Jihan Wu Reasserts Control at Bitmain Amid Ongoing Co-Founder Dispute

The leadership turmoil at Bitmain, one of the world’s largest bitcoin mining equipment manufacturers, has taken another significant turn. Recent business registration records from September 14 reveal that Jihan Wu has once again secured the position of legal representative and executive director of Beijing Bitmain Technology, the company’s core operating subsidiary. This development marks another shift in the protracted power struggle between Wu and his co-founder Micree Zhan, whose authority has been correspondingly downgraded to general manager status.

The Significance of Legal Representative Status

Under Chinese corporate law, the legal representative role carries substantial decision-making authority and typically grants control over the company’s official seal—a critical instrument for authenticating and executing binding corporate agreements. This distinction explains why both founders have fought so intensely for this designation.

Wu confirmed the change through an official announcement released on September 15 via Bitmain’s AntMiner brand communication channel, emphasizing that the company maintains respect for Zhan despite the leadership restructuring. However, this apparent resolution masks a deeper institutional crisis that has severely undermined Bitmain’s operational stability.

A Chronology of Conflict

The current dispute traces back to October 2019, when Wu orchestrated a removal of Zhan from his positions as chairman and legal representative, citing mismanagement and deteriorating market performance during Zhan’s tenure. Despite holding Bitmain’s largest shareholder stake, Zhan initially found himself stripped of executive authority.

Unwilling to accept this ouster, Zhan pursued legal recourse by filing a lawsuit in the Cayman Islands—where Bitmain’s parent entity is registered—challenging the legitimacy of Wu’s actions. Earlier in 2020, Zhan executed a counteroffensive, leveraging political pressure and physical occupation of Bitmain’s Beijing headquarters to reclaim his legal representative status temporarily.

Operational Fallout

The succession of power transfers has created severe organizational damage. Management disclosed that the co-founders’ prolonged conflict has resulted in substantial market share erosion, brand reputation deterioration, and significant customer attrition. Multiple customers migrated to competing manufacturers, particularly MicroBT, citing supply chain instability.

The dispute has internally fractured the company, with employees forced to choose sides. The manufacturing operations for mining equipment essentially split into two competing factions, each attempting to establish separate distribution networks and factory arrangements. This fragmentation caused substantial delivery delays and threatened strategic initiatives, including a previously planned initial public offering that has since stalled.

Outstanding Legal Matters

Despite Wu’s apparent restoration of control, the fundamental dispute remains unresolved. The Cayman Islands litigation between the co-founders continues pending final adjudication, suggesting that future developments could trigger additional power reallocations. The question of permanent resolution versus temporary tactical advantage remains unresolved, leaving Bitmain’s leadership structure potentially unstable.