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The protracted legal battle between the co-founders of Chinese mining machine manufacturer Bitmain seems to have seen the light at the end of the dispute after the two sides reached an agreement.

Wu Jihan to receive $600 million in compensation

According to Chinese media citing local crypto journalist Colin Wu, Wu Jihan and Zhan Ketuan have agreed on a compensation of $600 million, while Zhan Ketuan will retain control of the operations of mining machine manufacturer company Bitmain.

However, as part of the settlement, Zhan Ketuan will own AntPool mining pool and Bitmain's mining farms in China, while Wu Jihan will control Btc.com's mining pool and Bitmain's overseas mining center.

The report detailed that Sequoia Capital acted as an intermediary regulator in the deal and should approve it once shareholders have discussed it, but the terms may change at any stage, there is no fixed timetable, and even no meeting is required.

On the other hand, as part of the agreement, Zhan Ketuan is now in charge of the operations of the artificial intelligence department and the entire mining machine hardware manufacturing enterprise.

However, this means that Zhan Ketuan should temporarily pledge his shares to raise enough funds to buy Wu Jihan's shares in Bitmain.

Chinese media also reported that as part of the deal, Zhan Ketuan agreed to complete a qualified IPO in the United States by the end of 2022, with a minimum valuation of $5.5 billion expected to be set at the listing.

Power struggle leads to product delivery delays

The crypto mining hardware manufacturer giant has encountered some trouble with product delivery due to a year-long confrontation between the co-founders.

As reported by News.Bitcoin.com in August 2020, Bitmain delayed the shipment of its Antminer by three months. At the time, Bitmain said the delay was due to "external interference in the company's management."

Jihan Wu and Zhan Ketuan have been engaged in a fierce battle for control of Bitmain. The two co-founders ran the company together for many years, but Zhan Ketuan was allegedly kicked out of the company last October 2019 due to controversial circumstances.

In June 2020, a Chinese court ruled in favor of Zhan Ketuan, allowing him to return to manage the company. Zhan Ketuan holds a 37% stake in the company and has control over Bitmain's operations in Shenzhen.