Before co-founding Bitmain, Micree Zhan was an electronics engineer. He developed the custom application-specific integrated circuit (ASIC) chips that have rocketed Bitmain as the largest crypto-mining company. He played a major part in the growth of Bitmain.
Let us now have a look at 15 things you probably did not know about Micree Zhan.
Micre was born on 29th January 1979 in Minhou County, Fujian, China.
He completed his schooling from Minhou No 1 High School. He got his bachelor’s degree in electronics engineering in 2001 from Shandong University. He earned his master’s degree in microelectronics engineering from Institute of Microelectronics, Chinese Academy of Sciences in 2004.
2.Worked as an engineer
Micree started work as an engineer at the Information Technology Research Institute at Tsinghua University.
He started his own business of making set-top boxes for television.
3.Stepping into the world of crypto
Micree met Wu Jihan who was a cryptocurrency enthusiast in 2013 through a chance encounter on the street in Beijing when Micree was working on developing his startup on TV set top boxes.
Micree and Jihan spent two hours discussing Bitcoin, and then Jihan proposed they start a chip company. Micree was struggling with his start up at that time, so the next morning he spent some time researching and learning about crypto and finally Micree decided to start Bitmain with Jihan.
Bitmain was founded in 2013. It is China’s largest digital currency mining company which specializes in selling ASIC-chip miners. Their first chip was sold later that year.
In 2018 the first Ethereum ASIC miners was released.
Using his electrical engineering background Micree built the ASIC chip that power Bitmain’s hardware. He focused on products and engineering departments at Bitmain.
The company soon reached peak and grew into the world’s largest computer chip company for bitcoin mining, reporting US$2.5 billion in revenue in 2017. As of 2018, Micree owns 36% of Bitmain, and Wu 20% of the company Bitmain.
8.View on block size reaching its limit
Many proposals to remove the limit of 1 Million on bitcoin block size were given as the limit is approaching. Micree feels BU’s emergent consensus is one of the good solutions and it is getting more and more support from the community. It is easier and more feasible and believes that many miners will activate it.
He believes that BU should be supported by Bitcoin users because BU provides another Bitcoin protocol implementation code. The basic consensus and value of Bitcoin is its unique ledger, not the unique code from Core.
- Micree was named the richest cryptocurrency entrepreneur in the world in Hurun Report’s inaugural Blockchain List 2018.
- He was ranked the world’s 9th richest self-made billionaire aged 40 or younger by Bloomberg in February 2019.
- In June 2019 he was listed as the world’s 311th richest person in the Bloomberg Billionaires Index.
- On Forbes list he ranks at no 838 in Billionaires 2019.
10.IPO turned down
The company was looking to go for an IPO round for around $12 billion so that it could compensate for its lack of funds. An application was filed to publicly list in Hong Kong but the city’s market regulator and stock exchange operator were unlikely to approve initial public offerings for any cryptocurrency-related business, citing the lack of regulation in the industry, people familiar with the situation.
11.Micree took blame
Micree took the blame of Bitmain’s poor performance and accepted that the company did not gain under his management skills. The company had shown profits in 2017 but the revenues started wearing off during the 2018 crypto dump which eventually led to the mining equipment and services remaining undersold.
12.3 things to know about Bitmain
- Around $450 million have been raised by Bitmain since its foundation.
- Two bitcoin pools are managed by the company- BTC.com and Antpool and together 42 percent of bitcoin’s mining power is overseen by them.
- Co-founder Jihan Wu was the first person to translate Satoshi’s white paper into chinese.
13.Bitmain made cuts
Amid the industrial crunch, Bitmain continued to decline along with Bitcoin prices, with large-scale demolition of its mines, thus forcing the company of making harsh decisions of closing its branch in Israel and firing more than 50% of its staff.
14.Micree stepped down
End of 2018 Bitmain’s founders Micree and Wu stepped down from their roles in the company as they both disagreed on certain issues as CEO’s.
They moved away from the day to day activities of the company but still make final calls on big decisions.
According to Forbes as on September 2019, Micree has net worth of $2.7 Billion. His fortune is derived from his stake in Bitmain, the world’s biggest maker of mining rigs for cryptocurrencies.