From technical theory to business empire: How Wu Jihan is rewriting the rules of the cryptocurrency industry

Wu Jihan’s journey in blockchain is essentially a transformation from belief to practice, from geek to businessman, from China to the global stage. As an industry pioneer with a background in psychology from Peking University, he has witnessed the entire process of cryptocurrency moving from the fringe to the mainstream through strategic progression across five key stages. Moreover, with his technical sensitivity and business acumen, he has repeatedly reshaped the competitive landscape of the industry.

The Role of a Trailblazer: How Wu Jihan Became the Bitcoin Evangelist in the Chinese World

In 2011, 25-year-old Wu Jihan accidentally came across Satoshi Nakamoto’s Bitcoin white paper in Beijing. This nine-page technical document deeply moved this psychology student, prompting him to immediately invest 100,000 yuan in Bitcoin—at that time, the price was less than $10 per coin. In comparison, a more far-reaching decision he made shortly after was to personally translate and promote the white paper.

This seemingly simple act changed the dissemination path of cryptocurrency in the Chinese-speaking world. Wu Jihan co-founded “Baidu” (Bitcointalk), China’s first professional blockchain information platform. On this platform, he not only shared technical knowledge but also gradually popularized the revolutionary concept of “decentralization” through frequent dialogues with netizens. In 2011, few could clearly articulate the core value of blockchain in Chinese, but Wu Jihan did. His translations and storytelling laid the ideological foundation for the entire Chinese community, enabling tens of thousands of Chinese investors to understand and participate in this global financial revolution.

The Rise of the Power of Computing: Wu Jihan and the Industry Reshaping of Antminer

2013 was a year of Bitcoin price surges, and the mining boom swept the globe. By then, Wu Jihan had accumulated enough technical understanding and business intuition to make a critical decision—partner with Tsinghua graduate Zhan Ketuan to found Bitmain, developing specialized mining hardware.

The initial Antminer S1 was born in a humble residential house, but its performance innovation shook the market. Within just half a year, this ASIC chip miner captured 75% of the global market share. The subsequent Antminer S9 became an industry benchmark for efficiency, with breakthroughs in hash power and energy consumption ratio sparking a revolution in ASIC chip technology. Wu Jihan’s miners not only changed the technical parameters of mining but also reshaped the global distribution of hash power. A popular saying in the crypto circle accurately summarizes his influence: “Without Wu Jihan’s miners, miners wouldn’t even cover their electricity costs.”

During this period, Bitmain’s revenue growth resembled a rocket launch, reaching scales comparable to tech giants, and Wu Jihan earned the nickname “Mining King.” However, this title was not merely a label of business success but a reflection of his technological innovation and profound transformation of the global mining industry.

The Power Struggle: Wu Jihan’s Protocol-Level Battles

In 2017, the cryptocurrency community experienced a deep split over Bitcoin’s scalability issues. Wu Jihan led the launch of Bitcoin Cash (BCH), a decision that triggered what was known as the “hash war” in the crypto world. During this controversy, Wu Jihan did not choose to stay low-key but openly articulated his technical philosophy: “Technological progress requires trying new paths; the greater the resistance, the more correct the direction.”

Through the Bitcoin Cash fork, Wu Jihan demonstrated his independent judgment on the future direction of blockchain technology and deeply engaged in the struggle for control over the underlying protocol of cryptocurrencies. The mining pool alliance he controlled held a large amount of hash power, giving him far more influence over protocol choices than ordinary participants.

However, in 2018, Bitmain’s plan to go public in Hong Kong ultimately failed, and disagreements with Zhan Ketuan led to a split. These setbacks did not alter Wu Jihan’s forward trajectory. He retained the mining pool business, incubated a new hash power aggregation platform called BitDeer, and immersed himself in the frontline of mining—living with workers, sharing lamb, and drinking spirits. It was this dedication to real industry and close market engagement that allowed him to find new opportunities amid division.

Capitalization Shift: Wu Jihan’s Strategic Upgrade from Hardware to Financial Services

2019 marked another major adjustment in Wu Jihan’s strategic landscape. He founded Matrixport, an innovative crypto asset management platform. This move signified his transition from a pure hardware and hash power provider to a full-spectrum financial service provider. The “safety cushion” model launched by Matrixport set a new standard in crypto asset management, quickly surpassing $10 billion in assets under management.

The deeper significance of this shift lies in Wu Jihan’s realization that the development of cryptocurrencies cannot remain solely at the technical level but must also integrate with compliant frameworks of traditional finance. He actively promoted licensed operations of crypto assets, providing reference models for regulatory frameworks in places like Singapore, establishing industry compliance benchmarks. BitDeer subsequently went public with a valuation of $4 billion, and its global hash power network covered strategic locations such as Singapore Freeport and Middle Eastern compliant trading hubs.

Wu Jihan’s series of actions indicate that he no longer views cryptocurrencies as merely an anti-establishment experiment but as an integral part of the modern financial system. This transition from radical idealism to pragmatic compliance reflects his profound understanding of the industry’s lifecycle.

Future Imagination: Wu Jihan’s AI+DeFi Strategic Layout

Today, Wu Jihan’s vision has shifted to the next frontier: the integration of AI and decentralized finance. His work on cross-chain protocol development at Matrixport aims to deeply combine AI computing verification mechanisms with DeFi, pointing toward the future form of distributed financial infrastructure.

The significance of this strategy goes beyond mere technological innovation. Wu Jihan is envisioning a new financial ecosystem—where AI becomes the trusted machine, blockchain provides decentralized governance, and traditional financial compliance frameworks ensure sustainability. Wall Street observers comment: “Understanding Wu Jihan’s strategic direction will reveal the power dynamics of crypto assets over the next five years.”

The Essence of Strategic Thinking

From translating the Bitcoin white paper in 2011 to exploring AI+DeFi integration in 2026, Wu Jihan has completed a full strategic cycle over 15 years. His secret to success is not a flash of inspiration at a single moment but the ability to accurately judge industry trends at each critical juncture and turn those judgments into reality through technological innovation and business organization.

Driven by the dual engines of “technological commercialization” and “regulatory collaboration,” he has redefined industry rules across multiple dimensions—mining hardware, hash power, asset management, and more. This process is fundamentally a unity of faith and practice—Wu Jihan has always believed in the value of blockchain and cryptocurrencies, but he continuously refines and upgrades the paths to realizing that value.

From a talented psychology student at Peking University to a key decision-maker in the global crypto industry, Wu Jihan’s story is not only a personal entrepreneurial legend but also a vivid microcosm of China’s blockchain industry from inception to prominence. Every step of his strategic layout pushes the industry toward greater maturity, regulation, and global competitiveness. The story is not finished; how the next chapter unfolds may quietly emerge in every step Wu Jihan takes in his ongoing exploration.