To settle the dispute and streamline the company for a future IPO, Bitmain's businesses were divided between the two founders:
The years-long power struggle at Bitmain, the world’s largest Bitcoin mining hardware manufacturer, was officially resolved in . The conflict between co-founders Jihan Wu and Micree Zhan , which involved multiple lawsuits and even physical confrontations at government offices, ended with a $600 million settlement and a formal corporate split. Key Settlement Details (January 2021) Bitmain Co-Founder Exits, Resolving Years-Long ...
: An international mining farm and cloud computing platform with operations in the U.S. and Norway. To settle the dispute and streamline the company
: Micree Zhan purchased nearly half of Bitmain’s shares from a group of founding shareholders (including Wu ) for $600 million . and Norway
: Wu officially resigned as Bitmain’s CEO and Chairman.
: A major mining pool was also transferred to Wu’s control as part of his exit. Background of the Conflict
The purchase was financed through a from Bitmain’s cash reserves and $200 million in outside funding.