The crypto industry is home to several feuds while some are with law enforcement, a few others like Bitmain have been dealing with an internal vendetta. While the Bitcoin mining equipment manufacturer kept it low key for a while, the dispute between the two leaders seemed to be intact. Months through the power struggle, the co-founders of the crypto platform, Micree Zhan and Jihan Wu were finally agreeing on something.
Bitmain Power Struggle Comes To A Climax
Rewinding to October 2019, Bitmain made it to every news portal after the crypto platform had one of its founders ousted from the company. While Micree Zhan was trying to regain authority back at the mining firm, Jihan Wu continued asserting his power and kept Zhan out of the picture. Yet Zhan, went above and beyond to exert his stance. The actions of both the founders had were influencing the sales of the company. Keeping this in mind, Zhan and Wu seemed to have finally come to an agreement.
As per recent news, the founders of Bitmain had reportedly decided on Zhan taking over the Antpool mining pool as well as the mining farms in China. The mining rig hardware manufacturing platform, as well as the artificial intelligence region of Bitmain, will be overseen by Zhan.
Wu who had insinuated the entire conflict by exiling Zhan was bidding adieu to the platform. According to the agreement, Wu will take a whopping $600 million as compensation along with the BTC.com mining pool. He would also be in charge of all the overseas mining branches of Bitmain.
Reports further suggested that Zhan does not have the aforementioned settlement amount. He will reportedly lease his shares to pay Wu $600 million.
While the platform was recovering from the battle put up by its founder, it seemed to be getting back in action as it was garnering immense profits from its latest sales. VBit Technologies, a US-based firm had purchased over 3,000 19 Series Antminers. While VBit is a long time client of Bitmain, the latest sale filled the exchange’s pockets with more than $8 million.