Bitmain co-founder in legal war against shareholders of the company

[Baofeng]

Last October-Nov, there was a coup in Bitmain company bringing back Jihan to power, now the ousted co-founder is fighting back.

Bitmain co-founder in legal war against shareholders Micree Zhan Khetuan owned four million Class B shares, which translated to ten votes per share. However, the shareholders decided to reduce Zhan’s control of the firm by reducing each Class B share’s value to one vote instead of ten. As such, Zhan asked Cayman Islands Court to discredit this decision and restore his power. As per the reports, Zhan owned around four million Class B shares while Wu Jihan, the only other holder of the special stocks, only owns half as much. The issue arose in October 2019 when Bitmain co-founder Jihan Wu decided to relieve Zhan Khetuan of his duties. Wu announced in an email that Zhan has left the company and that he has been dismissed of all roles. Since then, Zhan has declared that he was removed from his post without his consent, and he would fight for Bitmain “till the end with legal weapons.” Zhan stated that he was betrayed by his trusted partners and stabbed in the back. He added that for those who want “war,” he would give them one. On the other hand, Wu has warned Bitmain employees against interacting with Zhan. Wu has advised employees from taking directions or participating in meetings organized by Zhan. He has explicitly stated that the company may choose to terminate employment contracts of employees that interact with Zhan. Bitmain intends to reduce the workforce by nearly 50 percent as part of its “personnel optimization plan.” It is believed that this is due to the upcoming Bitcoin halving that would reduce mining rewards by half. Since Bitmain is a crypto mining firm, it cannot support its employees with half block rewards and needs to make adjustments.

https://www.cryptopolitan.com/bitmain-co-founder-in-legal-war-with-company/

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[hugeblack]

I do not think that the justification for bitcoin halving is the main reason for exempting employees, because it is a naive comparison, for example, 50% of employees, because the value of the rewards goes down by half.

[Baofeng]

I do not think that the justification for bitcoin halving is the main reason for exempting employees, because it is a naive comparison, for example, 50% of employees, because the value of the rewards goes down by half.

I think it's just one excuse to reduced its employees, maybe because the company is not really earning as it is supposedly claim. Or probably Jihan is using it to purge the ranks of Bitmain of people who are against him. So nothing to do with bitcoin halving but personal vendetta inside his company.

[tippytoes]

I do not think that the justification for bitcoin halving is the main reason for exempting employees, because it is a naive comparison, for example, 50% of employees, because the value of the rewards goes down by half.

I think it's just one excuse to reduced its employees, maybe because the company is not really earning as it is supposedly claim. Or probably Jihan is using it to purge the ranks of Bitmain of people who are against him. So nothing to do with bitcoin halving but personal vendetta inside his company.

More than likely, a weak excuse to discard employees and those that are in close connection with Zhan will be the first to be terminated. Though we don't know his real intentions here but it will come later once the dust settles. Jihan should give the fair share to Zhan to avoid further conflict and "war". If he doesn't want Zhan within the company, at least give him his share. Because I think, if the other side is being given unreasonable compensation, then he will not stop the "war" that he's talking about.

[CryptoBry]

I do not think that the justification for bitcoin halving is the main reason for exempting employees, because it is a naive comparison, for example, 50% of employees, because the value of the rewards goes down by half.

I think it's just one excuse to reduced its employees, maybe because the company is not really earning as it is supposedly claim. Or probably Jihan is using it to purge the ranks of Bitmain of people who are against him. So nothing to do with bitcoin halving but personal vendetta inside his company.

The war going in Bitmain is quite interesting to watch. Both of these personalities are known in the Bitcoin mining industry and whatever they are saying and doing will have ripple effects on the company they are fighting for. Whoever win the upper hand at the end certainly deserves some form of congratulations. Personally, I have no stake on this company and its future so I really do not care, just a spectator of the fight is my fittest description. Whatever can be the real reasons for the plan to trim down the employee list drastically are things these people only know fully. Let's watch further development on this internal Bitmain conflict.

[Mahanton]

I do not think that the justification for bitcoin halving is the main reason for exempting employees, because it is a naive comparison, for example, 50% of employees, because the value of the rewards goes down by half.

I think it's just one excuse to reduced its employees, maybe because the company is not really earning as it is supposedly claim. Or probably Jihan is using it to purge the ranks of Bitmain of people who are against him. So nothing to do with bitcoin halving but personal vendetta inside his company.

More than likely, a weak excuse to discard employees and those that are in close connection with Zhan will be the first to be terminated. Though we don't know his real intentions here but it will come later once the dust settles. Jihan should give the fair share to Zhan to avoid further conflict and "war". If he doesn't want Zhan within the company, at least give him his share. Because I think, if the other side is being given unreasonable compensation, then he will not stop the "war" that he's talking about.

For sure he had some thoughts in regards to this and i do saw that one pushes him is his pride.If they do really care about the company then they should settle it quickly because these conflicts would surely give out negative impressions towards the company.

Alibi or not, the reducing of its employees neither a reason of profit issues or rather personal.

[Baofeng]

I do not think that the justification for bitcoin halving is the main reason for exempting employees, because it is a naive comparison, for example, 50% of employees, because the value of the rewards goes down by half.

I think it's just one excuse to reduced its employees, maybe because the company is not really earning as it is supposedly claim. Or probably Jihan is using it to purge the ranks of Bitmain of people who are against him. So nothing to do with bitcoin halving but personal vendetta inside his company.

More than likely, a weak excuse to discard employees and those that are in close connection with Zhan will be the first to be terminated. Though we don't know his real intentions here but it will come later once the dust settles. Jihan should give the fair share to Zhan to avoid further conflict and "war". If he doesn't want Zhan within the company, at least give him his share. Because I think, if the other side is being given unreasonable compensation, then he will not stop the "war" that he's talking about.

Obviously, his intentions are very clear, get rid of Zhan at all cost and get back the power which he succeeded. So this is really a power struggle between the two and I doubt that anyone will give an inch here. I do hope that we remember how Steve Jobs was kick out of his company Apple before.

@CryptoBry - Yeah I agree, it will have a ripple effect and I think the competitors are greatly benefiting from the said 'war'.

[audaciousbeing]

Topics of discussion such as this are more of politics than it relates to legal section of the forum. Its not a legal action for the adoption of bitcoin neither is it about laws making that relates to crypto currency couple with the tax element of things. This is purely board room politics that no one cares about. Its simply some capitalists fighting each other on who will get the maximum share of the cake and nothing else eventually they would meet in hotel lobby and greet each other after they must have even resolve to settle out of court with a bigger paycheck.

[1Referee]

Or probably Jihan is using it to purge the ranks of Bitmain of people who are against him. So nothing to do with bitcoin halving but personal vendetta inside his company.

I think that makes a lot of sense, especially when you take into consideration that the same tactics were used to get him off his CEO seat. In that regard, who is the bad guy? It's pretty much fire against fire and there isn't much that the regular employees can do than to accept being used as collateral damage.

https://www.blockchain.com/pools

Bitmain is losing the battle as most dominant entity within the mining space and that's a great thing for Bitcoin. I hope it will stay like that, but the problem is that you never know what else fills up that gap. It's great seeing such a toxic company lose power slowly but surely, but what if the competitors are even worse?

[hv_]

Some might speculate they lost the hash war . ABC tricked them into a split cause fear of strong governance for stable compliant  BitCoin BSV was against their wishes

[Kemarit]

I do not think that the justification for bitcoin halving is the main reason for exempting employees, because it is a naive comparison, for example, 50% of employees, because the value of the rewards goes down by half.

I think it's just one excuse to reduced its employees, maybe because the company is not really earning as it is supposedly claim. Or probably Jihan is using it to purge the ranks of Bitmain of people who are against him. So nothing to do with bitcoin halving but personal vendetta inside his company.

The war going in Bitmain is quite interesting to watch. Both of these personalities are known in the Bitcoin mining industry and whatever they are saying and doing will have ripple effects on the company they are fighting for. Whoever win the upper hand at the end certainly deserves some form of congratulations. Personally, I have no stake on this company and its future so I really do not care, just a spectator of the fight is my fittest description. Whatever can be the real reasons for the plan to trim down the employee list drastically are things these people only know fully. Let's watch further development on this internal Bitmain conflict.

Well it has drastically affected them as a whole, internal bickering like this one will have a domino effect on the industry that they are part of. And look at what @1Referee has posted, it looks like Bitmain is losing their grip and power, is has a bad effect on them. But in the long run, we do love to see them losing some ground so that other might take the place and make mining more decentralised. And let other mining companies learn a lesson from Bitmain internal conflict, CEO should get everything on one page.

[Theb]

Topics of discussion such as this are more of politics than it relates to legal section of the forum. Its not a legal action for the adoption of bitcoin neither is it about laws making that relates to crypto currency couple with the tax element of things. This is purely board room politics that no one cares about. Its simply some capitalists fighting each other on who will get the maximum share of the cake and nothing else eventually they would meet in hotel lobby and greet each other after they must have even resolve to settle out of court with a bigger paycheck.

Honestly you cannot really talk about law without including the politics behind it, even if you attend law school they don't just talk about laws they also talke about vases and politics. This case on Micree about him being forced out of his company is a really big deal especially now when Bitmain is planning to go publicly listed in the USA. This may not be directly related to laws governing on Bitcoin and its adoption but these covers how  a co-founder of a mining manufacturing company got ousted from his company. If these case is done I'm sure that it will give a new precedence in the law which may change the courses of the outcome of other cases related to this.

[Baofeng]

Just a quick update on the case:

Micree Ketuan Zhan, the ousted co-founder of Bitmain, has filed another lawsuit in his fight to regain control of the bitcoin mining giant – this time in his home country.

A recent notice from the Changle District court in China’s Fujian province indicates Zhan has filed a lawsuit against Bitmain’s fully-owned subsidiary Fujian Zhanhua Intelligence Technologies, as well as Beijing Bitmain Technologies as a related third party.

A hearing of the case was scheduled on Feb. 11, according to the notice, although it's likely postponed due to the disruption caused by the coronavirus outbreak. While it’s not clear what the exact allegations are, the court says the case relates to a “shareholder qualification confirmation dispute.”

The case adds to the ongoing litigation in the Cayman Islands Zhan has filed against the company that he co-founded with Jihan Wu in 2013, casting further uncertainty on the outcome of the power struggle at the world’s largest miner maker as well as its planned initial public offering in the U.S.

https://www.coindesk.com/exiled-bitmain-co-founder-is-fighting-back-with-second-lawsuit

So he is not going down without a fight, again, this case might drag Bitmain again, I haven't check their quarterly profits, I'm assuming they are still way below their target and this case could cause them millions. So let's see how this power struggle goes.

[hv_]

Just a quick update on the case:

Micree Ketuan Zhan, the ousted co-founder of Bitmain, has filed another lawsuit in his fight to regain control of the bitcoin mining giant – this time in his home country.

A recent notice from the Changle District court in China’s Fujian province indicates Zhan has filed a lawsuit against Bitmain’s fully-owned subsidiary Fujian Zhanhua Intelligence Technologies, as well as Beijing Bitmain Technologies as a related third party.

A hearing of the case was scheduled on Feb. 11, according to the notice, although it's likely postponed due to the disruption caused by the coronavirus outbreak. While it’s not clear what the exact allegations are, the court says the case relates to a “shareholder qualification confirmation dispute.”

The case adds to the ongoing litigation in the Cayman Islands Zhan has filed against the company that he co-founded with Jihan Wu in 2013, casting further uncertainty on the outcome of the power struggle at the world’s largest miner maker as well as its planned initial public offering in the U.S.

https://www.coindesk.com/exiled-bitmain-co-founder-is-fighting-back-with-second-lawsuit

So he is not going down without a fight, again, this case might drag Bitmain again, I haven't check their quarterly profits, I'm assuming they are still way below their target and this case could cause them millions. So let's see how this power struggle goes.

Op - Risks all the way down in PoW / mining. This is good for 'decentralization' of powers btw

We will soon see more regulated and more stable mining companies - like TAAL

Original Bitcoin and its setup is such disruptive, don't play its rules - go bankrupt ...

[squatter]

I'm not sure how far to read into this, but apparently it's a partial victory for Micree Zhan. He had lobbied the Bureau of Justice to block Bitmain's recent corporate officer reshuffling, and they just ruled in his favor. Jihan Wu is pissed off, saying Bitmain is going to sue the City:

The bureau had approved the registration switch on Jan. 2, but Zhan appealed the decision in February and asked the bureau to register him as the legal representative, a title he once held, instead.

While the bureau did not register Zhan as the legal representative, its reversal of the change from Wu to Liu could be significant. In China, naming a legal representative is much more than a formality; usually the chairman or CEO, this person has broad powers to act on a company’s behalf.   

“We deeply regret the decision and think the bureau has violated corporate laws, and our company’s autonomy via administrative measures,” Bitmain said in a statement the same day. Hong Kong-based Bitmain Technologies Limited, whose CEO is Wu, has the right to change its legal representative since it is the Beijing subsidiary’s sole shareholder, the company said.

“We will file a lawsuit against the bureau to protect our company, shareholders and employees,” the company said in the statement.

Apparently this legal representative position is a big deal.

[Baofeng]

^^ Thanks for updating this thread.

Yes I would consider this a win for Zhan because it was ruled in his favour. I think this is very big win for him and this might pose another road block to Jihan's grand scheme to have full control again. I'm still seeing that this case will be drag for years in China's court and it might take a toll on Bitmain. Lol, at Jihan suing the city, he really thinks that he is untouchable now. I think this will also create a lot of uncertainty within Bitmain itself including their investors.

[Jating]

[..snip..]
Apparently this legal representative position is a big deal.

Probably is, as it oversee's the company's legal affairs, so it is one powerful position with Bitmain.

@Baofeng - Bitmain has been struggling in the past couple of years and Jihan Wu want's to consolidate his power and he want's everyone on his side. Unfortunately, Micree Zhan will be a pain in his ass and won't really give up his position in the company, specially they did it when he was away. So they will keep on struggling as long as Zhan is on their way.

[gentlemand]

https://twitter.com/DoveyWan/status/1258667286455398401

Slightly hard to tell what's going on here but it looks like that some sort of licence pertaining to Bitmain was physically grabbed by Jihan's goons in a government office.

Had there been an IPO and stuff I wonder what their respectable shareholders would make of stuff like this. Maybe it's business as usual in China. Dunno.

[Yaunfitda]

And according to this article, the decision to removed Zhan was the decision of the board of of shareholders. But what influences the share holder to vote on no-confidence resulting to the ouster?

The statement also notes that if Zhan attempts to interfere with company business and employees they will take him to court. The statement shows that the removal of Zhan was based entirely on all the shareholders’ decisions.

The statements also detail that Zhan should not talk to Bitmain employees and try to sway them. Bitmain employees have been told to ignore Zhan or they could be faced with legal actions.

https://news.bitcoin.com/bitmain-cofounder-allegedly-expelled-could-face-litigation-for-operation-interference/

I'm not sure about Jihan goons taking some stuff in the in a government office, but if this is true then this is going to be a long battle for Jihan, against the government and Zhan.

[stompix]

You will need lots of popcorn for this

So, everything is a mess with Bitmain Technology Co., Ltd part of Beijing Bitmain Ltd being owned by Bitmain Technologies Limited based in Hong Kong but managed by BitMain Technologies Holding that also held the business license and there are two more subsidiaries which are not under this management control but part of Beijing Bitmain ...
Yeah, everything is pretty clear ...

I wonder how long it will take till the courts get tired of all this end advise them to stop playing games or they will all end in a stadium, with no matches being played.

Had there been an IPO and stuff I wonder what their respectable shareholders would make of stuff like this.

If Bitmain had an IPO a lot of pretty shady stuff that is going around there would have been exposed, and if respectable people would have invested in it even with those probably all the previous leadership would have been retired or assigned some nice paid jobs but with no decisional power left.
Anyhow, bad times for this infighting with the best gear going to ROI in one year assuming 2c/kWh and no other expenses, really really bad timing.

[gentlemand]

Anyhow, bad times for this infighting with the best gear going to ROI in one year assuming 2c/kWh and no other expenses, really really bad timing.

I'm not paying any attention to miningland. How on top are Bitmain these days? Is their position sliding or are they still pretty dominant? Kind of fun if all of this happened just as they were about to fall off a cliff.

Every Bitcoin antagonist seems to fall by the wayside eventually. I always reckoned Bitmain would be just another footnote eventually.

[stompix]

~

I'm not paying any attention to miningland. How on top are Bitmain these days? Is their position sliding or are they still pretty dominant?

They have still the best gear by price
S19pro  110Th/s  3250W 2400$
M30S++  112Th/s  3480W ,  $3900

Everyone is talking only about the s19pro, so probably in sales numbers it might be something worse than 10:1. God knows.
What is going to kill their gear sales is not going to be the competition but the halving, and if price stays under 10k for 6 months there is zero incentive to buy new gear.

Every Bitcoin antagonist seems to fall by the wayside eventually. I always reckoned Bitmain would be just another footnote eventually.

It will take a little longer for bitmain, they have pretty lucrative business with the mining at bitdeer, selling cloud mining contracts that will make enough in one year for a BigMac, only the burgers, no fries. Their fate is tied to the price of BTC if it goes down again for a long period....it might really be the final nail in the coffin, And not just for them, for everyone.

[hv_]

Anyhow, bad times for this infighting with the best gear going to ROI in one year assuming 2c/kWh and no other expenses, really really bad timing.

I'm not paying any attention to miningland. How on top are Bitmain these days? Is their position sliding or are they still pretty dominant? Kind of fun if all of this happened just as they were about to fall off a cliff.

Every Bitcoin antagonist seems to fall by the wayside eventually. I always reckoned Bitmain would be just another footnote eventually.

We see how the physical part of Bitcoin, the PoW business / long term physical investments are nacked in terms of operational risks all over incl legal / governance risks of local governments, energy, chip production, innovation,...  full competition in open PoW system is the only working force achieving sustainable "decentralization". No monopoly can survive long term in such a PoW environment, nothing there who protect business, no gov ensures monopoly  ( but until some central governance like ... devs ... are changing the rules...)

Not so: all other like PoS, PoA, ... name it, these are all totally crap

Best crap example: ETH , changing the rules by central devs ..wtf

This is not smart (contract - LOL!) ,  they ARE breaking contracts with all users- I ve not seen a proper legal memo on such

??

[gentlemand]

https://twitter.com/molllliy/status/1274876386147045377

Micree Thingy has now listed all of Our Jihan's crimes over the years. China being China I dunno whether he'll get a pat on the back or be stripped of his organs and have his hollowed out torso sold in a seafoord market.

[hv_]

https://twitter.com/molllliy/status/1274876386147045377

Micree Thingy has now listed all of Our Jihan's crimes over the years. China being China I dunno whether he'll get a pat on the back or be stripped of his organs and have his hollowed out torso sold in a seafoord market.

hmpff -- fights , hacks, suits ... nej nej nej

[Harlot]

I was waiting for something like this to happen when Micree got ousted of his own company but I never imagined that this will be a big bomb like this and we still don't know yet how reliable this news is. Like how reliable is the twitter user Molly at providing crypto news like this? Because it's the first time i'm seeing this twitter handler leaking some news in Twitter's feed and aside from that what is the reason why this person have this kinds of evidence incriminating Jihan with something? This will also be questioned as well as the legitimacy of these documents.

[stompix]

https://twitter.com/molllliy/status/1274876386147045377
Micree Thingy has now listed all of Our Jihan's crimes over the years.

Lol, as I was saying a few weeks ago, what a clusterfuck

Bitmain Cayman controls Bitmain HK, Hk controls Bitmain in Beijing,after illegal push Micree out,Jihan took over the control of Bitmain HK, and Beijing.

But seems like before bitmain and Jihan finally getting what they deserve, Bitmain's customers who paid for miners are also getting caught in this infighting by this as per reports, no mining gear is leaving for shipping. Bitmain, even on its deathbed manages to somehow screw its customers.

[gentlemand]

https://twitter.com/DoveyWan/status/1280339529010868224

Looks like Micree Thingy may have completed his oust.

I know many of you looked to Jihan for guidance and leadership in the dark years. If he comes calling on you for succour then you know what to do.

[amishmanish]

--snip--
On the other hand, Wu has warned Bitmain employees against interacting with Zhan. Wu has advised employees from taking directions or participating in meetings organized by Zhan. He has explicitly stated that the company may choose to terminate employment contracts of employees that interact with Zhan. Bitmain intends to reduce the workforce by nearly 50 percent as part of its “personnel optimization plan.”
 --snip--

Only in China can an employer threaten his employees as to what they choose to do or not do in their spare time as well as have the confidence that he can actually reliably monitor who his employees interact with. Considering that most Chinese "corporations" turn out to be controlled and funded by the state, how long is it before bitmain shows its true color and Chinese Govt use it to weaken Bitcoin. The fuckers already rate EOS as their top coin in some shitty state publication while Bitcoin is placed at some double-digit place.

The fuckers place Steem above Bitcoin at times. My ardent hope is for More power to this Zhan guy. Hope the two of them fight it out and burn this fucking deceptive chinese contraption to the ground. Watch out for sudden disappearance of the Zhan guy or some unknown "settlement" at the behest of Chinese govt.

[stompix]

Considering that most Chinese "corporations" turn out to be controlled and funded by the state, how long is it before bitmain shows its true color and Chinese Govt use it to weaken Bitcoin.

And what can they do without harming their own interest?
Bitmain shipped in just one order 40 million $ worth of gear, shutting down production and destroy a lucrative business, especially during these times?
Take over the farms and launch a 51% attack so that thousands of Chinese lose probably billions in bitcoin?

They will destroy bitcoin, let's say although I find this quite impossible, what would they gain? Almost nothing! What would they lose? A lot!
China has become a great power with their constant hunt for profit, they avoid conflict as long as possible, they are always watching from the sidelines, they've learned that there is no point fighting any kind of war if it hurts you financially.  As long as BTC brings money in China and helps getting a few jobs it will all be ok, it's bad enough for them with the virus with hong kong to just piss of others even more.

[Baofeng]

https://twitter.com/DoveyWan/status/1280339529010868224

Looks like Micree Thingy may have completed his oust.

I know many of you looked to Jihan for guidance and leadership in the dark years. If he comes calling on you for succour then you know what to do.

Micree has the balls and it's really turning ugly and becoming a shit show. I'm waiting for Jihan to response (if he hasn't responded yet), and if you are a board of directors, you should really pick a side here. I think Jihan has still the influence but Micree has the legality. And I doubt that they will try to destroy bitcoin though, and with their company crumbling down, China has been benefiting from it so logically the government will not allow Bitmain or any other Chinese controlled mining farms to do it.

[squatter]

https://twitter.com/DoveyWan/status/1280339529010868224

Looks like Micree Thingy may have completed his oust.

I know many of you looked to Jihan for guidance and leadership in the dark years. If he comes calling on you for succour then you know what to do.

Micree has the balls and it's really turning ugly and becoming a shit show. I'm waiting for Jihan to response (if he hasn't responded yet), and if you are a board of directors, you should really pick a side here. I think Jihan has still the influence but Micree has the legality.

Jihan Wu isn't going down without a fight. He posted an announcement 16 hours later claiming the earlier document contained false information and that the WeChat and Weibo accounts were compromised. When TechNode contacted Bitmain about the incident, a Bitmain spokesperson directed them to the later announcement posted by Wu.

Without official legal proceedings, it's difficult to say who is in the right or who will maintain control of the company.

[gentlemand]

Without official legal proceedings, it's difficult to say who is in the right or who will maintain control of the company.

Also hard to know what's acceptable and what isn't in the Chinese business environment. I kind of get the feeling blowing up one another's grandmothers attracts little more than a shrug. And I wonder whether having the right officials on your side means an automatic win.

[Baofeng]

https://twitter.com/DoveyWan/status/1280339529010868224

Looks like Micree Thingy may have completed his oust.

I know many of you looked to Jihan for guidance and leadership in the dark years. If he comes calling on you for succour then you know what to do.

Micree has the balls and it's really turning ugly and becoming a shit show. I'm waiting for Jihan to response (if he hasn't responded yet), and if you are a board of directors, you should really pick a side here. I think Jihan has still the influence but Micree has the legality.

Jihan Wu isn't going down without a fight. He posted an announcement 16 hours later claiming the earlier document contained false information and that the WeChat and Weibo accounts were compromised. When TechNode contacted Bitmain about the incident, a Bitmain spokesperson directed them to the later announcement posted by Wu.

Without official legal proceedings, it's difficult to say who is in the right or who will maintain control of the company.

Yes, for sure we all know Jihan won't go without a fight, but we all know who the bully in this case, and in this kind of situation, regardless of legality proceedings, we always root for those who are being bullied and fight back, that's why I said that Micree has the steel balls to go up against the bully Jihan.

[amishmanish]

Considering that most Chinese "corporations" turn out to be controlled and funded by the state, how long is it before bitmain shows its true color and Chinese Govt use it to weaken Bitcoin.

And what can they do without harming their own interest?
Bitmain shipped in just one order 40 million $ worth of gear, shutting down production and destroy a lucrative business, especially during these times?
Take over the farms and launch a 51% attack so that thousands of Chinese lose probably billions in bitcoin?

I am not worried about what they might do just to bitcoin. There goals are always bigger. Chinese co. like Bitmain cannot be expected to behave like other corporations in the "free-world" behave. There have been instances when major US or European corporations will go into litigation with their own Governments over policy issues. Sate policy doesn't always drive MNC policies. In China, on the other hand, you aren't dealing with just a profit-motive corporation alone but with the Chinese state entity as a whole. There desire for asserting world domination is well known. They would like to keep strengthening financial muscle. Take the example of their "Private" corporations that routinely under-bid other international companies in Africa because of state support.

The Chinese state has recognised cryptocurrency as a worthy investment of their attention and time. China was also at one time trying to push RMB as an alternative to USD. My worry is that Chinese don't see bitcoin as any form of financial freedom or privacy tool. Those concepts are antithetical to what China stand for. Pervasive policing and record of citizen activities and transactions, so as to enable perfect control over the communist utopia. With the support of BCash from Bitmain, their stands against BTC in general and the Chinese desire to make sure their writ runs large over any new ecosystem that evolves, they may very well try to use Bitmain as a Trojan Horse to target BTC and prop up one of their own horses. Everyone knows of their love for EOS.

Chinese wouldn't care much about investments of a company like Bitmain when it comes to their state goals. The best hedge against them though is that bitcoin as an ecosystem is diversified enough not to be completely dependent on Bitmain. The stakeholders are widespread and if the Chinese try to do anything, they will have the whole world against them. They have learnt this from the coronavirus debacle and the stand taken by EU states against their bids to buy up depressed stocks resulting from the pandemic.

They will learn and they will continue to try to dominate every system whenever they can.

[btc_angela]

https://twitter.com/DoveyWan/status/1280339529010868224

Looks like Micree Thingy may have completed his oust.

I know many of you looked to Jihan for guidance and leadership in the dark years. If he comes calling on you for succour then you know what to do.

Micree has the balls and it's really turning ugly and becoming a shit show. I'm waiting for Jihan to response (if he hasn't responded yet), and if you are a board of directors, you should really pick a side here. I think Jihan has still the influence but Micree has the legality.

Jihan Wu isn't going down without a fight. He posted an announcement 16 hours later claiming the earlier document contained false information and that the WeChat and Weibo accounts were compromised. When TechNode contacted Bitmain about the incident, a Bitmain spokesperson directed them to the later announcement posted by Wu.

Without official legal proceedings, it's difficult to say who is in the right or who will maintain control of the company.

Yes, for sure we all know Jihan won't go without a fight, but we all know who the bully in this case, and in this kind of situation, regardless of legality proceedings, we always root for those who are being bullied and fight back, that's why I said that Micree has the steel balls to go up against the bully Jihan.

Lesser of two evil scenario? Of course,  majority of us starting to hate Jihan specially when he turns pro-BCH with Roger Ver and pushes their narrative to be the true bitcoin with their big blocks and misleading newbies in their website. But we all know that Jihan is also tough as nails and won't simply go down without fighting. So it's really ugly and I'm sure that there will be media wars and fake news. We need more popcorn, 

[Baofeng]

It's Jihan's turn to move his pieces in this chess match, Power Struggle Inside Bitmain ‘Hard Forks’ Bitcoin Miner Production.

The ongoing battle between the co-founders at Bitmain has now essentially hard forked the world’s largest bitcoin miner manufacturer into two different operations and supply chains for making its flagship AntMiner equipment.

Wu Jihan, the co-founder who ousted his rival co-founder Micree Zhan Ketuan last year, registered a new entity on July 16 in Shenzhen, China. The new entity, called Guiji Yanghang, is a subsidiary of another recently incorporated company named Beijing Guiyuan Dalu, which is controlled by Wu’s side.

Wu removed Zhan from Beijing Bitmain in October, following a long-time power struggle between the two. But Zhan made his comeback in June to control the entity again after winning favor from authorities earlier this year.

So Jihan registered a new company and we might see Bitmain splitting into two and producing the same AntMiner, how ironic it is for Jihan who supported a fork coin.

[stompix]

It's Jihan's turn to move his pieces in this chess match,

This is no chess match, it's Angry Hungry Hippos...
A month ago I was laughing at their internal structure and relations between companies:

So, everything is a mess with
Bitmain Technology Co., Ltd part of Beijing Bitmain Ltd being owned by Bitmain Technologies Limited based in Hong Kong but managed by BitMain Technologies Holding that also held the business license and there are two more subsidiaries which are not under this management control but part of Beijing Bitmain ...
Yeah, everything is pretty clear ...

Let's add a few more companies, to make everything a giant mess

Public records show that an effective AntMiner trademark has at least been registered in mainland China and Hong Kong, both filed and owned by Bitmain’s Singapore entity called Bitmaintech Pte , Bitmaintech Pte is in parallel with Bitmain Technologies Limited,
<>
Zhan owns 36% of the holding group while Wu owns 20%. The Hong Kong entity further owns Beijing Bitmain as well as Beijing Guiyuan Dalu. Currently, Zhan’s side controls Beijing Bitmain and its Shenzhen factory Century Cloud Core while Wu controls Guiyuan Dalu with the new supply chain subsidiary.

So Jihan registered a new company and we might see Bitmain splitting into two and producing the same AntMiner, how ironic it is for Jihan who supported a fork coin.

And more ironic is going to be (if it happens) to watch them fight in China over the rights to produce the miners and trademark infringements.
The whole Cayman thing will not help them if they drag this too long in courts and as things start to come to the surface probably the moment when authorities will step in and tell them to solve this between them or get shut down is approaching.

One more thing, Bitmain has all the pre-orders sold for both August and October (I don't know if there was a September batch)  and some resellers are taking orders for December, so they might now something...
Although funny for people on the side, for a lot this is bad news over bad news.

[Baofeng]

@stompix - for me this is a chess match, don't blink as the other side might pull some attack.  

They are really destroying their company here, and their competition by now are laughing their ass off as they could be separated and imagine two Antminer products out there, which one should we choose  . Some here, just wondering what will happen to those pre-orders, there could be another round of delays but no clear path as to when they are going to deliver. So those pre orders might be cancelled, another black eye to them if that happens.

[malevolent]

I haven't been following this dispute, but has it had any effects on miner shipping times? Could both of them actually produce ASICs separately, without working together?

[btc_angela]

I haven't been following this dispute, but has it had any effects on miner shipping times? Could both of them actually produce ASICs separately, without working together?

Possible, but it will be the question on who has the intellectual property rights on ASICs per se. So I'm sure if Jihan produces his own, it will be another lawsuit coming his way from Micree. And this is really getting out of hand and turning into a shit-show and it could really bring the empire down and destroy it.

[stompix]

I haven't been following this dispute, but has it had any effects on miner shipping times?

Yeah, some were lucky, some were not, delays are expected, not sure how much this will affect and for how long but it's clearly no smooth sailing.
Some very 'bad' news on s19 shipments
At this point is almost like playing the lottery if you deal with them, and your bet is on your product being in control of the part of the company that still works.

Could both of them actually produce ASICs separately, without working together?

No idea about this, and probably only insiders familiar with the logistic chain and with current knowledge of the financial situation would be able to answer, add on top of this the habit of Jihan to split everything into tens of companies is likely these guys are very few in numbers.

[Baofeng]

I haven't been following this dispute, but has it had any effects on miner shipping times?

Yeah, some were lucky, some were not, delays are expected, not sure how much this will affect and for how long but it's clearly no smooth sailing.
Some very 'bad' news on s19 shipments
At this point is almost like playing the lottery if you deal with them, and your bet is on your product being in control of the part of the company that still works.

Could both of them actually produce ASICs separately, without working together?

No idea about this, and probably only insiders familiar with the logistic chain and with current knowledge of the financial situation would be able to answer, add on top of this the habit of Jihan to split everything into tens of companies is likely these guys are very few in numbers.

I think it's possible that either one of them can produce their own version of it. Remember Zuoxing Yang?  Who left Bitmain and founded his own company MicroBT, then sued by Jihan for patent infringement but eventually lost because the court rules that the design is widely used, thus revoking Bitmain's patent for that.

[hv_]

Nah?

https://coingeek.com/bitmain-drama-continues-did-jihan-wu-steal-from-micree-zhan/