The Power and Influence of Jihan Wu
As the co-initiator of Bitmain, a pivotal entity in the cryptocurrency realm, Jihan Wu has become a significant figure by advocating for Bitcoin Unlimited, a proposed remedy for Bitcoin’s scaling challenges. His role in Bitmain allows for the supervision of all block activities, solidifying his influential position within the Bitcoin sphere.
Bitmain’s Strategic Innovations and Global Presence
Bitmain, founded in 2013, specializes in developing and distributing top-tier bitcoin miners powered by its proprietary ASIC chip technology. The Antminer series, starting with the S1, evolved to meet the increasing “difficulty level” of bitcoin mining. The Antminer S9, introduced in May 2016, was the first consumer-level miner to utilize a 16nm process ASIC chip, making it a leader in power efficiency. With brands like Antminer, Antpool, and Hashnest, Bitmain dominates its industry categories. The company operates globally from its main office in Beijing and has established offices in Amsterdam, Hong Kong, Tel Aviv, Qingdao, Chengdu, and Shenzhen.
Understanding the Debate: Bitcoin Unlimited vs. Bitcoin Core
Bitcoin Unlimited challenges the traditional 1MB block size dictated by the prevalent Bitcoin Core protocol. By proposing enlarging the block size, it aims to alleviate congestion and improve transaction flow. This approach, championed by miners, suggests a flexible and unrestricted blockchain size increase, contingent on achieving consensus.
Critics, however, warn that expanding block sizes could lead to a ‘hard fork,’ fragmenting the network’s code. This adaptability might prompt miners to choose progressively larger blocks, disadvantaging those with fewer resources and potentially redirecting mining power to a select few. Such a shift could lead to centralization, counteracting the decentralized essence of Bitcoin.
