Wu Jihan: A Decade of Transformation from Peking University Top Student to Blockchain Entrepreneur

Amid the wave of cryptocurrencies, very few people can match Wu Jihan’s trajectory—rising from nothing to a fortune in the billions within just a decade, while also seizing the power dynamics in a fast-emerging industry. His success story is filled with the legendary flair of entrepreneurship, yet it also carries a complicated layer of controversy. This Beijing University graduate who came from Chongqing—how did he step by step become a power controller in the blockchain world, and how did he fall from the peak of his power?

A Peking University Prodigy’s Investment Dream: The Turning Point of First Contact with Bitcoin

Born in 1986 in Chongqing, Wu Jihan has a résumé that fits the label of a “kid from someone else’s family.” Before graduating from Peking University in 2009, he had already earned dual degrees in economics and psychology, with investment theory so well-practiced it was second nature. After entering the venture capital industry, his professional sensitivity made him stand out from the crowd.

2011 was a key turning point. When Wu Jihan first learned about a new thing called Bitcoin (BTC), investors’ instincts pushed him to make a bold attempt—investing 100,000 yuan to buy 900 bitcoins. At the time, the investment looked almost crazy, but two years later it became the original capital for his venture. By 2013, as the price of Bitcoin surged to $750 per coin, his assets had multiplied several times over.

This wealth didn’t just change the course of his life; more importantly, it made Wu Jihan see the enormous opportunities behind blockchain technology. He began to deeply study Bitcoin’s technical principles and even translated Satoshi Nakamoto’s white paper, “Bitcoin: A Peer-to-Peer Electronic Cash System,” becoming the first person to translate this important document into Chinese. This move earned him the identity of a “Bitcoin evangelist” and laid the groundwork for his later influence.

BitBarb and the Mining Rig Empire: Wu Jihan’s Entrepreneurial Ambition

In 2013, Wu Jihan co-founded Bitb— the first Chinese Bitcoin forum—with engineer Zhang Kai. This platform later became an important base in the Chinese blockchain community, gathering countless developers and investors interested in cryptocurrencies. But Wu Jihan’s ambition didn’t stop there.

He had the sharp insight that mining rig chips were the real “magic wand” in the Bitcoin world. Having mining rigs meant having a steady stream of mining capability—whoever could manufacture the most advanced mining rigs would have an absolute advantage in this market. This recognition led him to participate in the “Bake Cats” chip company in succession, and through these investments he earned his first fortune in the tens of millions.

After tasting success, Wu Jihan decided to develop mining rigs himself. In November 2013, he co-founded Bitmain with Zhan Ketan, an integrated circuit design engineer who came from the Chinese Academy of Sciences. The two formed complementary strengths professionally: Wu Jihan handled business strategy and fundraising, while Zhan Ketan controlled the technical direction. With Antminer (Ant miner) series being continuously upgraded and iterated—from S1 to S7—Bitmain rapidly grew into the world’s largest mining rig manufacturer.

By 2017, Bitmain’s annual revenue reached about 15.8 billion yuan (US$2.5 billion). As a result, Wu Jihan was selected by the authoritative media Coindesk as one of the ten most influential figures in blockchain. He also became an industry force that could not be ignored.

BCH Hard Fork Upset: Wu Jihan’s Power Peak and Controversy

In May 2017, the price of Bitcoin broke above $2,000. Exploding on-chain transaction volume caused the network to become severely congested, and transaction fees skyrocketed. This issue threatened the usability of the entire blockchain ecosystem. Wu Jihan believed that scaling was an urgent task.

However, the Bitcoin Core development team insisted on maintaining the 1MB block size limit and advocated improving performance through a layer-2 network. The two sides had a fundamental disagreement over technical direction, which ultimately evolved into an irreconcilable standoff.

Wu Jihan stuck to his judgment and decided to carry out a hard fork. On August 1, 2017, ViaBTC, a mining pool invested in by Bitmain, announced the launch of the fork, and Bitcoin Cash (BCH) was officially born. On this new chain, Wu Jihan expanded the block size from 1MB to 8MB, theoretically increasing network efficiency by 8 times. Antpool quickly went live with BTC and BCH hashrate switching functions, enabling seamless conversion of computing power.

This move earned Wu Jihan a reputation as a “villain” in the Bitcoin community—he was accused of harming the unity of the Bitcoin network because he split the hashrate. But in the world of BCH, Wu Jihan became the absolute power center, almost single-handedly manipulating the direction of the chain’s development.

Internal Strife and Power Restructuring: Two Paths After the Split

Starting in the second half of 2018, as the cryptocurrency market adjusted, the mining rig industry faced unprecedented competitive pressure. Cracks also began to appear within Bitmain. Wu Jihan, who came from an investment background, wanted to strengthen the company’s layout in finance and blockchain business, while Zhan Ketan, who had a technical background, wanted to focus on R&D of AI chips. Their strategic disagreements inside the company gradually escalated into open power struggles.

By 2019, as the company’s financial difficulties worsened, internal divisions fully erupted. In an internal letter disclosed by Wu Jihan, the company’s funding gap reached as much as $300 million. In the months that followed, the two founders engaged in intense battles over control of the company—removal attempts, fighting for business licenses, and heading to court. Bitmain fell into chaos, followed by large-scale layoffs.

This “internal fight” caused immeasurable damage to Bitmain. In the eyes of outside observers, a former industry leader was declining due to internal strife. But by the end of 2019, the two parties ultimately reached a reconciliation. In a public letter, Wu Jihan said he had enjoyed 2,815 days of the Bitmain journey, and he wished Zhan Ketan to continue leading the company.

Bit Little Deer’s IPO: Wu Jihan’s Second Entrepreneurial Success

In early 2021, Wu Jihan officially left Bitmain, and Bitmain was subsequently split. Businesses including Bit Little Deer (a mining rig sharing platform) and overseas mining farms were spun out. Wu Jihan announced the establishment of the Bit Little Deer Group and took on the role of chairman. Zhan Ketan acquired Wu Jihan’s stake and those of other founding shareholders for $600 million, continuing to run Bitmain.

By comparison, Wu Jihan’s development path with Bit Little Deer was smoother. In 2023, Bit Little Deer successfully listed on the Nasdaq in the United States. Its total market value is currently about $870 million. This marked the completion of Wu Jihan’s second entrepreneurial success, demonstrating his ability in capital operations and business strategy.

Meanwhile, the Bitcoin Cash (BCH) that Wu Jihan had once pushed forward gradually lost its luster. Even during the 2021 super bull market, BCH failed to show comparable gains with other major coins, gradually fading into second- or third-tier status. For that chain which no longer had Wu Jihan’s backing, it faced the unforgiving reality of market reshuffling.

A Controversial Figure or an Industry Driver? The Multifaceted Nature of Wu Jihan’s Assessment

Opinions on Wu Jihan depend on the perspectives of different people. Compared with Li Xiaolai’s seasoned worldliness and Sun Yuchen’s deliberate packaging, Wu Jihan—who wasn’t good at self-promotion—presents a different image: like the kind of genius teen found in certain online fiction, exceptionally gifted and with a very high drive, yet sometimes making headstrong decisions that shock people.

In the Bitcoin community, Wu Jihan has been stigmatized for pushing the BCH hard fork. Some call him Satoshi Nakamoto’s “betrayer,” while others mock him with “Jihan,” his pinyin, calling him “JIHAD” (a reference to terrorists). Even the authoritative media Coindesk has directly labeled him as a “villain.”

However, from another perspective, Wu Jihan’s contribution to the blockchain industry is also undeniable. His mining rig chips and mining platform have greatly lowered the barrier for ordinary people to participate in mining, allowing miners to earn returns more efficiently. His Chinese translation of Satoshi Nakamoto’s white paper and his persistent evangelism have paved the way for the Chinese world to understand blockchain technology. In key moments, his decisions—regardless of whether they were controversial—have pushed the entire industry forward.

From starting from scratch to founding Bitmain, and then to Bit Little Deer successfully landing on Nasdaq, Wu Jihan has, with his actions, embodied what it means to achieve “success in a decade.” In his story, there is both the passion and vision of entrepreneurship, as well as the complexity of power operations. Perhaps the most fair way to evaluate him is not to force a simplistic “good vs. bad” judgment, but to acknowledge his real, lasting influence as a complex figure in the history of cryptocurrency development.