The co-founders of the Bitcoin mining company Bitmain have reached a settlement following a year-long dispute regarding the company’s future.
In the settlement, the current CEO and Chairman of Bitmain, Jihan Wu, will step down from his position to make way for the other co-founder Micree Zhan.
Zhan agreed to purchase $600 million worth of Bitmain shares, which represents just over half of the total, as part of the transferal of power.
Bitmain will retain five seats on its board, three of which Zhan can choose, while the other two are to be appointed by Wu.
Additionally, a firm called Bitdeer will spin-off from Bitmain and will take control of the company’s operations in Norway and the United States.
The agreement marks the end of a multi-year dispute which saw both co-founders battle each other for power in the company. Some in the mining community argued that this power struggle caused the company to fall behind slightly in its competitiveness.
Bitmain’s Journey
Bitmain is the largest and arguably the most influential mining company in the cryptocurrency world. Established in 2013, the company launched to prominence with its infamous AntMiner mining hardware range.
The mining hardware is frequently featured among the most popular picks for miners of all sizes globally.
The company also hosts Antpool, the largest mining pool in the world, controlling over 7% of Bitcoin’s mining hashrate. The pool is also responsible for mining just under 8% of all Bitcoin blocks.
Indeed, as Bitcoin miners considered a number of proposals to upgrade the network over the years, many looked towards the mining giant to see what its miners were signaling.
What Next for the Top Miner?
With the settlement comes a fresh outlook for the influential mining company. Wu, says the agreement “turns over a new page with great opportunities ahead” for Bitmain.
He went on to say he enjoyed his time at the head of the company, wishing Bitmain well for the future as he takes the helm at Bitdeer.
There is no doubt that for Bitmain, this settlement marks the end of an era as one of its original founders departs.
Nevertheless, the Bitcoin mining industry continues to see rapid growth. As the industry’s largest player, Bitmain will likely continue leading the sector’s growth in the future.