Bitmain, the largest manufacturer of <a href="https://www.cryptoknowmics.com/crypto/a-comprehensive-guide-for-bitcoin-and-blockchain/">Bitcoin</a> mining machines has been at the centre of a raging controversy over the outset of its co-founder Micree Zhan Ketuan.  Zhan has filed a legal case in the Cayman Islands court against the decision made by the board members in November to take away his voting rights in important decisions concerning the company.

The shareholder meeting back in November agreed to dilute the power of Bitmain's B class shareholders which also included Zhan. The committee decided to bring down the power from 10 votes per share to just one which impacted the position of Zhan in important decisions. Zhan holds almost 4 million of Bitmain's B-category share even more than Wu Jihan the other CEO of the firm. It is not confirmed whether Zhan still holds all those shares or it has been diluted.
<h2>Bitmain Marred Into Controversy After a Phenomenal Start</h2>
Bitmain like many others rode on the 2017 Bitcoin bull run high and even registered a profit of over a billion-dollar in that year, however the bear market in 2018 along with haphazard decision making led to a cash crunch and a series of conflicts among the shareholders. First, it was Wu Jihan the face of the company who was reported to have demoted from his CEO position amid growing losses. It was reported that Jihan might leave Bitmain to pursue his own venture, even at that time the conflict among the stakeholders was rumoured to be one of the reasons. However, Jihan is back in the driver's seat.

A recent <a href="https://www.bnnbloomberg.ca/ousted-bitmain-co-founder-wages-battle-for-control-in-court-1.1368760">report</a> from Bloomberg suggests tensions have been high between the two co-founders, where the current CEO Jihan had strictly warned the staff members to avoid any formal meetings with Zhan, failing which the employees can even face criminal charges. In a letter addressed to his followers back in November, Zhan wrote on his WeChat account that he will soon be back at his position and he will take care of all the nuisances going around. He wrote,
<blockquote>"If someone wants war, we’ll give them war,”</blockquote>
At present, the internal war of control over the firm is not the only concern, as many other manufacturers are cropping in taking Bitmain's market share. US-based Canan has already captured 22% of the total Bitcoin mining machine market share.

Ousted Bitmain Co-Founder Files a Lawsuit To Regain His Position

Bitmain, the largest manufacturer of Bitcoin mining machines has been at the centre of a raging controversy over the outset of its co-founder Zhan

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Ousted Bitmain Co-Founder Files a Lawsuit To Regain His Position

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