Bitmain, a global manufacturer of bitcoin mining machines, has confirmed that starting October 11 it would halt all shipments of its "Antminers" to mainland China.
Jihan Wu, the co-founder of Bitmain, announced he will resign as CEO to resolve a year-long dispute with Micree Zhan, the other co-founder, according to an internal letter he issued.
An internal struggle at China’s Bitcoin mining company Bitmain has intensified as co-founders got into a physical confrontation over possession of the company’s registration license.
According to China Star Market, sources say Chinese custom bitmining chipmaker Bitmain ordered job cuts at the end of 2019 to stem losses. The cuts focused on its AI business.
Ninety-four Chinese entities have reached unicorn status, led by ByteDance, the world's most valuable private company valued at $75 billion.