Subsequently months of wrestling for control of the visitor, Bitmain co-founders Jihan Wu and Micree Zhan have reportedly reached a settlement. According to Chinese crypto expert Colin Wu, and reported by multiple local publications, both parties have agreed to a $600 million compensation for Jihan Wu with Zhan taking control of the crypto miner maker operations.

As part of the settlement, Wu volition exit the company taking the BTC.com mining pool every bit well as Bitmain'southward overseas mining centers. Thus, Zhan will exist left with the Antpool mining pool and Bitmain's China-based mining farms.

The deal also sees Zhan left in charge of the artificial intelligence (AI) division and the mining rig hardware manufacturing enterprise. Zhan will temporarily mortgage his shares to raise the $600 million required to buy out Wu'due south stake in the visitor.

Sequoia Capital will deed as the middle regulator in the negotiations with the deal expected to be ratified at the upcoming shareholders coming together slated for December. 28. However, reports indicate that the electric current terms of the understanding could change in the interim.

While the move represents a settlement of the current dispute, the splitting of Bitmain's avails does pit both co-founders as competitors going forward. As part of the agreement, Zhan will reportedly complete an initial public offer in the U.Southward. earlier the cease of 2022.

The company'southward first IPO effort elapsed back in March 2019 and likely sparked off tensions between both co-founders. Both figureheads stepped down from running the company but Wu returned in October and ousted Zhan in a shock move.

A calendar month later, Zhan declared his removal from the company equally illegal and threatened legal action. Zhan later regained control of Bitmain'southward office in Beijing, storming the building with security personnel in early June 2020