Jihan Wu has officially resigned as head of bitcoin mining company Bitmain Technologies
Bitmain CEO and co-founder Jihan Wu announced yesterday that he has stepped down from his leadership position at crypto mining company Bitmain. It has long been rumored that there were disputes between Wu and the co-founder at the company. According to reports, Wu has decided to step down after an ugly fight with co-founder Micree Zhan.
Zhan and Jihan Wu teamed up in 2013 to bring Bitmain to market. However, the two have been at odds since 2019 and have even waged a civil war. The power struggle between Zhan and Wu almost brought the company to a standstill at one point. The now former CEO of Bitmain has sent an encrypted goodbye message to his followers on Twitter.
“Regarding the settlement between the two co-founders of Bitmain. Resilio sync button: BEHPKSVC4IHNZ7YXP2K5TAVZYVYUAO57E,”He posted.
Wu agreed to terms that include a cash settlement of $ 600 million to cover the company’s 50% stake. Zhan will receive a $ 400 million loan from Bitmain’s cash reserves and will use an additional $ 200 million of his private funds to run the deal.
“To complete the share purchase, Micree received a $ 400 million loan from Bitmain while undertaking to raise an additional $ 200 million from outside the group. […] Bitmain’s finances are strong and healthy so the loan to Micree will not have a negative impact on the sustainability of Bitmain’s operations“Was part of his resignation letter.
After his resignation, the board of directors has named co-founder Micree to head the China-based company. Many Bitcoin users believe that his resignation will put an end to disagreements that have existed for over a year for good. Wu sent a message that the feud was amicably settled.
In addition to monetary compensation, Wu reserves the right to appoint two board members. His nominations for the board are Xiang Zhu and Jianchun Liu.
While not in Bitmain’s picture, Wu is still present and active in the larger crypto scene. As part of the settlement conditions, Wu will head the Bitmain subsidiary Bitdeer. The children’s company operates mining operations in Norway and the USA.