Jihan Wu takes over leadership of bitcoin mining company Bitmain

Bitcoin Cash rose 12.5 percent from 237 to 266 euros within 24 hours. This increase is largely due to news that the power struggle at Bitmain is over. JiHan Wu is the winner and the prominent BCH trailer now runs the world’s largest mining company.

Harsh words

A change was made to Bitmain’s corporate structure on October 28, making Jihan Wu the executive director and legal representative of Bitmain. He sent this text in an e-mail to his employees.

“The co-founder, chairman, legal representative and executive director of Bitmain, Jihan Wu, has decided to dismiss Ketuan Zhan with immediate effect.

Bitmain staff will no longer execute directions from Zhan or participate in a meeting organized by him. Bitmain may, based on the situation, consider terminating employment contracts with those who violate these rules. If offenders harm Bitmain’s economic interests, he or she will be held legally or under civil law. “

From friends to enemies

Ketuan Zhan and Jihan Wu are the co-founders of Bitmain and were CEOs until last year. The latter was then worked out with the aim of changing the direction of Bitmain. The company had to concentrate more on the development of AI chips.

That apparently did not go so well as Bitmain lost $ 625 million in the first two months of 2019 prior to a planned IPO in the United States. With this IPO, Bitmain hoped to raise 1.5 billion dollars with a valuation of between 13 and 15 billion dollars.

Bitmain will now do what they are good at, and that is to facilitate the cryptomarket.

The Steve Jobs of the minen

Haipo Yang from ViaBTC and CoinEX:

“We believe that under the leadership of Mr. Jihan Wu, Bitmain China will return to its original heart, focus on its main business, develop in an orderly fashion and become a world-class technology company.”

At the height of the crisis, Wu took hard measures to regain control of the company. I hope that, like Apple’s Steve Jobs, he can lead the company back to its glory. “