Jihan Wu talks with Bitcoin.com CEO about mining and industry growth

The virtual economy is approaching a critical point

The World Digital Mining Summit (WDMS) is a two-day mining conference that invites industry leaders, mining machine manufacturers, mining pool operators, and other crypto-enthusiasts. During the event, Bitcoin.com CEO Stefan Rust and Bitmain founder Jihan Wu discussed a variety of topics. Wu first talked about how he got into the crypto industry. While working at an investment company, he accidentally read something about Bitcoin and found it "really interesting at the time." After two days of research, he thought Bitcoin was a good idea; at the same time, Wu was the first person to translate Satoshi Nakamoto's Bitcoin white paper into Chinese.

“I was the first person in China to translate the white paper. At the time, the Chinese media believed that Bitcoin was either a scam or it would not work. I happened to understand some advanced principles of economics and computer science, so I knew that Bitcoin would work in economics and computer technology. So I translated the white paper and tried to get more positive feedback from Chinese social media. ”

Recalling his first experience with the QT wallet, Wu emphasized that it has been an amazing journey. "I still remember that no one knew about Bitcoin at that time, and now there are 20 million or 40 million users around the world. Almost everyone has heard of Bitcoin more or less now. I believe that there are indeed users participating in the cryptocurrency economy, and there are indeed users who are starting to use cryptocurrency for payment instead of cash. I believe that this user base will grow. " Wu continued:

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It’s a virtual economy and it’s hard at first, but I think we’re almost at the tipping point.

The founder of Bitmain said he believed the world’s 40 million crypto users initially came from investor types, but now he sees more and more ordinary people joining in, especially “young people.”

Additionally, Stefan and Wu Jihan spoke about Chinese regulations and the fact that about 60% of the world’s computing power is located in China. The two executives discussed the possibility of China banning Bitcoin mining and how the Chinese government would deal with oversight. The Bitmain co-founder and Bitcoin.com CEO spoke on a range of other topics, such as the ecological impact of Bitcoin mining, the halving, and other insights from people who have witnessed the tremendous development of the cryptocurrency industry firsthand.

Click on the video to get closer to Wu Jihan

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