End of the Bitmain saga? Jihan Wu resigns as CEO

The fratricidal war between the two co-founders of Bitmain seems to have ended in a truce. Jihan Wu announced that he had stepped down as CEO, and Micree Zhan reportedly bought back his stake in the company.

Bitmain CEO resigns after months of conflict

Micree Zhan was ousted from Bitmain in October 2019, following major disagreements with Jihan Wu. He has since attempted to take over the business in a series of incredible twists and turns. Last June, he tried to take over Bitmain’s premises by force . A few days later, Micree Zhan seized a Bitmain factory, causing deliveries to abruptly halt for the company’s customers. In retaliation, Jihan Wu would have seized tens of thousands of Antminers a month later …

Suffice to say that finding a solution was an urgent matter for Bitmain, which was gradually losing the trust of users. It’s now done, as Bitmain’s CEO announced that he and Micree Zhan had finally reached an agreement. In a coded message, he explains:

„The disagreement between Micree and I […] was finally settled for an amicable manner, and above all e constructively . „

Micree Zhan takes over Bitmain and Antpool

Micree Zhan therefore bought back Jihan Wu’s shares in the company Bitmain, worth 600 million dollars . Of this sum, 400 million consists of a loan from the company. Zhan therefore becomes responsible not only for Bitmain, but also for the related Antpool mining pool.

The company should have some breathing space now that the long conflict between the two co-founders is settled. It really needs it: sales of Antminers, its flagship product, had fallen enough in 2019 for new measures to be hastily taken at the start of 2020. We note, however, that for the moment, the last Antminers are “ sold out ”on the manufacturer’s site, because of the semiconductor shortage affecting all industries at the moment.

Categories: Bitcoin
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