Jihan Wu has officially resigned from Bitmain. What was originally rumored in late December 2020 has been confirmed by Jihan Wu himself. Both Jihan Wu and Micree Zhan have reached a settlement that finally ends the civil war and power struggle taking place within Bitmain.
Wu made this announcement via an encrypted letter to which he posted the key to on Twitter.
His letter begins by saying, “The disagreement between Micree and myself, the two co-founders of Bitmain, has been finally settled in an amicable and, more importantly, a constructive manner. I have resigned from the CEO and Chairman of Bitmain as of today.”
To settle, Micree Zhan purchased roughly $600 million worth of the Bitmain shares owned by the founding shareholders of Bitmain. “In order to complete the share purchase, Micree obtained a loan of US $400m from Bitmain while he committed to raise another US $200m from outside of the group,” says Wu in his encrypted letter.
Wu also mentioned that Bitmain would be unrolling its business into separate entities and that even though he has resigned from Bitmain, he will be the chairman of Bitdeer, a mining operation located in both Norway and the USA that is spinning off of Bitmain. Wu also says that “Antpool will soon be spun off into an independent company to be led by Micree;” and that these new business arrangements will streamline the company in a way that makes it much easier for them to IPO.
Micree Zhan has won the war
The settlement between Micree Zhan and Jihan Wu has been a long time in the making. The two have had numerous battles for control along the way, from Jihan Wu using physical force to steal a government-granted license from Micree Zhan to Micree Zhan accusing Jihan Wu of stealing over 10,000 mining machines out of a farm owned by Zhan, the two have had their disputes.
The internal power struggle created problems for Bitmain as a business and delayed shipment of its mining machines along the way. But now, it looks like the two have settled their differences for the greater good of the company, especially since they have hinted at taking the company public in the near future.
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