Jihan Wu, co-founder of Chinese mining equipment manufacturer Bitmain, announced he’s officially stepping down as Bitmain chairman after a lengthy conflict with fellow co-founder Micree Zhan. Wu received compensation worth approximately $600 million.
The epic of the power struggle in the Chinese company Bitmain came to its end. Jihan Wu, one of the founders of Bitmain, announced his resignation as CEO. The reason was the conflict with the second co-founder of Bitmain, Micree Zhan, which lasted for several years, as well as the failure of Bitmain to enter an IPO on Asian and American exchanges.
The resignation message was contained in an encrypted letter that Jihan Wu tweeted. The Block journalists managed to decipher the message. In the letter, Wu said the disagreement between Zhan and him has been “finally” settled in an “amicable” and “constructive” manner. As part of the deal with Zhan, Micree Zhan acquired nearly half of shares owned by Wu and a group of founding shareholders of Bitmain for $600 million. “In order to complete the share purchase, Micree obtained a loan of $400 million from Bitmain while he committed to raising another $200m from outside of the group,” Wu wrote in the encrypted letter.
In turn, Wu voluntarily stepped down as CEO and chairman of Bitmain.
According to the arrangement with Micree Zhan, Jihan Wu will also receive the BTC.com pool with the BitDeer cloud platform and mining farms outside of China.
“Also pursuant to the settlement, Bitdeer is spun off from Bitmain today together with the mining farm operations in the U.S. and Norway. I will be the chairman of Bitdeer. Matt Kong will be the CEO of Bitdeer. Antpool will soon be spun off into an independent company to be led by Micree,” Wu wrote.