The power struggle between Bitmain co-founders Micree Zhan and Jihan Wu appears to exist at an end. In a tweet on January 26, Wu announced his decision to pace down from the company.

The at present former CEO and Chairman of Bitmain sent out an encrypted farewell message to his followers, announcing that the long-continuing disagreement betwixt ousted co-founder Zhan and himself had been settled in an "amicable" and "constructive" style.

"I have resigned from the CEO and Chairman of Bitmain equally of today," said Wu, later working at the business firm for almost eight years.

As role of the agreement, Zhan has purchased roughly half of Bitmain'due south shares from Wu and others for $600 one thousand thousand. The Bitmain co-founder reportedly obtained a $400 1000000 loan from the crypto mining giant and "committed to raise another [$200 meg] from outside of the group."

According to Wu, Bitmain had $327 million in fiat cash holdings as of Monday, "twice higher than what is required by the preferred shareholders in order to close this settlement." He reported Bitmain'southward financials as "potent and salubrious" and unlikely to be afflicted by the loan to Zhan.

Wu will not be leaving the crypto industry entirely, however. He noted as role of the settlement with Zhan, the firm'due south contract cloud mining service Bitdeer will exist "spun off from Bitmain" with Wu condign chairman. Zhan volition lead the crypto mining group Antpool every bit soon equally it'southward "spun off into an independent company."

Today'southward settlement comes after a long struggle between the 2 crypto mining giants. Zhan and Wu reportedly reached a $600 meg settlement in December with Sequoia Capital letter interim as the middle regulator afterwards Zhan initially offered to purchase Wu's and others' Bitmain shares for $four billion in June.

The corporate feud seemingly began with Wu forcing Zhan out of Bitmain in Oct 2019. At the time, Zhan was the firm's biggest shareholder — he later referred to Wu's actions every bit an "illegal power seizure."

After Zhan was ousted, Bitmain went on the offensive, publicly stating he had no correct to act as a legal representative of the mining giant or effect notices and instructions to company employees. There were also reports of legal activity confronting Zhan.

The Bitmain exec struck back in a few ways earlier today's final settlement. He launched ii lawsuits confronting Bitmain's diverse entities in an effort to regain his position. He accused Wu of spreading rumors, sending a group to steal a physical copy of his business license, and hiding company assets. Zhan likewise allegedly took over the company'southward Beijing office in May with a team of guards.

Bitmain was worth nearly $12 billion in August 2019 before this fight for control impacted leadership, manufacturing, and media coverage of the crypto mining giant. Wu's message indicates that Bitmain however plans to "become for an IPO," though the business firm'south original attempt at an initial public offering filed in September 2018 was unsuccessful.