Jihan Wu recovers his status in Bitmain

by in Blockchain News

Jihan Wu

Jihan Wu is again the authorized representative and CEO of Bitmain Technology, Bitmain's Beijing-based operations arm.

Mikri Zhang, another co-founder of the organization who was removed by Wu last October but recovered authority earlier this year, is no more the legal representative and CEO. The status of a legal representative in China gives broad powers to conclude transactions on account of the firm.

In a statement posted on the official WeChat account of AntMiner (Bitmain's miner brand) on September 15, Wu confirmed the status renewal and said that the company's regard for Zhang stays firm.

That means that the inner power conflict at Bitmain may be coming to an end, but the court has yet to make a final decision in a two-party lawsuit in the Cayman Islands, where Bitmain's parent holding company is located.

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In 2019, Wu expelled Zhang from his position as director, CEO, and legitimate representative of Bitmain. Wu argued that Zhang's leadership in 2019 caused a significant decline in Bitmain's share of the BTC miner market. In December, Zhang filed a lawsuit in the Cayman Islands over the legality of Wu's actions.

Shortly after Zhang reacquired his status, Bitmain's mining hardware business was split into two, each seeking to create its divisions and supply chains.

Bitmain workers were forced to take parties, and the conflict itself caused obstacles in the supply of miners. Due to this, many customers have decided to switch to hardware from Bitmain's competitors. Last week, Zhang announced the launch of the first 5nm ASIC miners to be shipped in January next year. Wu accused him of cheating customers.