Jihan Wu is No Longer CEO of Bitmain

In recent years, the mining market has been shaken by disputes between Bitmain's management team. Now the long-term epic has come to an end. Jihan Wu steps down as CEO

In a statement released on Tuesday, Mr. Wu said he was stepping down. The reason for this decision was irreconcilable differences between the co-founders of Bitmain.

Wu's stake in the business was sold to one of the executives, Mikri Zhang. The deal was worth $600 million. Zhang will be in charge of Antpool's mining pool as well as Bitmain's Chinese subsidiary.

In addition to the money, Wu will get the management of all Bitmain mining farms outside of China. He will run Bitdeer, which is spun off from Bitmain and will operate in Norway and the United States.

Recall that the situation with the change of leadership at Bitmain escalated in 2019. The co-founders were forced to resign. However, later Wu returned, and almost military action ensued between him and Zhang. Rumor has it that Zhang stormed the company's office in Beijing and brought in his guards for this...