Bitmain’s Jihan Wu resigns after reaching a settlement with Micree Zhan.

Jihan Wu has officially resigned from Bitmain. Jihan Wu himself has confirmed earlier rumors of resigning. Both Jihan Wu and Micree Zhan have reached a settlement that finally ends the civil war and power struggle taking place within Bitmain. Wu stated in an official announcement, “The disagreement between Micree and myself, the two co-founders of Bitmain, has been finally settled in an amicable and, more importantly, a constructive manner. I have resigned from the CEO and Chairman of Bitmain as of today.”

Micree Zhan purchased roughly $600 million worth of the Bitmain shares.

To reach a settlement, Micree Zhan purchased roughly $600 million worth of the Bitmain shares owned by the founding shareholders of Bitmain. “In order to complete the share purchase, Micree obtained a loan of US $400m from Bitmain while he committed to raising another US $200m from outside of the group,” says Wu in his encrypted letter. Jihan Wu also mentioned that Bitmain would be unrolling its business into separate entities and that even though he has resigned from Bitmain, he will be the chairman of Bitdeer, a mining operation located in both Norway and the USA that is spinning off of Bitmain.

“Antpool will soon be spun off into an independent company to be led by Micree.”

Jihan Wu also noted that “Antpool will soon be spun off into an independent company to be led by Micree;” and that these new business arrangements will streamline the company in a way that makes it much easier for them to IPO. Micree Zhan and Jihan Wu have been trying to reach a settlement for a long time. The two have had numerous battles for control along the way, from Jihan Wu using physical force to steal a government-granted license from Micree Zhan to Micree Zhan accusing Jihan Wu of stealing over 10,000 mining machines out of a farm owned by Zhan.