THELOGICALINDIAN - Bitmain cofounder Jihan Wu no best has access over the companys decisionmaking processes afterwards an controlling lath reshuffle a advocate told bounded media November 12
Wu Now ‘Supervisor’
As Sanyan Blockchain reports, the mining behemothic adapted the composition of its lath aftermost week. Among the changes, Wu’s position went from a administrator to a “supervisor,” which leaves him clumsy to vote in lath decisions.
“After alteration to a supervisor, there is no voting right, so one’s ability is abate and one cannot participate in the business controlling of the enterprise,” the advertisement quotes the lawyer, Tian Yangang, as saying.
Bitmain is currently activity through a cogent alteration as a aggregation advanced of affairs to activate an antecedent accessible alms (IPO).
The lath achievement appears timed to accompany with the absolution of the company’s latest Bitcoin miner the Antminer S15, which it appear and after awash out of aftermost week.
Bitmain Turbulence Continues
At the aforementioned time, altercation continues to beverage over the practices of Bitmain-controlled mining pools, Bitcoinist advertisement on how Antpool had stopped mining SegWit blocks admitting accident acquirement in accomplishing so.
Wu was account at atomic $2 billion through his 20.25 percent allotment of Bitmain in October, while adolescent chief controlling Ketuan Zhen’s 36 percent pale agency he is account appreciably added – about $4 billion.
Multiple Chinese mining players including Bitmain accept acquainted the compression from the advancing US-China barter war, creating anytime added burden on affairs for the above advanced of any planned IPO initiation.
“All manufacturers of mining rigs based in China will acceptable be afflicted by the assessment cipher change and, in turn, captured by the US barter tariff,” Ben Gagnon, co-founder of Bitcoin mining accouterments developer LuTech, told South China Morning Post in comments mid aftermost month.
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