Jihan Wu has officially resigned as head of Bitcoin mining company Bitmain Technologies
Jihan Wu, co-founder and CEO of Bitmain Technologies, announced yesterday that he has stepped down from his leadership role at the cryptocurrency mining company. For some time rumors circulated about disputes between Wu and his co-founder, and sources now report that Wu decided to resign after a bitter clash with Micree Zhan.
Zhan and Wu launched Bitmain together in 2013, growing it into one of the most influential companies in the Bitcoin mining industry. Despite their early success, the two founders have been in open conflict for years, with tensions escalating into what has been described as an internal power struggle since 2019. That prolonged dispute at times threatened to paralyze company operations. In his departure, Wu shared a message with his Twitter followers that pointed to a formal settlement between the founders.
In the message, he included a Resilio Sync key and wrote, “Regarding the settlement between the two co-founders of Bitmain. Resilio sync key: BEHPKSVC4IHNZ7YXP2K5TAVZYVYUAO57E.”
As part of the agreement, Wu accepted terms that provide a cash payout of $600 million to settle the 50% ownership stake he held in the company. Under the deal, Micree Zhan will receive a $400 million loan from Bitmain’s cash reserves and is expected to contribute an additional $200 million from his personal funds to complete the transaction.
A resignation letter detailing the arrangement notes: “To complete the share purchase, Micree received a $400 million loan from Bitmain while committing to bring in an additional $200 million from outside the group. […] Bitmain’s finances are strong and healthy, and therefore the loan to Micree will not have a negative impact on the company’s operational sustainability.”
Following Wu’s resignation, the board appointed Micree Zhan as the leader of the China-based company. Many in the Bitcoin community view Wu’s departure as a definitive end to the public disagreements that had persisted for over a year. Wu has indicated that the feud was settled by mutual agreement.
Beyond the cash settlement, Wu retains the right to nominate two seats on Bitmain’s board. His board nominees are Xiang Zhu and Jianchun Liu.
Although Wu is leaving day-to-day responsibilities at Bitmain, he remains active in the broader cryptocurrency ecosystem. Under the terms of the settlement, Wu will lead Bitmain’s subsidiary Bitdeer, which operates mining facilities in Norway and the United States. This move allows Wu to continue influencing mining operations through Bitdeer while stepping back from Bitmain’s core leadership.
The resolution of this dispute removes a major source of uncertainty for Bitmain’s future direction. With Zhan taking formal control in China and the leadership roles redistributed, the company can now focus on its technical development, product roadmap and global mining operations without the distraction of founder infighting. Observers will be watching closely to see how the governance changes affect Bitmain’s market position and strategic initiatives.
Bitmain’s financial disclosure in the resignation documents emphasizes the company’s stable cash position and operational resilience. That assurance aims to calm stakeholders who had been concerned about the potential consequences of an extended ownership fight. By structuring the buyout as a mix of internal financing and private capital from Zhan, the settlement attempts to balance immediate liquidity needs with a clear line of authority going forward.
For the cryptocurrency industry, the episode highlights both the high stakes of mining infrastructure businesses and the personal dynamics that can shape major technology firms. Bitmain’s evolution since 2013—from a startup founded by two engineers to a global mining equipment leader—reflects rapid growth and the occasional strategic frictions that accompany success. The company’s next chapter will begin with a board and leadership team reconfigured following this settlement.
As the transition proceeds, stakeholders will be assessing how quickly Bitmain can unify its management, execute its strategic priorities, and maintain its position in the competitive Bitcoin mining market. For now, the formal separation between the two founders signals an end to a long-running dispute and a new governance structure intended to stabilize the company and support its future operations.