The co-founders of Bitmain, a company known for its AntMiner mining hardware range, have finally reached a settlement, resolving a long-standing power struggle.
As part of the settlement, current Bitmain CEO Jihan Wu has agreed to step down from his role, making way for the other co-founder Micree Zhan.
“I have resigned from the CEO and Chairman [positions at] Bitmain as of today. 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,” Jihan Wu announced on Tuesday.
As part of the leadership transition, subsidiaries of the bitcoin mining hardware manufacturer will have to file legal documents to change their board members and legal representatives.
Bitmain’s new board will consist of five members, with two appointed by Jihan and two appointed by Zhan. The mining giant’s chief financial officer, Jianchun Liu, and hardware designer Xiang Zhu have already joined the board as Zhan appointees.
To facilitate the transfer of power, Zhan has agreed to buy about half of the mining company’s shares worth 600 million from Bitsource, a group representing founding Bitmain shareholders.
Bitmain Turns Over A New Page
The BTC mining community will be relieved that Bitmain co-founders have finally ended the firm’s civil war and power struggle.
As reported by the Daily Chain, the feud between Jihan Wu and Micree Zhan affected Antminer shipping operations, causing Bitmain to fall behind on its competitiveness.
The mining company now aims to develop a highly streamlined business model as it prepares to go public following an earlier failed attempt at an IPO.
Even as Jihan leaves his post as CEO and Chairman of Bitmain, he will still be in a leadership position at a company called Bitdeer which is set to spin-off from Bitmain.
As per the arrangement, Jihan will take over as chairman of the new company’s operations in Norway and the U.S. Moreover, the Bitmain-owned Antpool, which is the largest mining pool globally, will spin off into an independent firm to be led by Micree.
What Next For The Mining Giant?
The end of the multi-year power struggle at Bitmain now brings a fresh outlook for the world’s leading mining company. The departing co-founder described the agreement as an end of an era that will usher in greater opportunities ahead.
Jihan wished his fellow Bitmain co-founder success as he took over the helm at Bitmain and added that he had enjoyed the 2,815 days journey working at the leading bitcoin mining manufacturer.
Now that the drawn-out leadership struggle is over, Bitmain can finally position itself to take a leading role in the growing mining industry that is currently plagued with mining hardware shortages.