Conflict between the founders of Bitmain was allowed to pay out $ 600 million
Bitmain co-founders finally agree on the company’s future
Bitmain co-founders finally buried the hatchet
The current CEO of the company, Cihan Wu, leaves his post and switches to activities in Norway and the USA
Perhaps the agreement reached will open a new page in the history of Bitmain
Bitmain’s co-founders finally end a protracted power struggle and the future of the world’s largest mining hardware manufacturer.
“Game of Thrones”
The co-founders of Bitmain, one of the world’s largest mining equipment manufacturers, have put an end to the internal power-sharing process that has been underway since 2019. They finally concluded an agreement that will set Bitmain in the direction of further development..
Under the terms of the deal, the current head of Bitmain, Jihan Wu, has agreed to step down as CEO and chairman of the company. Its second co-founder Mikri Zhang became its new leader..
Here’s the full message if you want to read it.
The actual message is PGP-signed by both of them. pic.twitter.com/a13PAcfhWc
– Riccardo Spagni (@fluffypony) January 26, 2021
As part of the transfer of power, Zhang agreed to buy back Bitmain shares in the amount of about $ 600 million, which is about half of the company’s total share capital..
In addition, Zhang gained control of three of the five board seats..
Wu retained the authority to nominate candidates for the remaining two seats.
Also, Bitdeer will be spun off from Bitmain, led by Wu. He will also lead mining activities on platforms in Norway and the United States..
It is expected that the peaceful resolution of the protracted redistribution of business will positively affect the further development of the company.
Do you think this news will have a positive impact on future prospects? Bitmain? Share your opinion in the comments and join the discussion in our Telegram channel!
Bitmain was founded in 2013 and continues to be one of the largest and most influential mining equipment manufacturers. She also owns the Antpool mining pool, which controls more than 7% of all Bitcoin mining capacity..
However, as many members of the crypto community believe, the company, mired in civil strife, sank in terms of competitiveness..
So, due to a conflict within the leadership, she was forced to temporarily stop the supply of ASICs.
Now the agreement concluded, according to Wu himself, “opened a new page for the company with huge new opportunities.” He added that he was happy to lead Bitmain and wished the company prosperity under the new leadership..
Recently BeInCrypto editors reported also that Bitmain is among the crypto companies planning an early IPO and issuance of their own shares.
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