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It is not a secret that one of the largest mining companies in the world has been the victim of poor leadership, the fight to stand out and stay in power has been fierce in recent times.
Its history of conflicts starts from its creation, a company with very talented people but with inflexible and non-negotiable leaders so I can feel it from my point of view.
The company was created by the father of the chips Zhan Keutan Aka Micree from his idealistic vision and inspired by the figure of the "Sophon" from an Asian book, it has revolutionized the market, evolving in terms of artificial intelligence and maximum neurological development in its teams.
On the other hand, one of the biggest drivers of BitcoinCash since its inception, Jihan Wu, has been the economic and administrative brain of the company for years, its evolution as a figure within the Bitcoin world has been relevant after the New York agreement AkaSegwit2x.
It is evident that two leaders was in clash and could not convince each other. Wu Jihan had been angry with some of Zhan's actions.
In 2017, Bitmain had very few people working around the world. Zhan was focus on investing a large amount of money in AI projects, which was considered by Wu as a waste of company money to achieve fame and personal fortune desires.
During these years with a vision divided into different objectives, by both leaders, Bitmain has had a clear participation in the growth of open source projects such as Block.one, developers of BCH (ABC), Zcash, as well as has invested in the implementation of mining projects around the world.
Both had close to 30% of the shares at very even levels of participation, making it difficult to reconcile both visions in absolute agreements, even at the end of 2018 both decided to depart from management occupying less relevant positions, giving way to a conciliation process where The managerial figure would be taken by Wang Haichao, but his mandate was relatively short, all his decisions were subject to prior approval from his co-founders despite not belonging to management.
In March 2019, Zhan resumes his mandate as CEO while Wu remains as director, in a year where Bitcoin entered its winter after the exponential growth of 2017.
In September 2019, as a result of the failed growth of Bitcoin and difficulties in sales growth, as well as anticipating the future halving of BTC / BCH, the company chooses to propose an IPO, a proposal that ended up being unsuccessful, it is evident that halving affected significantly To these companies, you are reducing the profit of their products by 50%, therefore they have had to reformulate their ideas.
Finally October 2019 and the rope ends breaking, and this notice appears to Bitmain employees.
Jihan Wu has achieved his goal, he has Bitmain's reins and his main opponent is out of the game, but beyond this, Zhang explains his condition in an open letter.
In November, Wan announced in an open letter his next steps.
After this plot, the worst happened. Zhan has declared war.
In his first legal move, he proceeded to induce a complaint in the Cayman Islands, because his voting power was reduced within the company after an abrupt departure.
The latest claim by the justice office came in response to a request Zhan made in February for an administrative review of the decision and his participation.
After this, Zhan has continued to promote his role as a guerrilla fighter, fighting from the trenches, in the early 2020s he published a statement in support of BITMAIN workers, after a series of unjustified dismissals from his perspective, after stating that the company was still in positive numbers.
Finally, two days ago Bitmain exposed a public document regretting the legal actions of its co-founder Zhan, here we summarize the final part of the statement.
Today 02/29/2020 the Court announces sides with Bitmain co-founder Micree Zhan in a dispute over his former position. There is still a lot to explain and describe about this case, and it is impossible to forget the great influence that Bitmain's mining teams have on the BCH hashrate.
Bitmain with this decision can take a change of course in its direction, it is evident that any action that affects Bitmain can affect BitcoinCash, but I prefer not to anticipate the facts, for now we have to wait for the power dispute to develop within the colossus.