The battle for leadership at Bitmain is between the two co-founders. Jihan Wu has gained the legal upper hand following the latest decision.
The co-founders of the Bitcoin-mining company Bitmain have been locked in a fight for control in recent months. Jihan Wu and Micree Zhan have been at odds since last October when Wu pushed Zhan out of certain roles. Zhan regained control earlier this year, but the dispute is far from resolved.
In recent actions, Zhan was stripped of the company’s legal representative and executive director titles, though he remains a general manager at Bitmain.
According to China’s recently updated business registration record, Wu once again holds the position of legal representative and CEO of Beijing Bitmain Technology, the company’s operating arm.
Wu confirmed the status update in an announcement published today on AntMiner’s official WeChat account. He added that, despite the ongoing struggle between the two founders, Bitmain continues to respect Zhan.
The fight for Bitmain has now lasted a year
The internal power struggle at Bitmain has dragged on for nearly a year. This latest development suggests the conflict could be drawing toward a resolution in the near term, though uncertainty remains. Both co-founders have been engaged in a battle over the past 11 months, and both have filed lawsuits in the Cayman Islands, where Bitmain’s parent company is registered. A final ruling has not yet been issued.
Bitmain has acknowledged that the management dispute has damaged the company’s market share and global brand image since the beginning of the year. The company has lost customers, and employees have been pressured to take sides between the two founders. A stream of negative reports has further harmed the company’s reputation.
Wu stated that the company will now focus on restoring its position in the cryptocurrency ecosystem and addressing the problems caused by the conflict. The dispute began when Wu removed Zhan from his roles as chairman, CEO, and legal representative, despite Zhan being the largest shareholder. According to Wu, the company underperformed under Zhan’s leadership, with Bitmain’s share of the Bitcoin-mining market falling sharply in 2019.
The prolonged conflict between Wu and Zhan has also hurt business, leading some customers to switch to competing Bitcoin miner manufacturers such as MicroBT and Canaan.