Bitmain CEO Ousts Co-Founder, Biggest Shareholder to 'Save the Ship'

Altcoin Bitcoin Cash has surged 10% in the past 24 hours after it emerged mining giant and major supporter Bitmain had fired a senior executive.

In a translation of an email from Oct. 29 quoted by crypto news outlet CoinDesk, Bitmain co-founder Jihan Wu said that fellow co-founder Micree Ketuan Zhan had left the company.

"Any Bitmain staff shall no longer take any direction from Zhan, or participate in any meeting organized by Zhan. Bitmain may, based on the situation, consider terminating employment contracts of those who violate this note."

Zhan is Bitmain's biggest shareholder, with a reported 60% stake.

Zhan's sudden departure marks the latest chapter in a series of unexpected occurrences at Bitmain.

According to Wan, Wu told employees that he intended to take control in order to improve Bitmain's waning share of the Bitcoin mining pie.

Bitcoin's continued strength in 2019 has nonetheless been a boon for Bitmain and other miners.

Last week, executives announced they intended to create the world's largest mining facility in Texas.

Bitcoin Cash, on the other hand, has failed to produce similar successes.

Bitmain is an open supporter of Bitcoin Cash, with Wu notoriously vocal about his own belief in the coin.