Conflict Over Company Strategy

In a surprising twist in the ongoing saga of Bitmain, the world’s leading cryptocurrency mining company, co-founder Micree Ketuan Zhan has stepped onto the virtual soapbox. With a heavy heart—or perhaps just a heavy keyboard—he expressed his vehement opposition to the company’s proposed layoffs in a dramatic Weibo post on January 6. Dismissed by CEO Jihan Wu, Zhan’s public stance feels more like a soap opera showdown than a corporate statement.

Layoff Logic? Zhan Says No

Zhan firmly believes that reducing the workforce by a staggering 50% before the next Bitcoin halving is akin to corporate suicide. “To all employees of Bitmain: I am firmly opposed to layoffs! We don’t need to lay off people! We cannot play suicide!” he proclaimed, as if speaking to a crowd of crypto-enthusiasts at a rally rather than a beleaguered workforce. Zhan asserts that Bitmain possesses enough financial muscle and “a substantial amount of virtual cryptocurrency” to avoid drastic cuts and maintain its competitive edge.

Cash Flow: The Lifeblood of Bitmain

What Zhan brings to the table is the argument of cash flow health, comparing Bitmain to a mighty ship that shouldn’t capsize just yet. According to him, layoffs not only threaten morale but also hand over valuable market share to competitors, allowing them to take advantage of Bitmain’s missteps while it’s busy slashing its team. Who could blame Zhan for feeling protective of his company’s legacy, given his 60% stake?

The Bitmain Employee Exodus

While Zhan is busy rallying the troops, it seems Bitmain has already initiated its “staff optimization” process. Local reports from January 6 suggest the ax has started to fall, and — yikes — some employees have reportedly signed termination agreements while others have been offered compassionate compensation packages. Meanwhile, headhunters appear to be circling like vultures, eager to recruit Bitmain’s best and brightest. Talk about a tough day at the office!

The Ongoing ‘Bitmain Drama’

What’s a little company drama without some juicy backstory? The saga surrounding Bitmain and its leaders has become known as “Bitmain Drama” in crypto circles. After being ousted by Wu in 2019, Zhan didn’t take his dismissal lying down; he kicked off court proceedings to regain voting control. This makes for a fascinating backdrop as Wu and Zhan navigate their turbulent relationship while the company’s future hangs in the balance. Who will emerge victorious in this corporate cage match? Only time will tell.