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Jihan Wu officially resigns as head of Bitcoin, the world’s largest mining machine manufacturer

Jihan Wu, CEO and CEO of Bitmain, announced in an encrypted letter that he had resigned after reaching an agreement with the company’s co-founder. With his resignation, the company’s one-year lawsuit is coming to an end.

To Report The Block, in an encrypted letter on its Twitter account on Tuesday, officially announced that he had resigned to end the civil war for power in Bitcoin with Micree Zhan, the company’s co-founder. Is.

Letter of Jihan Wu
Letter of Jihan Wu

In the letter, which was deciphered by Igor Igamberdiev of Block, he said the dispute between him and Jean had been resolved in a “friendly” and “constructive” way.

Under the agreement, Jean bought about half of Wu’s shares and a group of founding shareholders for $ 600 million. In return, Wu resigned as CEO and CEO of Bitcoin.

In part of his encrypted letter, Wu writes:

To complete the stock purchase, Mikri took out a $ 400 million loan from Bitcoin and pledged to raise another $ 200 million from outside the company.

As of Jan. 24, BitMin had $ 327 million in cash assets, more than double what major shareholders needed to resolve the issue, according to Wu.

This agreement is in line with previous reports that BitMin intends to independent its mining and cloud mining companies.

Wu wrote about this in his letter:

Also following this agreement, Bitdeer today [سه‌شنبه] It is separated from Bitcoin by mining farms in the United States and Norway. I will be the boss soon. Matt Kong becomes CEO soon. Antpool will soon become an independent company under Micri management [از بیت مین] Will be separated.

The purpose of separating these sectors is to strengthen the efficiency of the Bitcoin trading model to facilitate the public offering of its shares.

Another part of the agreement between Wu and Jan is that investors entering the B and B + fundraising periods, who invested more than $ 700 million in the company in 2018, will triple their number of shares to compensate for the stock valuation adjustment.

In fact, in the initial public offering of Bitcoin, released in 2018, Wu and a number of other founding members, with the exception of Jean, owned about 34% of the company. Setting a price of $ 600 million for about half that amount will bring the total value of the company to $ 4 billion, which is much less than the $ 14.5 billion estimate released in the summer of 2018.

Wu also wrote in his letter:

Today, with the resolution of this issue, Bitcoin has opened a new chapter with great opportunities ahead of it. As the co-founder of Bitcoin, I have enjoyed 2,815 working days for the company with the help and support of countless customers, partners, friends and investors, and I have the most sincere wishes for Bitcoin and its leader.


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