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Hashtag Bitmain Drama in Progress

Firing Micree Zhan, Twitter reactions, comments and more on the never ending Bitmain occurences. Commentary on Bitcoin and Bitcoin Cash.

The mining giant Bitmain apparently fired a Senior Executive and the altcoin Bitcoin Cash (BCH) went up to 10% in the last 24 hours.

According to an email by the Co-Founder Jihan Wu, the other co-founder Micree Ketuan Zhan apparently was dismissed from the company. Zhan is the biggest shareholder with 60% stake in Bitmain.

According to the email, Wu warned the other employees not to engage with Zhan in any circumstances. Quoting the email:

“Any Bitmain staff shall no longer take any direction from Zhan, or participate in any meeting organized by Zhan. Bitmain may, based on the situation, consider terminating employment contracts of those who violate this note.”

There has been quite a number of sudden occurrences at Bitmain. For example, last November Jihan Wu decided to drop the CEO position at Bitmain and took the rule of non-executive on the company’s board.

Private investor Dovey Wan is shocked and describes Wu as quite intense. She takes it to Twitter:

In her words, Wu wants to make sure Bitmain takes a good chunk of the waning share of BTC mining pie.

She comments:

“Jihan, literally said to his employees ‘I have to come back to save this ship (from sinking).”

Taking a good hard look at Bitcoin and Bitcoin Cash, while Bitcoin has been quite strong in 2019, Bitcoin Cash doesn’t have the same success. Bitmain is known as a huge supporter of BCH with Wu openly supporting it.

More reactions on Twitter on the #BitmainDrama:

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