Leadership Feud at Bitmain: 10,000 Antminers Go Missing in Inner Mongolia

Reports detail that 10,000 Antiminers have been allegedly stolen from a Bitmain facility in China. Sources say that the missing mining rigs concern the ongoing power struggle between Bitmain cofounders Jihan Wu and Micree Zhan.

Back in mid-June news.Bitcoin.com reported on the power struggle between the Bitmain cofounders. For many years now Bitmain has been the most dominant bitcoin ASIC mining rig manufacturer.

However, for quite some time now the cofounders Micree Zhan and Jihan Wu have been at odds. Now regional reports detail that 10,000 Antminers worth millions have gone missing or were “illegally transferred” from a Bitmain mine in Inner Mongolia.

There isn’t an exact count on every make that was taken but the 10,000 Antminers included miners like the S9 Hydro series, S15, T15, S17 Pro, S17, T17, and a prototype model.

The last time, the two cofounders were allegedly quarreling, reports noted that Zhan ostensibly was prohibiting deliveries stemming from the company’s Shenzhen factory. The China-based publication 8btc highlights that last Friday an internal letter from Jihan Wu detailed that Zhan’s allies took the 10,000 miners.

Estimates say that the net worth of all the miners total would be around $10 million. Despite the reports of an internal memo from Jihan Wu, Zhan accused Wu of taking the lot of ASIC miners using the official Bitmain Weibo account.

Financial columnist Lylian Teng revealed that a number of trademark filings have been filed for the name Antminer. Public records indicate the filings stem from Hong Kong and mainland China. Teng notes that the filings derive from Bitmain’s Singapore unit “Bitmaintech Pte.”

The feud over the massive amounts of manufacturing equipment and farms in China couldn’t come at a worse time for the company when Ebang recently filed for it’s U.S. IPO and Microbt is taking in a large market share. People thought the Bitmain cofounders may come to a settlement because a leaked negotiation deal indicated the two tried to compromise.

In addition to the leadership issues at Bitmain Technologies, reports also show there are alleged issues with a number of high ranking Canaan executives as well. Additionally, four executives; Tu Songhua, Kong Jianping, Li Jiaxuan, and Sun Qifeng were deleted from the company registry.

 

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