Jihan Wu has officially resigned from Bitmain; the companies internal struggle for power has come to an end and Micree Zhan is official in control.
Bitmain co-founders Jihan Wu and Micree Zhan reportedly reached a settlement that ends their messy long-running feud around who will control the blockchain giant.
Jihan Wu has reportedly regained some control over the dysfunctional block reward mining hardware manufacturing company he helped found.
Bitmain's decision to use 5nm chips in its new mining rigs met with some backlash from block reward miners and industry skepticism.
The Antminer Sales Team confirmed all shipments are delayed by three months over “external interference over the company’s management.”
Micree Zhan is accusing rival Jihan Wu of illegally transferring 10,000 Antminers out of a farm owned by Zhan into his own farm.
In a July 17 letter, Jihan Wu sought to explain his side of the conflict that is negatively affecting both employees and customers of Bitmain.
A new bank account and website were announced via Bitmain’s WeChat, which many individuals believe Zhan is currently controlling.
Micree Zhan made the offer to buy out shareholders in a letter he wrote in response to a statement published on Bitmain’s website.
Bitmain is intentionally delaying the shipment of its ASIC hardware from its Shenzhen factory, according to reports.
Zhan has reportedly prohibited employees from shipping Bitmain’s ASIC hardware from the company’s Shenzen factory.