer in order to take an early market share in the crypto mining industry. Unfortunately, this investment proved to be unsuccessful when the company encountered technical difficulties and filed for bankruptcy shortly thereafter. Despite this setback, Jihan gained valuable experience from Asicminers and went on to found Bitmain, a professional cryptocurrency mining equipment provider.
During Jihan Wu’s tenure as Head of Operations, the company has garnered numerous unexpected successes. As of 2018, Bitmain has received over 1 billion USD in investment from Tencent and SoftBank. The pre-tax profit of Bitmain, which amounts to over 2 billion USD, has exceeded that of the US chip manufacturer, Nvidia. Consequently, the shares held by Jihan Wu and co-founders of Bitmain have surged to 5.3 billion USD, transforming them into billionaires.
However, a year later, Bitmain encountered a series of internal crises which resulted in losing the IPO race to Canaan in the United States. According to Bloomberg, Jihan Wu, in an internal announcement at Bitmain, declared that Micree Zhan Ketuan, co-founder of Bitmain, no longer held any role within the company. Furthermore, he emphasized that Bitmain employees were not permitted to follow Zhan’s orders or participate in any meetings he organized.
The company emphasized in its internal memo to employees that in the event of any damage caused by an employee to the company’s economic interests, the company will investigate civil or criminal liability in accordance with applicable law. However, despite this cautionary note, Jihan Wu officially resigned from Bitmain in 2019 after much controversy.
When embarking on the construction of the Babite community and simultaneously managing a company specializing in supplying mining machines for the market, Jihan recognized a significant issue that virtually anyone involved in Bitcoin mining encounters – the small block size of Bitcoin resulting in excessively high transaction costs, thereby causing mining and transaction difficulties. Consequently, on August 1st, 2017, at block number 478558, the first Bitcoin hard fork took place, implemented by Jihan Wu, the co-founder of Bitmain, and Roger Ver, the CEO of Bitcoin.com. At the time of the hard fork, there were approximately 16.5 million Bitcoins in existence, thus enabling the circulation of 16.5 million Bitcoin Cash post hard fork.
At that time, Bitcoin Cash was created to address the issues that Bitcoin was facing. The size of Bitcoin Cash blocks is larger, which allows for the processing of a greater number of transactions. Consequently, transaction costs are reduced, enhancing the experience for both users and miners.
Following his departure from the leadership position at Bitmain, Jihan Wu proceeded to establish Matrixport, a cryptocurrency asset deposit platform. The reason behind Wu founding Matrixport was to cater to market demand. In 2018, Bitcoin unexpectedly plunged from a high of $17,000, causing many investors to be disheartened. At this point, a significant number of speculators were stuck at the peak, forcing them to change their investment strategy. Therefore, there was a demand for a secure platform to hold assets and generate high-interest earnings.
As a result, Wu established Matrixport to cater to the demands of the market. At the time of its inception, the platform managed assets worth up to 10 billion USD, with a monthly trading volume of 5 billion USD and a global workforce of over 400 employees. In August 2021, the platform was valued at over 1 billion USD after only two years of operation.
The above comprises interesting information regarding Jihan Wu, who can be considered a pioneer in various aspects of the cryptocurrency industry, including coin mining, community building, and even managing the biggest hard fork of a coin in the market. Through this article, it is the hope of 247btc.net to provide valuable insight to users about Jihan Wu and the progress he has made in his career.
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