Jihan Wu announced on Twitter yesterday his resignation as the CEO and Chairman of the mining hardware firm, Bitmain. This officially ends the long-running power struggle between him and his co-founder, Micree Zhan, as the head of the most prominent Bitcoin (BTC) mining machine supplier in the world today.
As per the now-former Bitmain CEO, the documented disagreement between him and Zhan will now be put to rest finally. He then added that the settlement concluded in a constructive and amicable manner.
The agreement reportedly entails that Zhan bought about half of the firm’s shares from Wu and other holders for $600 million. He purportedly got the funds by loaning $400 million from Bitmain itself, while the additional $200 is from outside sources.
Wu then added that Zhan’s large loan wouldn’t really affect the financials of Bitmain as he believes that it is still very healthy and strong. This is evidenced by the $327 million cash it held last Monday, which is actually two times higher than the needed amount to close the settlement and transfer of power officially.
With all that out of the way, it is worth noting, however, that Wu isn’t leaving Bitmain entirely. He will just be transferred to the firm’s cloud mining service spinoff, Bitdeer. Wu is set to be the chairman of the said firm, which currently has mining farm operations across Norway and the United States. On the other hand, Zhan will lead the crypto mining group Antpool which is scheduled to be spun off to become an entirely independent company.