The manufacturer of Bitcoin (BTC) mining equipment, Bitmain, issued a notice to customers stating this Normal business operations will resume as usual after the departure of former CEO and Chairman Jihan Wu from the company.
Bitmain’s ASIC mining rig orders were dropped back in 2020 during the Beijing-based hardware company’s internal power struggle.
In a dramatic saga in which the two Bitmain co-founders Micree Zhan and Jihan Wu, tried to remove each other from corporate governance, Zhan has temporarily prevented a subsidiary in Shenzen from shipping products to customersAs reported by local media The Block Beats at the time.
January 27th Hours after Jihan Wu amicably left the company (after purchasing $ 600 million worth of shares from Zhan and other shareholders), the team behind Bitmain’s flagship product, Antminer, issued a statement urging customers to expect normalcy::
“Antminer is here to inform you that product delivery and sales service are not affected by Bitmain’s internal changes. Our sales policy to customers remains unchanged and all signed contracts will continue to be executed according to the terms and conditions. “
Bitmain was founded in 2013 by Zhan and Wu, and in 2018 was the world’s largest manufacturer of integrated circuit machines for specific applications in Bitcoin mining. The company also manages two mining pools, Antpool and BTC.com, Which together They make up around 20% of all bitcoin mining and 30% of bitcoin cash mining (BCH).
The company’s influence has led it to star in various Bitcoin dramas over the years, particularly during the 2017 hard fork. in which Bitcoin Cash split from Bitcoin. Bitmain was on Bitcoin Cash’s side during the tough fork. This arose out of ideological disagreements over aspects of Bitcoin designespecially the size of the blocks.
Despite the uncertainty about corporate governance Bitmain received an order from Riot Blockchain for 15,000 machines of the Antminer S19 series, a Nasdaq-listed cryptocurrency mining company, in December in a deal worth $ 35 million.
Concerns about unsold product inventory may have resolved somewhat over the course of the new year. when the profitability of bitcoin mining increased more than 330%, according to the latest data from Bitinfocharts.com.