Bitmain’s Jihan Wu Reveals AI Plans, Says Regulator Pushback Needed

FinTech, Innovation, Investing, News, Regulation | June 11, 2018 By:

Bitmain co-CEO Jihan Wu feels the cryptocurrency industry needs to “push those heavy regulations back a bit,” a statement made during an interview with Fortune magazine.

Wu built his billion-dollar empire selling mining rigs, and has also made some strategic investments throughout the industry. Although his interview was somewhat terse, he did reveal that Bitmain intends to continue largely in hardware development for its rigs.

“My priority is, first, that we will continue to invest a lot of resources into the research and R&D of mining rigs to make sure we maintain an advantage over other competitors, like Avalon,” Wu said. “We will also invest into our vision about the future of a crypto market. We think that it will start to support the real world economy, and to build more than this financial market on the Internet. Bitmain will also start to deploy lots of artificial intelligence products into the market—a totally new business selling hardware to do artificial intelligence accelerations.”

Wu said the timetable for the AI introduction would be by the end of this year, and that the product would resemble Google’s TPU [Tensor Processing Units]. “It’s just hardware,” Wu said.

As for regulations, which some say are strangling the market, “We see in the future that negotiating and working with regulators is quite important,” Wu said. “We need to push those heavy regulations back a little bit. But we need to work with them, not just try to get around it.”