Bitmain’s Executive Shake-Up
In a startling move, Bitmain, the mining titan behind the Bitcoin scene, has seen a sudden surge in Bitcoin Cash (BCH) values—up a juicy 10% in just 24 hours. This unexpected twist followed the firing of a senior executive, Micree Ketuan Zhan, as declared in a translation of an email from Jihan Wu, Bitmain’s co-founder and now the undisputed captain of this ship.
A Dramatic Email and a Harsh Warning
The email, which made its way to crypto news outlet CoinDesk, was more than just a regular boardroom summary. Wu firmly stated, “Bitmain’s co-founder, chairman, legal representative and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately.” Now, that’s what you’d call a political drama!
As if that wasn’t enough, Wu also threw in a stern warning for employees: anyone who so much as looked at Zhan sideways might find themselves out of a job. The email reportedly concluded with the cosmic phrase: “Any Bitmain staff shall no longer take any direction from Zhan, or participate in any meeting organized by Zhan.” Now that’s some corporate loyalty, folks.
What Does Zhan’s Departure Mean for Bitmain?
With Zhan holding a hefty 60% stake in Bitmain, his exit is not just a footnote but a game-changer. Investors and crypto enthusiasts alike are left holding their collective breath—will Wu steer the company back on course? Dovey Wan, a private investor, described Wu’s tone in the email as “intense,” which, if true, had us all imagining him pacing the office like a man possessed!
The Battle for Control
Words of wisdom from Wan revealed Wu’s intentions to seize control and turn around the company’s dwindling presence in the Bitcoin mining universe: “I have to come back to save this ship (from sinking).” Talk about taking the wheel during a storm!
Bitcoin Cash: Caught in the Crossfire?
While Bitcoin continues to flex its muscles throughout 2019, Bitcoin Cash appears to be struggling to keep up. The innovative side coin, often backed by Wu, has not seen similar fortunes. Meanwhile, Bitmain is ambitiously planning to launch the world’s largest mining facility in Texas—a bold move in an already crowded market. Is Bitcoin Cash losing its luster as its biggest ally faces turbulence? Only time will tell!
