Bitmain Delays Delivery of Bitcoin Miners by Three Months, as Co-Founders Battle for Company Control

Bitmain has delayed delivery of its Antminer Bitcoin mining equipment by three months as the dispute between co-founders Jihan Wu and Micree Zhan Ketuan worsens control over the company.

After a post Office On Bitmain's official Wechat account, the Beijing-based bitcoin miner maker said customers whose orders should be delivered in June and July must wait until September and October.

The device is usually ordered three months before delivery. This means that the postponed shipments may have been ordered around March, which means an expensive waiting period of six months for the Bitcoin miners affected.

Bitmain said in Thursday's announcement that the delay was due to "outside interference in the company's management". The Jihan Wu Group has been reportedly in control of the company's Wechat account.

The company offers its customers two options to compensate for delays. First, customers can write to Bitmain and request that deliveries be expedited. If they do not receive the device 60 days after submitting the request, customers can request a refund.

The second option includes cash coupons that correspond to the theoretical mining earnings up to the actual delivery date. These vouchers could be used to pay for future orders. The two options cannot be exercised together.

Wu and Micree Zhan are currently in a bitter struggle for Bitmain's control. The two co-founders brought the company together for many years, but Zhan was released by Wu last October under controversial circumstances.

In June, a court in China ruled in favor of Zhan and allowed him to return to power. Zhan, who has a 37% stake in the company, has now taken control of Bitmain's Shenzhen-based company.

However, the feud is obviously beginning to have a negative impact on Bitmain's operations. In July, some 10,000 anteaters, valued at approximately $ 10 million, were reportedly “stolen” from a company's mining facility in Inner Mongolia. Some reports say the equipment has been "illegally transferred".

After the recent operational problems, Thomas Heller, Global Business Director at Bitcoin Mining Pool F2pool, crowded Miners switch to machines operated by Bitmain competitors like Microbt and Canaan.

What do you think of Bitmain's late deliveries? Let us know in the comments below.

Image credits: Shutterstock, Pixabay, Wiki Commons





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