Co-founder of Bitmain was dismissed. What’s going on in the company?

Today, a senior Executive Director of the largest manufacturer of mining equipment, Bitmain Mikri Ketan Zhang lost his post. Staff in the internal newsletter reported that co-founder, CEO and largest shareholder Bitmain removed from the leadership.

Jihan Wu forbade employees to interact with Zhang

At noon Beijing time co-founder and current Chairman of the Board Jihan Wu sent all employees an”important notice”.

Co-founder, Chairman and CEO of Bitmain Jihan Wu decided to remove Katrina Mikri Zhang from all posts. The decision takes effect immediately. All employees Bitmain don’t have to abide by the instructions of Zhang, or to participate in any organized the meetings. Based on the current situation, Bitmain may consider termination of labor contracts with those who violate these instructions.

Mikri Zhang owns most of the shares of the company

The sudden resignation of Zhang is a next Chapter in a series of unexpected incidents in Bitmain. Earlier we already wrote that Wu himself suddenly left his position of Director of the company in November 2018. Then he assumed a non-Executive role on the Board of Directors.

Cryptologist not yet quite understand how to react. For example, founding partner of Crypto Primitive, and counselor information Agency CoinDesk Dowie ven argues that the tone of Wu was quite “pushy”. Here’s what she wrote in his Twitter.

Wow, it was much more dramatic than I thought.

According to van, Jihan Wu decided to take the company’s own control, to regain dominance in the mining market. He even claims that “came to the rescue of a sinking ship”.

It should be noted the information about the letter received from an unnamed employee. And mailing happened on Tuesday morning, immediately following the news of corporate restructuring during registration in the state bodies. According to the updated data adopted from Wu Zhang as the Executive Director and legal representative of Bitmain.

It is unclear how the Board of the company took such a decision and whether Bitmain redeem shares at Mikri Zhang. As of September last year, when Bitmain has applied for the IPO, Zhang was still the largest shareholder with 36 percent of the company. At that time, Wu was owned by only 20 percent.

The situation also commented on known cryptosuite the head of the security Department in Blockstream Samson MOU. He suggested that Mikri Zhang just ousted from the company. Moreover, according to him, this is all some game of Jihan Wu, and where it will lead is still unclear.

In General, valuing over 2019 Bitcoin has created quite blagosklonny environment for Bitmain and other players on the field of mining. Just last week, company executives announced plans to create the world's largest mining complex in Texas. A beginning has been made β€” we wrote about the launch of the giant farms in our Telegram channel.

The situation in Bitmain still in limbo. It is unclear whether Mikri Zhang to fight back, and if so β€” how. Share in the company still has enormous power.

In cryptodata of hontarov you will find lots of other useful information. And we have Yandex Zen.

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