Zhan Ketuan and Wu Jihan: From Working Together to Parting Ways

Born in 1986 in Chongqing, Wu Jihan is a complex and contradictory figure. During his time at Peking University’s School of Economics, he was deeply influenced by free-market ideas. After graduating in 2009, he joined Huaxing Capital, where he first encountered Bitcoin. Falling in love at first sight, he became one of China’s earliest Bitcoin evangelists and translated Satoshi Nakamoto’s white paper into Chinese. But what truly changed his life was a mining machine project initiated by a geek called “Kao Mao.” In 2012, Wu Jihan nearly invested all his savings—15,000 Bitcoins—into ASIC chip development. This gamble earned him hundreds of millions of yuan within a few months and made him realize a key lesson: the best mining machines must be developed in-house.

Key Technological Empowerment by Janketuan

In 2013, Wu Jihan found integrated circuit design expert Janketuan. This decision rewrote the history of the entire crypto industry. Wu Jihan used 60% of his shares as leverage to acquire Janketuan’s technical team and his relentless pursuit of chip design. In October of that year, Bitmain was officially founded, and its first AntMiner S1 once dominated the global market. Janketuan’s ASIC chip technology became Bitmain’s core competitive advantage—its AntPool mining pool controls over 20% of the total Bitcoin network hash rate. During this phase, Janketuan was a silent hero; his chip design skills laid the foundation for the company’s empire.

BCH Fork and Ideological Disputes

The 2017 “scaling debate” marked a turning point. As the Bitcoin network became increasingly congested and transaction fees soared, Wu Jihan, representing the scaling camp, clashed seriously with the American development team. On August 1, he led a hard fork of Bitcoin, launching BCH (Bitcoin Cash). This decision made him a “new Satoshi” in the eyes of supporters but also drew fierce criticism from opponents. Internally, cracks also appeared between Janketuan and Wu Jihan. When Bitmain’s valuation reached $80 billion, with revenue of $2.8 billion and net profit of $740 million in the first half of 2018, Wu Jihan still wanted to bet on BCH, while Janketuan began contemplating a shift to AI chips.

Power Struggles and Company Crisis

The disagreements between the two founders escalated into a fierce power struggle. In 2019, Wu Jihan forcefully returned as CEO, leading a “coup” that removed Janketuan from his position. After Janketuan was expelled during a business trip, conflicts intensified to physical altercations. Throughout 2020, Bitmain plunged into chaos—frequent changes of legal representatives, disputes over business licenses, and escalating conflicts leading to police reports. Capital markets lost confidence; Bitmain’s valuation, once at $80 billion, evaporated by $50 billion in an instant. It was a heavy year for both sides. Ultimately, Wu Jihan and Janketuan chose reconciliation, but their separation was final—Janketuan left Bitmain entirely, taking the BTC mining pool and the BitLittle Deer project with him.

Their Choices and Future Paths

After leaving, Wu Jihan focused on BitLittle Deer, a company specializing in overseas mining operations. Its initial valuation reached $4 billion, though it later shrank to $1.18 billion due to falling crypto prices, Wu Jihan did not give up. On March 28, 2023, BitLittle Deer went public on NASDAQ via a SPAC merger, becoming another listed company in the crypto industry. Meanwhile, Janketuan, the tech genius, chose a different path. Although public information is limited, industry observers see him as a staunch supporter of technological innovation and long-term planning, while Wu Jihan continues to pursue his vision of decentralized payments.

A Tale of Two Sides

Wu Jihan’s story exemplifies the duality of a coin—he is both builder and destroyer; capable of investing heavily in the future and choosing reconciliation after failure. Janketuan’s role is equally crucial; as a pioneer of ASIC chip technology, he turned Bitmain from a dream into reality. Li Xiaolai once described Wu Jihan as a “bloodied warrior,” but from their decade-long cooperation and rivalry, this history is more than just a personal conflict—it marks a pivotal moment for China in the global crypto industry—from technological innovation to industry competition, from ideological clashes to power transitions. Regardless of supporters’ or opponents’ opinions, one thing is undeniable: the era of Bitmain co-founded by Janketuan and Wu Jihan has fundamentally changed the global mining hardware landscape. It was China’s first prominent appearance in the crypto world and a profound collision of technology and business.