• About
  • Advertise
  • Contact
Cryptopolitan
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
No Result
View All Result
Home News Industry News

Power struggle at cryptocurrency mining giant Bitmain faces bitter end

Manasee Joshi by Manasee Joshi
Oct 30, 2019 06:43 am
in Industry News
2 min read
Power struggle at cryptocurrency mining giant Bitmain faces bitter end
588
SHARES
3.3k
VIEWS
Share on FacebookShare on Twitter

Severe power clash engulfs cryptocurrency mining giant Bitmain as the co-founder and executive director of the maker of the world’s most extensive cryptocurrency mining rigs gets thrown out from his position. 

Not so long ago, a few words from Chinese President Xi Jinping sent the cryptocurrency market soaring by raising hopes of the established businesses, budding entrepreneurs and crypto enthusiasts in the country, whose spirits were otherwise dampened by the anti-crypto stance. Amid all the frenzy and swelled up interests in the space, one Chinese company was witnessing one of its darkest days.

Bitmain being a giant, is hardly news nowadays. From being an industry leader in offering the requisite hardware and solutions of cryptocurrency mining to putting Texas on the global mining map by launching a 50MW mining farm in the region, Bitmain serves as the backbone of thousands of cryptocurrency and blockchain businesses. And Micree Ketuan Zhan had a considerable role to play in its success.

RelatedPosts

ARK Invest bought additional $110 million worth of Coinbase shares

Akon angry he sold Bitcoin gifted to him in 2014

Crypto adoption surge continues as Night Club in Miami now accepts Bitcoin

MicroStrategy to pay directors in Bitcoin

Zhan, along with Jihan Wu, started the mining business in 2013. His revolutionary ASIC-chip designs helped the company raise millions through the manufacturing and deployment of cryptocurrency mining software. Thus, one would expect the company’s existing leadership to be forever indebted by his groundbreaking ideas and concepts. Apparently, that’s far from being the case.

End of an era at the cryptocurrency mining firm

A mighty boardroom battle at Bitmain had a bitter end. It finally led to its co-founder and executive director, Micree Ketuan Zhan, being dismissed from his position with immediate effect.

Wu announced on Tuesday that the co-founder chose to step down from his position in an attempt to put an end to the power struggle at the firm. Zhan will no longer hold any position or stake at the Beijing headquartered company, according to an official update posted to the Beijing city enterprise credit information network website.

Following the announcement, Wu confirmed the news through an internal email to his employees and referred to himself as the founder, chairman, and the legal representative of Bitmain. He warned them against approaching or taking any directions from Zhan.

The email states that Bitmain staff must no longer approach or take instructions from the former executive director, Micree Zhan, as he has been dismissed from his positions with immediate effect. Any employee seen violating the order will be stripped off his or her position. 

For Bitmain, Zhan’s exit is indeed the end of a chapter – and a lengthy one. However, the twelve billion US dollars ($12 billion) valued company has big dreams, and thus, it is only a matter of time before it turns the bitter ending into a new beginning.

Manasee Joshi

Manasee Joshi

An avid reader and an enthusiastic writer, Manasee recently chose to dedicate her time doing freelance writing. A degree in English literature and experiences in Administration, HR, finance, literature, creativity and innovation tucked under her belt, she crafts engaging and compelling content for crypto and blockchain audience.

Related Posts

ARK Invest bought additional $110 million worth of Coinbase shares
Industry News

ARK Invest bought additional $110 million worth of Coinbase shares

2021-04-16 14:25 pm
Akon
Industry News

Akon angry he sold Bitcoin gifted to him in 2014

2021-04-14 16:36 pm
Crypto adoption
Industry News

Crypto adoption surge continues as Night Club in Miami now accepts Bitcoin

2021-04-13 16:58 pm
MicroStrategy
Industry News

MicroStrategy to pay directors in Bitcoin

2021-04-12 20:39 pm
Crypto
Industry News

Crypto investments are risky, Sri Lanka warns

2021-04-12 17:36 pm
How PKT Cash Provides an Economic Incentive for People to Connect Bandwidth to the Decentralized PKT Network 1
Industry News

How PKT Cash Provides an Economic Incentive for People to Connect Bandwidth to the Decentralized PKT Network

2021-04-12 05:50 am

Follow Us

  • 51k Fans
  • 8.3k Followers

Popular News

  • Ripple price prediction XRP blasts past $1.8392 as bulls relentlessly pursue $2.0

    Ripple price prediction: XRP blasts past $1.8392 as bulls relentlessly pursue $2.0

    1315 shares
    Share 526 Tweet 329
  • DOGE Price Prediction: Dogecoin to the moon, to hit its $0.2 target after safeguarding support

    1299 shares
    Share 520 Tweet 325
  • Cardano price prediction: ADA fails to break above $1.50, what’s next?

    1254 shares
    Share 502 Tweet 314
  • XRP Price Prediction 2021, 2023, 2025, 2030

    1136 shares
    Share 454 Tweet 284
  • Dent Token Prediction for 2021 – 2025

    1029 shares
    Share 411 Tweet 257

Latest News

Polkadot price

Polkadot price prediction: DOT breaks above $44, gears up for $50 next

April 17, 2021
Airbnb CEO congratulates former employee Brian Armstrong on Coinbase success

Airbnb CEO congratulates former employee Brian Armstrong on Coinbase success

April 17, 2021
Chainlink price

Chainlink price prediction: LINK to retest $40.0 support

April 17, 2021
Ripple price

Ripple price prediction: XRP ready to make a breakout above the $1.750 mark

April 17, 2021
Crypto Awards: People's Choice. Best of the Best 2

Crypto Awards: People’s Choice. Best of the Best

April 17, 2021

Signup To The Daily Roundup

Get New Posts By Email:
Privacy Policy

Got a Story tip? Email Contact@Cryptopolitan.com

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News

Binance News
Ripple News
Cardano News

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker
Sitemap

Exclusive Partners of

Footer 3

Got a Story tip? Email Contact@Cryptopolitan.com

cryptopolitan 1

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

© 2021 Cryptopolitan. All rights reserved. Terms | Privacy

No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events

Copyright © 2020 Cryptopolitan.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.