Bitmain’s Antminer says that Bitcoin rig sales will go ahead following former CEO Jihan Wu’s sudden departure. It is also to be noted that last year due to corporate infighting, chip shipments were temporarily halted.
A news post on cointelegraph stated that Bitmain, a Bitcoin mining rig manufacturer, has said that business operations will continue despite CEO Jihan Wu’s untimely departure from the organization.
It can be recollected that Bitmain’s ASIC mining rigs operations were stopped briefly last year in 2020. That was because of infighting and politics among the top leaders in the company. The Beijing-based hardware company saw their main founders Micree Zhan and Jihan Wu, trying to oust each other of the company.
Zhan had temporarily stopped one of their subsidiaries in Shenzen from shipping products. Crypto Coin Growth is a portal on cryptocurrency had this to tweet on the departure of Jihan Wu.
Bitcoin (BTC) mining rig manufacturer, Bitmain, has issued a notice to customers stating that normal business operations will resume as normal in light of former CEO and chairman Jihan Wu’s departure from the company.https://t.co/75uIlbiGpG
— Crypto Coin Growth (@CCGcryptonews) January 27, 2021
Jihan Wu left the company abruptly on Wednesday after buying shares from Zhan and other shareholders worth $600 million. The team released a statement saying that business will go on as usual.
Bitmain’s Antminer wants to inform you that sales and services will go on as usual despite the internal changes that have happened in the company. Micree Zhan and Jihan Wu founded Bitmain in the year 2013.
They both managed to take it to new heights because, in 2018, it was the largest manufacturer of ASIC machines that were used in Bitcoin mining. Bitmain also runs two mining pools, Antpool and BTC.com.
Antpool and BTC.com collectively account for 20% of Bitcoin mining and 30% of Bitcoin Cash (BCH) mining. Bitmain influence has seen its share of drama internally. In 2017, hard fork saw Bitcoin Cash broke away Bitcoin.
The company then sided with Bitcoin Cash during the hard fork. It was a problem because there were disagreements on the size of the blocks used in Bitcoin’s design. Additionally, they also managed to get a massive contract of $35 million from Riot Blockchain.
Riot Blockchain placed an order for 15,000 of its Antminer S19 series machines. Riot Blockchain is a Nasdaq-listed cryptocurrency mining firm. According to BitInfoCharts, investors were concerned about the unsold merchandise from the New Year period.
However, those fears have been evaporated, with Bitcoin mining’s profitability rising by more than 300%.