Category Archives: Jihan Wu

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Jihan Wu Loses Voting Rights in Bitmain Reshuffle

Jihan Wu, the co-founder of Bitmain who owns 20.25% of the company’s shares and a personal net worth in excess of USD 2 billion, has stepped down from his role as director. Now Wu is a supervisor, meaning he can discuss business decisions with the Board of Directors but cannot directly vote on business decisions.

Wu’s change of position coincides with a larger reshuffling of the Bitmain Board of Directors. Zhao Yifeng, Ge Yuezhen, Zhou Feng, and others have also stepped down from being directors. Further, Hu Yi retired from the Board of Supervisors. Meanwhile, Jank Group, Bitmain’s corporate lawyer, has been promoted to executive director.

The exact reasons for this reshuffling remain undisclosed but it is speculated that they are related to the Bitcoin Cash (BCH) fork coming on 15 November 2018 since Bitmain has strongly backed BCH. Previously, Bitmain liquidated large amounts of its Bitcoin holdings to buy BCH at USD 900, and have seen 40% losses as of November 2018. Now tensions are running higher than ever since the Bitcoin fork is now itselt splitting into different versions. Indeed, Wu’s Twitter is filled with controversial posts regarding BCH.

It is also possible that the reshuffling is related to the upcoming Bitmain initial public offering (IPO) on the Hong Kong stock exchange. Bitmain is aiming for a USD 18 billion IPO after a USD 1 billion funding round juiced its valuation to USD 15 billion. If this does occur it will be the largest cryptocurrency related IPO in history. Bitmain is the largest manufacturer of cryptocurrency mining equipment. In the first half of 2018, Bitmain sold USD 2.684 billion of mining equipment.

The IPO application process does not come at an ideal time, with Bitcoin’s network hash rate plateauing for the first time in years, which means there is less demand for new mining equipment. However, Bitmain continues to be on the cutting edge of the cryptocurrency mining industry with the release of 7 nm chips that claim to have the highest mining efficiency in the world at 0.042 W/GH. Apparently, the first wave of these sold out rapidly.

According to research, it is common for a firm that is undergoing an IPO to restructure, in order to better negotiate the institutionalized process an IPO requires.


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Bitmain to Launch 7 nm Antminers, Possibly the Most Efficient Mining Rigs Produced so Far

The CEO of Bitmain, Jihan Wu, has announced that Bitmain has fully developed a 7 nm chip for Bitcoin mining, and is planning on releasing a new series of Antminers that use these new chips. 7 nm transistors are the smallest known transistors to have been used for Bitcoin mining so far and have already been integrated into rigs by the Japanese companies GMO Internet and Triple-1. The launch of 7 nm Bitcoin mining rigs by Bitmain is major news, however, since Bitmain is the largest crypto mining rig manufacturer, this will make 7 nm mining chips mainstream.

The 7 nm Bitcoin mining chips are possibly the most efficient Bitcoin mining chips ever produced, they use 0.042 W/GH, which is 16% less energy consumption than the 7 nm chips produced by Triple-1 which consume 0.05 W/GH. Bitmain says they achieved this efficiency via a unique circuit structure and low power technology.

This will be a drastic improvement for Antminers, since currently, Antminers use 16 nm chips at 0.1 W/GH. Therefore the old 16 nm Antminers use 138% more electricity than the new 7 nm Antminers. The 16 nm Antminers are the most dominant mining rig in the world, so the 7 nm Antminers will solidify Bitmain’s dominance in the mining industry.

The announcement from Bitmain comes only a day after Bitfury announced the release of their new 14 nm mining chip which consumes 0.055 W/GH. This efficiency is quite impressive for a 14 nm chip and was apparently achieved via optimal power distribution, cooling designs, and optimal silicon packaging. However, Bitfury’s new 14 nm chip uses 31% more energy than Bitmain’s new 7 nm chips. This shows that transistor size is a dominant factor in mining chip efficiency, but also suggests that eventually 7 nm chips could be optimized further as Bitfury did with their 14 nm chip, and perhaps electricity consumption far lower than 0.042 W/GH could be achieved with 7 nm chips.

At the current Bitcoin mining difficulty of 7 trillion, Bitmain’s 7 nm chips would still be profitable even at a Bitcoin price of USD 2,900, far below the USD 5,800 support level. At the Bitcoin price support level of USD 5,800, the mining difficulty could be as high as 15 trillion, corresponding to an increase in the hash rate of over 100%, and these new 7 nm chips from Bitmain would continue to be profitable.

Since Bitmain will be mass producing 7 nm Antminers, the 16 nm Antminers will soon become completely obsolete. The new 7 nm Antminers will likely lead to a continued acceleration of the Bitcoin hash rate.

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