Bitmain Co-Founder Micree Zhan Ousted
Micree Zhan is reportedly removed from Bitmain in a dramatic internal power struggle, affecting company leadership and market sentiment.
On October 29, 2019, reports emerged that Micree Ketuan Zhan, co-founder of Bitmain, was ousted from his roles as CEO, chairman, and executive director in a power struggle with co-founder Jihan Wu. Internal communications instructed all Bitmain employees to cease taking direction from Zhan and to stop participating in meetings he organized.
The ousting followed a prior leadership dispute in November 2018 and coincided with Canaan Creative filing for a $400 million U.S. IPO, the world’s second-largest Bitcoin mining hardware manufacturer. Industry analysts speculated that the timing could influence market dynamics, including Bitcoin Cash valuations, given Wu’s vocal support for the altcoin.
The leadership change raised concerns about corporate governance, the strategic direction of Bitmain, and potential operational disruptions at a company responsible for a substantial portion of global Bitcoin mining hashrate. Investors and mining operators monitored the situation closely, noting the broader implications for hardware supply, global network security, and the stability of Bitcoin mining ecosystems.Media coverage highlighted the drama and personal nature of the dispute, emphasizing the impact that internal corporate conflicts can have on global cryptocurrency markets.