That man is a bit advanced.

“When others are fearful, I am greedy; when others are greedy, I am fearful.”

Buffett

When the entire cryptocurrency community was looking forward to the halving bringing about a big bull market, the man told us that "it is possible that the bull market will not come during this halving."

On October 8, Bitmain co-founder Jihan Wu, who had not appeared in public for a long time, delivered a keynote speech at the second Global Digital Mining Summit held in Germany.

It can be said that this speech restored the confidence of Wu Jihan's personal supporters. Firstly, Wu Jihan's identity in this appearance is still "Bitmain co-founder", not that he has withdrawn from Bitmain as previously speculated by the media. Secondly, Wu Jihan said at the meeting that now is a good time to invest in mining, and announced that Bitmain will release two new Antminer products, S17+ and T17+.

Among them, the standard computing power of S17+ is 73TH/s, and the power consumption ratio is 40J/TH. The standard computing power of T17+ is 64TH/s, and the power consumption ratio is 50J/TH. Both mining machines have been further optimized in design and heat dissipation. This reminds people of what Wu Jihan said at the mining conference held in Georgia in late September 2018:

“Bitmain will always be the best of the mining industry.”

In addition, Wu Jihan also mentioned BCH at the end of his speech. He said that BCH is a different technical route from Bitcoin, and its birth background is due to the continuous increase in Bitcoin transaction fees, and this phenomenon is caused by human factors. Wu Jihan expressed his pride in Bitmain's contribution to the birth and early development of BCH. Even without Bitmain's participation, the BCH ecosystem is still growing.

In a roundtable discussion held the next day on "How to view the halving of Bitcoin mining revenue", Wu Jihan expressed his doubts about whether the halving would bring about a bull market.

He pointed out that cryptocurrencies have cyclical nature, just like the halving of Litecoin, but the halving of Bitcoin may be different from that of Litecoin. "BTC's bear and bull markets are prolonging each time, and it is possible that the bull market will not come during this halving. I personally think there are still many uncertainties about the impact of future halvings."

Yang Zuoxing, also the founder of a mining machine company, made a bold statement at a mining conference held in Chengdu a few weeks ago: "Bitcoin will eventually reach 1 million US dollars." If the word "eventually" is too insincere, Yang Zuoxing then gave a specific time point: "Bitcoin will reach a peak of 110,000 US dollars in 2021."

Let's do some calculations: Bitcoin price is 110,000 USD, which means the total market value will reach 2.31 trillion USD (currently Bitcoin's market value is 150.7 billion USD, Apple's market value is 1 trillion USD, Alibaba's is 450 billion USD, and Google's is 470 billion USD). If Yang Zuoxing wants to avoid being slapped in the face, Bitcoin's market value needs to increase by more than 13 times in two years. Is it just based on the halving?

Empty words are not enough. It is suggested that Yang Zuoxing should provide a theoretical basis for his prediction next time. Predictions made without thinking are not the work of a serious entrepreneur, but more like a big leek.

Looking at the capitalist economic history of the past 100 years, an economic crisis occurs almost every 10 years. Since the United States recovered from the subprime mortgage crisis in June 2009, it has expanded for a record 120 consecutive months. Everyone is curious, when will the crisis occur again? Bitcoin has been around for a full decade, will it also face a crisis?

Facing the unknown, serious cryptocurrency practitioners should do what they should not do and what they should not do. Don’t just talk big, advocating an “eternal bull market” today and shouting that the “singularity” is coming tomorrow. We should solve the real problems facing the industry and continuously empower the industry.

As Wu Jihan recalled in his speech, he discovered many problems in the mining machine manufacturing industry before founding Bitmain: manufacturers deliberately delayed shipments, mining machines were damaged during shipping, and heat dissipation was poor.

In 2013, Wu Jihan founded Bitmain, determined to redefine mining machines. From S1 to S9, Bitmain quickly updated and iterated, continuously reducing energy consumption and improving computing power, and once occupied 90% of the global mining machine sales market. Today, Bitmain's customers are distributed in 101 countries around the world.

In 2018, Bitmain launched the S15, a new generation of 7-nanometer chip mining machine, with a power consumption ratio of 50J/TH. In 2019, the second generation of 7-nanometer chip mining machine S17 was launched, with a power consumption ratio reduced to 40J/TH. In addition to continuous improvements in chip technology and design, Wu Jihan said that the current mining machine after-sales service takes too long. From returning to the factory for repair to re-operation, the back and forth delays customers' mining income.

In response to this, Bitmain launched the Ant Training Academy this year to guide customers and technicians in solving problems; and set up after-sales service centers around the world, striving to shorten the after-sales time to 3 days by the end of this year.

In my opinion, Bitmain is a lone ranger who focuses on work and rarely speaks out. There are always media who question whether Bitmain’s public relations ability is too weak, why there are so many rumors outside, but it never comes out to refute them. The answer is three words:

No! Not! Necessary!

For Bitmain, it is enough to do what it should do. Competitors will always kill themselves in various ways.

Compared with those bigwigs who mindlessly sing praises of Bitcoin all day long and wish that Satoshi Nakamoto himself would award him an "evangelist" medal, Wu Jihan's rationality and low-keyness are extremely precious.

When it comes to BCH, he has the ability but chooses not to interfere. He quietly follows the development of BCH but remains silent and does not use his influence to influence the community's decision. This man said, "May the force be with BCH." I think Wu Jihan is that force. He used a more advanced way to protect BCH and release the vitality of the BCH community.

Since I have already praised him to the point of saying "guardian", let me praise him one more time: Wu Jihan is also a master at naming. He came up with the name "Bitmain" and the name of the new company "Matrixport". How did these names come about?

That day, Wu Jihan sat at the front of the conference room and asked all the programmers: "What is the English work that has had the greatest impact on you?" The programmers lowered their heads, fell into deep thought, and thought to themselves: "How embarrassing... I have never read an English book..." Wu Jihan broke the silence first and talked to the programmers about the plot of the movie The Matrix. In this way, "The Matrix" was born.

I heard that the name is good and the company has good prospects. What do you think?