Bitmain is Back to ‘Normal Operations’ Following Jihan Wu Settlement With Micree Zhan
- Bitmain releases a letter to customers affirming “business operations will resume as normal” following the change in a CEO role after Jihan Wu left his leadership role.
Over the past year, Bitmain, the world’s largest Bitcoin mining rigs producer, has struggled to complete its customers’ orders as conflicts within the top management delayed shipments. In focus, founders Micree Zhan and Jihan Wu were at the center of the feud as Wu once threatened to split its flagship mining Antminer rig’s manufacturing and supply chain processes.
However, Bitmain is finally looking to move on from the issues and “resume its normal business operations” following Wu's departure from the CEO role, a note from the team stated. The note reads,
“Antminer is here to inform you that product delivery and sales services will not be affected by Bitmain’s internal changes.”
“Our sales policy for customers remains unchanged, and all signed contracts will continue to perform in accordance with the terms and conditions.”
Bitmain announced a halt in the supply and manufacturing processes of the Antminer rigs in 2020, leaving customers, who expected rigs in June and July, to wait until September and October delivery.
On Tuesday, the long-standing battle between two of the richest men in crypto was finally settled after Jihan Wu bought $600 million shares in Bitmain and resigned from the company. Micree Zhan will regain control of the company, after being ousted in September, with Jihan Wu leading an offshoot of Bitmain, Bitdeer, as the chairman.
Despite the inner company conflicts, Bitmain remains the largest Bitcoin mining rig manufacturer and saw an increase in demand across 2020. Riot Blockchain, a mining farm, stocked up on over 11,500 bitcoin mining rigs across the year from Bitmain, boosting its hashrate over 100% during the year with a target of 2.3EH/s set for June 2021.