Leaked Negotiation Details Show the Two Founders of Bitmain May Come to A Compromise
On June 24, a statement issued by Antminer shows crypto miner maker Bitmain’s two founders Wu Jihan and Micree Zhan have reached an agreement after their long battle for controlling the company.
The voice is solely from Wu Jihan, and there is no response from the Micree Zhan at present. So it’s just a temporary compromise. It’s not clear whether it will be repeated later. The announcement was deleted soon after it was issued.
Information from the negotiation
1. Micree Zhan currently controls materials.
2. Wu Jihan controls the capital and the chip of miner.
3. At present, it needs the cooperation of both parties to make the miner.
4. Wu Jihan proposed to pay Micree Zhan the supplier’s funds every month, pay the salaries of employees in Bitmain (Beijing), and pay Micree Zhan the money for each miner sold. The money can only be used for the daily operation of the company, and must ensure that the orders of the original customers can be completed.
5.Mr. Zhan disagrees with the fourth proposition.
6. The mining machine Mr. Zhan to sell in October has no access to the wafer of TSMC’s chip.
According to the statement, Zhan controlled the factory in Shenzhen through his relatives; Wu cut off the supply of TSMC chips and paid the suppliers. It is expected that the supplier will put great pressure on Zhan’s team.
Wu Jihan offered to pay suppliers’ fees and employees’ wages, and the cost of machines selling belongs to Bitmain (Beijing), but it can only be used for the daily operation of the company. It indicates the capital cannot be transferred to an individual holding company. In addition, it must ensure that the orders of previous customers can be completed.
This shows that Wu is still in charge of the sales and finance of the company, which may be unacceptable to Zhan. Zhan eagers the absolute power of sales and finance. Who is in charge of the financial affairs and whether Zhan can sell the mining machines by himself is still uncertain.
The two founders have different values, strategies, and styles. They take away their original management fields. One enters the world of chips and AI, the other enters the world of crypto finance. They will both create greater value in their respective fields.