THELOGICALINDIAN - Bitcoin mining behemothic Bitmain has clearly appear its new CEO and says it will restart the IPO advertisement action ancient in the approaching The aggregation endured a difficult 2024 with authoritative upheavals agents layoffs and cogent losses
Bitcoin Mining Giant Gets New CEO
In the closing allotment of 2018, Bitmain laid off a brace of departments amidst letters of banking difficulties. In a blog post appear on Tuesday (March 26, 2019), the aggregation explained the decisions taken as allotment of its efforts to adjust its business model.
An extract from the account reads:
Bitmain additionally fabricated some changes to its administration anatomy with Haichao Wang, the above Engineering arch appointed as the new CEO. Co-founders Jihan Wu and Ketuan Zhan abide admiral of the aggregation and abide to accept a say in “big decisions.”
Bitmain Will Restart IPO Listing Process
As reported by Bitcoinist on Monday, the Bitmain IPO appliance at the Hong Kong Stock Exchange (HKEX) asleep afterwards six months. According to the company, regulators and added boilerplate stakeholders aren’t yet awash to the immense abeyant of the arising cryptocurrency industry.
In the meantime, Bitmain says it will restart the appliance at some time in the future. Despite the abortion of its aboriginal IPO application, the aggregation said the action did bear some positives for the aggregation abnormally in the breadth of banking transparency.
Concerning transparency, Bitmain is yet to broadcast its financials for the additional bisected of 2024. Speculation is abounding with letters of huge losses for Q3 2024 of about $740 million.
Any attack to refile addition IPO appliance will see the aggregation actuality affected to broadcast its banking address for Q3 and maybe alike Q4 2024 depending on the advertisement aeon assured by the banal barter operator.
Bitmain Will Focus on Innovation and AI
Bitmain additionally appear that its focus for 2024 will be on streamlining its business action to focus on addition in both the cryptocurrency and bogus intelligence (AI) market.
Back in February 2019, Bitcoinist reported on the company’s new 7-nm dent accustomed to bear added able Bitcoin mining. On paper, the new dent will action about a 28.6 percent advance in ability efficiency, compared to antecedent iterations of the company’s 7-nm chip.
For addition in the AI scene, the blog column additionally mentions agreements already active with important stakeholders beyond China. Bitmain says it affairs to advance the way in agreement of cutting-edge addition for neural processors.
What do you accomplish of Bitmain’s declared goals for 2024 afterwards the difficulties accomplished in 2024? Share your thoughts with us in the comments below.
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