Once a mining giant that controlled 70% of the global Bitcoin hash rate, it was ultimately brought down by internal strife.

In 2013, Wu Jihan and Zhan Ketuan decided to co-found Bitmain. Wu, who graduated from Peking University with a degree in economics, was one of the earliest advocates of Bitcoin in China and even translated Satoshi Nakamoto's white paper; Zhan, from the Institute of Microelectronics at the Chinese Academy of Sciences, had been working in integrated circuits for 15 years. One understood financial markets, the other was an expert in chip technology—this combination seemed like a match made in heaven.

And indeed, it was. Zhan led the team to develop the first-generation AntMiner S1 chip within half a year, with astonishing speed. By 2017, Bitmain had captured over 70% of the global Bitcoin mining chip market, becoming the undisputed leader in the industry. Their glory was unparalleled.

However, problems began to brew from the peak of their success. In May 2020, a farce unfolded at the Beijing Haidian District Government Service Center: over 60 burly men blocked the business license, and the two founders completely turned against each other. This scene revealed just how deep the cracks between them really were.

Looking back at Bitmain’s history, it’s less a story of a company's rise and fall and more a microcosm of the entire crypto industry. I’ve observed this field for many years, and today I want to discuss the causes and consequences of this internal conflict, as well as some underlying insights.

That seemingly perfect complementary partnership had long harbored fatal disagreements. Initially, it appeared to be a perfect match—a strategist and financier on one side, a technical R&D expert on the other, each doing their part. But the two founders’ understanding of the company's direction, decision-making authority, and long-term goals never truly aligned. This was the root of all subsequent conflicts.