Bitmain resigns from co-founder Jihan Woo, ‘Conflict on management rights’ agreement

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[Blockchain Today Reporter Seungwon Jeong] Bitmain, a producer of Bitcoin mining equipment, announced that Bitmain will find the top as former CEO Wu Jihan resigns.

Earlier, in 2020, Bitmain had once stopped ordering equipment as it suffered an internal conflict. As Bitmain’s two founders, Jihan Wu and Zhan Ketuan, struggled to oust each other, the Shenzhen subsidiary was unable to deliver products to customers.

But on the 27th (local time), as Jan Ketuol and other shareholders bought his $600 million stock, Jihan Wu decided to leave the company amicably.

An official of the company said, “Products including Antminer will be supplied normally.” “Bitmain’s governance structure has changed, but product delivery and sales services have found normal. The policy toward consumers has not changed, and the contracts signed will continue.”

Bitmain was founded in 2013, and in 2018, it became the world’s largest ASIC equipment manufacturer. The company also operates two mining pools, Antpools and BTC.com. It was found to account for 20% of Bitcoin mining and 30% of Batcoin Cash (BCH) mining.

In 2017, when Bitcoin and Bitcoin Cash were separated, Bitmain was associated with several dramas related to Bitcoin. Bitmain supported Bitcoin Cash during this period. Bitcoin and Bitcoin Cash have been divided over differences in the design of Bitcoin, specifically the block size.

Despite the dispute over Bitmain’s management rights, in 2020 the Nasdaq-listed cryptocurrency mining company Riot Blockchain ordered 15,000 Antminer S19s. It is reported to be 35 million dollars in terms of price.

Concerns over inventory products are not currently a problem as Bitcoin surged 330% earlier this year.

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