Bitcoin mining giant Bitmain underwent a reshuffle today as Jihan Wu, Bitmain co-founder, ousted another co-founder, executive director, and Bitmain shareholder Micree Ketuan Zhan. Zhan is a major shareholder of Bitmain with 36% of Bitmain Holdings, while Wu owns only 20%.
An internal letter sent to all Bitmain staff claims: “Bitmain’s co-founder, chairman, legal representative and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately. Any Bitmain staff shall no longer take any direction from Zhan, or participate in any meeting organized by Zhan. Bitmain may, based on the situation, consider terminating employment contracts of those who violate this note.”
In the official response to the media, Bitmain confirmed that all decisions made by Jihan Wu would be effective immediately. As shared by Dovey Wan on Twitter, Bitmain officials seem to be looking forward to Jihan’s leadership.
Jihan Wu is known as a vocal Bitcoin Cash supporter. After today’s announcement, Bitcoin Cash surged over 10%, from $267 to $295. At press time BCH is trading at $285, with an over 6% gain for the day.
As COIN360 reported last week, Bitmain announced the launch of its 50MW Bitcoin mining farm in Texas, which would probably become the world’s largest crypto mining facility.