Bitmain co-founder resigns and resolves years of energy battle as mining firm prepares for IPO

The power struggle within the leadership of Bitmain finally comes to an end when co-founder Micree Zhan regains control of the largest giant in Bitcoin miners.

"I resigned from my CEO and Chairman [positions at] Bitmain today," Bitmain co-founder Jihan Wu said in a statement on Tuesday. "The difference of opinion between Micree and me, the two co-founders of Bitmain, has finally been settled in an amicable and, above all, constructive way."

As part of the change in leadership, Bitmain's subsidiaries are filing legal documents to change their board members and legal representatives.

Zhan had bought nearly half of the company's stock from Bitsource for $ 600 million. This is a code name that represents a group of founding shareholders including Jihan. He completed the purchase with a $ 400 million loan from Bitmain and $ 200 million through an outside group fundraiser.

After the deal, Jihan will head the Bitmais spin-off Bitdeer, which operates mining operations in the US and Norway. He will serve as the company's chairman, while Matt Kong will be the new company's CEO. Antpool will soon be spun off into an independent company run by Micree.

"The above agreement will greatly streamline Bitmain's business model, making it a lot easier," Jihan said in the statement.

Bitmain's new board of directors will have five members, three of whom will be appointed by Zhan and two by Jihan. The company's CFO, Jianchun Liu, and Xiang Zhu, who designed some of the company's mining machines, have been appointed to the board by Jihan.

"With the settlement final today, Bitmain has turned a new page of great opportunity," Jihan said in the statement. “As a co-founder of Bitmain, I have enjoyed the 2,815 day journey with numerous customers, colleagues, friends and investors and have given Bitmain and its leadership [of] my most sincere blessings. Micree. "

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