Bitmain
11 posts
In a new twist in Bitmain’s ongoing power struggle, co-founder Jihan Wu has regained the legal representative status of the bitcoin miner maker giant. China’s business registration record update on Sept. 14 shows Wu has again become the legal representative and executive director of Beijing Bitmain Technology, the operating entity of Bitmain. Subsequently, Micree Zhan, the rival co-founder who was ousted last October by Wu but regained control earlier this year, is no longer the legal representative and executive director but remains a general manager of the firm. The role of a company’s legal representative in China has broad powers to […]
Bitmain’s appeal to recoup $30 million in alleged lost revenues from Poolin has been denied, Digital Currency Group has acquired a retail-focused exchange and Venezuelan officials appear to have blocked access to Coinbase. Top shelf Bitmain bustA court in China has denied an appeal by bitcoin mining giant Bitmain seeking $30 million in damages from the three co-founders of Poolin, one of the world’s largest cryptocurrency mining pools, CoinDesk’s Wolfie Zhou reports. The mining giant Bitmain claims Poolin’s founding executive broke non-compete agreements in starting its BTC mining operations, leading to millions in lost revenue. While the Beijing No. 1 Intermediate People’s Court found Bitmain […]
Over 20 bitcoin mining farms in China’s Inner Mongolia have been stripped of electricity perks after a clampdown by the local government. A document issued by the Department of Industrial and Information Technology of the Inner Mongolia Autonomous Region on Aug. 24, obtained by CoinDesk, shows the government agency has required a local electricity trade company to disqualify 21 bitcoin mining farms from participating in energy trading. Chinese crypto news source Wu Blockchain first reported the document, but did not provide the names of the farms on the list. Notable entities include two subsidiaries of bitcoin mining giant Bitmain in Inner […]
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The ongoing battle between the co-founders at Bitmain has now essentially hard forked the world’s largest bitcoin miner manufacturer into two different operations and supply chains for making its flagship AntMiner equipment. Wu Jihan, the co-founder who ousted his rival co-founder Micree Zhan Ketuan last year, registered a new entity on July 16 in Shenzhen, China. The new entity, called Guiji Yanghang, is a subsidiary of another recently incorporated company named Beijing Guiyuan Dalu, which is controlled by Wu’s side. Wu removed Zhan from Beijing Bitmain in October, following a long-time power struggle between the two. But Zhan made his comeback […]
Zhan Ketuan, the formerly-ousted Bitmain co-founder who returned to power earlier this month, is proposing a solution to end the firm’s internal war. In a letter Sunday, Zhan, who as Bitmain’s biggest shareholder owns 36% of its stock, offered to buy back shares possessed by his rival co-founder Wu Jihan, several founding members and some of Bitmain employees, at a company valuation of $4 billion. Wu alone controls about 20% of Bitmain and three other founding members own about 15% in total. Bitmain’s employee stock option pool has another 19% and the remaining 10% belongs to external investors. But Zhan’s $4 […]
Its employees have been forced to choose sides but now Bitmain’s customers are also in the middle of the escalating power struggle at the world’s largest bitcoin miner manufacturer. Chinese crypto media BlockBeats reported on Wednesday that since his return in early June, once-exiled co-founder Micree Zhan has halted a Shenzhen subsidiary of the Beijing-based Bitmain from shipping bitcoin miners to its clients. A China-based mining customer of Bitmain and a Bitmain staffer close to the matter confirmed to CoinDesk the temporary delivery halt at Bitmain’s Shenzhen warehouse. According to its 2018 initial public offering prospectus, Beijing Bitmain owns a subsidiary […]
Founded in 2013, the Beijing-based Bitmain Technology remains at the center of the crypto economy. With its flagship AntMiner bitcoin mining equipment still dominating the hardware market and its mining pools accounting for about a quarter of the bitcoin network’s computing power, it retains a uniquely powerful place in the ecosystem of by far the largest cryptocurrency and blockchain project. That’s not to say it isn’t also controversial. Its vocal support for a Bitcoin hard fork (Bitcoin Cash) in 2017, following contentious community disagreement, won the company, and its masterminds, many enemies. This post is part of the CoinDesk 50, an […]
After Micree Ketuan Zhan, the exiled co-founder of Bitmain, moved to reinstate his position after another partial legal victory over his former employer, tensions reportedly escalated into a physical brawl. According to a source close to Zhan, who was ousted by his rival co-founder Wu Jihan last October, the former executive was recently granted the right to recover his status as the legal representative of Beijing Bitmain Technology by the Beijing Haidian District Justice Bureau. On Friday morning local time, as Zhan attended the bureau to collect his new registration license as part of the recovery process, he was surrounded by […]