Bitcoin Cash Price Rallies on Bitmain Drama

Bitcoin Cash Price Rallies on Bitmain Drama
(Jihan Wu. Source: a video screenshot, Youtube, Chamber of Digital Commerce)

Bitcoin Cash (BCH) rallied today, surpassing USD 290 for an hour, on reports that the prominent supporter of BCH, Jihan Wu is back as the CEO of major crypto mining company Bitmain.

At pixel time (07:02 UTC), BCH trades at c. USD 288 and is up by 10% in the past 24 hours and by 24% in the past week.

BCH price chart:

Earlier today, Bitmain sent out an email to all staff announcing co-founder and executive director Micree Ketuan Zhan is ousted, while Jihan Wu has taken over the roles of executive director and legal representative of Bitmain from Zhan, Coindesk reported, citing an undisclosed "Bitmain staffer."

This is also already being discussed on social media.

BREAKING

— Dovey 以德服人 Wan ???? ???? (@DoveyWan)

Interesting to note too that Jihan has replaced Micree as the legal representative of the company as well. I'd gues… https://t.co/csamA8uX4C

— Samson Mow (@Excellion)

Bitmain was not available for immediate comment.

According to the latest available public information, a year ago, Zhan owned a 60% stake in Bitmain, while Wu and another co-founder Yuesheng Ge had c. 30%.

Meanwhile, major Bitmain's rival and the world’s second-largest maker of Bitcoin mining machines, Canaan Inc., filed for a U.S. initial public offering. China-based company listed its offering size as USD 400 million in its filing Monday with the U.S. Securities and Exchange Commission, Bloomberg reported. According to earlier reports, Bitmain is considering a U.S. IPO, after its first attempt in Hong Kong failed.

As reported yesterday, people noticed that the blocks on the Bitcoin Cash network are slow and only partially full, and it turned out that an unknown miner controlled 50% of the network hash rate.

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