Bitmain Co-Founder Exits, Resolving Years-Long Power Struggle as Mining Firm Preps IPO

Bitmain co-founder Jihan Wu is stepping down from his role as share of a settlement.

Bitmain co-founder Jihan Wu
(CoinDesk archives)


Bitmain Co-Founder Exits, Resolving Years-Long Vitality Warfare as Mining Company Preps IPO

The energy fight interior Bitmain’s leadership has at closing come to an quit as co-founder Micree Zhan regains rob watch over over the finest bitcoin miner maker giant. 

“I even occupy resigned from the CEO and Chairman [positions at] Bitmain as of on the present time,” Bitmain co-founder Jihan Wu mentioned in an announcement on Tuesday. “The incompatibility between Micree and myself, the two co-founders of Bitmain, has been at closing settled in an amicable and, extra importantly, a constructive manner.” 

As share of the leadership transition, Bitmain’s subsidiaries are submitting correct documents to change their board members and correct representatives.

Zhan had bought practically half of of the firm’s shares for $600 million from Bitsource, which is a code name representing a neighborhood of founding shareholders in conjunction with Jihan. He performed the bewitch with a $400 million loan from Bitmain and $200 million thru a fundraising effort open air the neighborhood, in accordance to the commentary.  

After the settlement, Jihan will head Bitmais gallop-off Bitdeer, which has mining farm operations within the U.S. and Norway. He’ll act because the firm’s chairman while Matt Kong will be the CEO of the brand new firm. Antpool will soon be spun off into an impartial firm to be led by Micree.  

“By the above-mentioned association, Bitmain’s industry model will be extremely streamlined, that will have it powerful more uncomplicated” to head for an preliminary public offering, Jihan mentioned within the commentary.

Bitmain has unsuccessfully tried to head public sooner than.

Bitmain’s new board can occupy 5 members, with three appointed by Zhan and two appointed by Jihan. The firm’s chief monetary officer, Jianchun Liu, and Xiang Zhu, who designed one of the most firm’s  miner machines, had been appointed to the board by Jihan.   

“Upon the closing of the settlement on the present time, Bitmain has grew to change into over a new page with mountainous alternatives forward,” Jihan mentioned within the commentary. “As the co-founder of Bitmain, I enjoyed the 2,815 days of race working for it with varied again and make stronger from many of prospects, colleagues, chums and traders, and I give my most genuine blessing to Bitmain and its leadership [by] Micree.”

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