CEO of Bitmain Says ‘I Have Huge Confidence in the Future of Bitcoin Cash’

By Sumedha Bose

Post the hard fork of Bitcoin Cash on November 15, the market has been abuzz with speculation regarding the crypto’s future. There have been voices raised in support and criticism alike, but knowing how unpredictable the cryptocurrency market is, no one can claim anything for sure.

Amidst all the voices of support, one belongs to a man who features on China’s list of top billionaires, Jihan Wu, the CEO and co founder of Bitmain. Speaking at the Nikkei/CNBC “Future of Money” event in Tokyo, Wu expressed support for Bitcoin Cash and said he has faith in the crypto post its hard fork.

Wu took questions from moderator Mai Fujimoto, regarding the mining industry, and PoW’s massive energy demands. Addressing the growing importance of the mining industry, Wu said there has been,

A lack of connection between miners and the other parts of the (cryptocurrency) ecosystem.

He balmes this on the increased industrialization of the market. he hopes that over the next 10 years, miners could rebuild that connection, by taking on a more active role in protocol development.

In the recent “hash war” that is raging between two rival development teams Bitcoin ABC and Bitcoin SV (“Satoshi’s Vision”), over who can  maintain the longer Bitcoin Cash blockchain, Wu clearly supports the former. He said:

“Craig Wright, the self-claimed Satoshi — fake Satoshi in my humble opinion — has attempted a 51 percent attack on BCH.”

According to Wu, “Wright should take full responsibility for the chaos.” He is comletely against this forceful takeover of the community that Wright is trying to do. He even discredited the SV faction by claiming

“Bitcoin SV only has two developers, who write very buggy code,” he said, adding that he has

Wu also addressed on the necessity of PoW’s huge energy demands (equivalent to over 300,000 households’ worth of electricity), being satisfied. He feels it is really important for the development.  Wu said:

“The (current) banking industry uses lots of computers and consumes a lot of energy,” he said. Human society has to work with money … there needs to be a market. So it all serves a purpose.”

 

Sumedha Bose

Sumedha uses words as her crutch to get by in life. She takes a keen interest in debating, dancing and destroying the patriarchy in her free time. She can be contacted at [email protected].

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