Bitmain's 'hard fork' to end in $600M settlement in favor of Micree Zhan
The year-long dispute between Bitmain co-founders appears to be at an end with a $600 million compensation on the table. After months of wrestling for control of the company, Bitmain co-founders Jihan Wu and Micree Zhan have reportedly reached a settlement. According to Chinese crypto expert Colin Wu, and reported by multiple local publications, both parties have agreed to a $600 million compensation for Jihan Wu with Zhan taking control of the crypto miner maker operations.As part of the settlement, Wu will exit the company taking the BTC.com mining pool as well as Bitmain’s overseas....
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The long-lasting legal battle between co-founders of China-based Bitmain seems to have seen the light at the end of the tunnel after both parties agreed to reach an agreement. Legal Tussle Between Bitmain Co-Founders Reportedly Ended With a $600 Million Compensation for Jihan Wu According to Chinese media outlets, citing local crypto journalist Colin Wu, Jihan Wu and Micree Zhan reportedly agreed to arrange a $600 million compensation in favor of Jihan Wu, while Zhan will retain the control of the mining hardware manufacturer company operations. However, as part of the settlement, Zhan....
“I have resigned from the CEO and Chairman of Bitmain as of today,” said Jihan Wu. The power struggle between Bitmain co-founders Micree Zhan and Jihan Wu appears to be at an end. In a tweet on January 26, Wu announced his decision to step down from the company.The now former CEO and Chairman of Bitmain sent out an encrypted farewell message to his followers, announcing that the long-standing disagreement between ousted co-founder Zhan and himself had been settled in an “amicable” and “constructive” manner.“I have resigned from the CEO and Chairman of Bitmain as of today,” said Wu, after....
After corporate infighting temporarily halted chip shipments in 2020, Bitmain's Antminer team says business will resume as normal following former CEO Jihan Wu's departure. Bitcoin (BTC) mining rig manufacturer Bitmain has issued a notice to customers stating that business operations will resume as normal in light of former chairman and CEO Jihan Wu’s departure from the company. Orders of Bitmain’s ASIC mining rigs were previously halted temporarily in 2020 during an internal power struggle at the Beijing-based hardware company.In a dramatic saga that saw Bitmain’s two co-founders, Micree....
After almost two years of debate and seemingly nothing left to be said on the topic of bitcoin scalability, miners continue to not make a concrete decision with transaction backlogs now becoming common. BW.com, a mining pool with around 7% of the network’s hashrate, signals for 8MB blocks, but has never mined with any client which increases maxblocksize. Bitmain’s co-founder, Micree Zhan, stated in a recent interview that he prefers Bitcoin Unlimited. Jihan Wu, the other co-founder of Bitmain, has vocally asked for a maxblocksize increase. Yet, despite the pool controlling around 18% of....
Ethereum’s DAO hard fork update landed on GitHub yesterday, allowing users to vote on whether they support the Hard fork that will refund the DAO after the attack that drained around four percent of the total Ethereum (approx. 50 million US dollars worth at the time) in circulation from the smart contract. Ethereum Reaches A Crossroads with Hard Fork Update. This hard fork update, if successful, would wipe one of the biggest failures to happen in the cryptocurrency ecosystem away, giving the people with a stake in The DAO (and others who suffered from the subsequent price depreciation of....