The co-founders of the Bitcoin mining company Bitmain have reached a settlement following a year-long dispute regarding the company’s future.
In the settlement, the current CEO and Chairman of Bitmain, Jihan Wu, will step down from his position to make way for the other co-founder Micree Zhan.
Zhan agreed to purchase $600 million worth of Bitmain shares, which represents just over half of the total, as part of the transferal of power.
Bitmain will retain five seats on its board, three of which Zhan can choose, while the other two are to be appointed by Wu.
Additionally, a firm called Bitdeer will spin-off from Bitmain and will take control of the company’s operations in Norway and the United States.
The agreement marks the end of a multi-year dispute which saw both co-founders battle each other for power in the company. Some in the mining community argued that this power struggle caused the company to fall behind slightly in its competitiveness.