The story of Bitmain it now seems to have reached the epilogue. After months of infighting, in which the goal was total control of the company, Bitmain co-founders Jihan Wu and Micree Zhan would finally strike a deal. Under which, the first would have $ 600 million to leave the bridge to the second.
At least this is the thesis of several local news agencies and of Colin Wu, a Chinese cryptography expert. All that remains is to wait for the subsequent developments of a controversy which has actually reached sensational levels over the last year and a half. So much so as to provide abundant material to the sector publications. For their part, they absolutely did not ask to be embroidered on it.
Bitmain, the terms of the agreement
According to the agreement reached, therefore, the company of crypto miner will switch to Zhan, together with Antpool and to the mining farms located within the Chinese territory, while in Wu there will remain as a consolation not only a hefty liquidation, but also the mining pool BTC.com and the facilities of mining ester of Bitmain.
Zhan will also continue to lead the division dedicated to artificial intelligence (AI) and the production of hardware for mining. Finally, to collect the $ 600 million needed to buy Wu's shares, he will temporarily mortgage his shares.
Everything should be ratified on next 28 December, during a shareholders' meeting, under the aegis of Sequoia Capital. It only remains to be seen whether what has been mentioned will not be subject to any changes in the meantime. Even in light of what happened in the recent past, in fact, new twists would not surprise.
Bitmain, a now inevitable solution
The split between the co-founders is in practice the last act of a dispute that can no longer be recomposed. It started in 2019, after an IPO which prompted both Zhan and Wu to leave their respective positions in the company. The second, however, returned at the end of the year, effectively ousting Zhan. The answer was not long in coming, as was foreseeable. In fact, in November, he first declared what had happened illegal and then threatened legal action. The last act was then that of June, when still Zhan broke into the Beijing offices, backed up by security personnel, taking possession of it. A series of acts such as to leave no other way than the definitive separation now at the gates. At least according to the rumors that are circulating in these hours.
What could happen now?
The agreement in place must certainly be welcomed positively, also in consideration of the violence of the power struggle unleashed within Bitmain. Which, according to rumors, had reached fictional tones, particularly when Zhan was involved in one real brawl to get hold of the official company seal.
According to experts, however, the separation within Bitmain will only move the ongoing war outward. To motivate this judgment is precisely the fact that the division of Bitmain's assets will lead the co-founders to find themselves competing with each other. A part of the agreement, in fact, provides that by the end of 2022 Micree Zhan will complete an Initial Public Offering (IPO) in the United States. What will Jihan Wu do instead? The question is already snaking among analysts. And, of course, in that part of the world of information which has followed the whole story, drawing ample inspiration for its own reports.