THELOGICALINDIAN - Inside sources say that Bitmain Technologies affairs to name a backup CEO to booty over from cofounders Jihan Wu and Ketuan Zhan
New Bitmain CEO
According to the South China Morning Post (SCMP), the Bitcoin mining behemoth is attractive to name a new CEO to alter the company’s co-founders. Anonymous sources say, Haichao Wang, the accepted Engineering Director is the beloved for the job.
While there is no official chat from Bitmain, these sources say the aggregation entered a administration alteration aeon in December 2024.
Back in November 2018, Bitcoinist reported Wu’s anticlimax from administrator to a supervisor. Also, in backward December 2018, letters bankrupt out in Chinese media of the approaching abandonment of both Wu and Zhan.
There is additionally no audible calendar for the achievement of the administering reshuffle. Sources announce that both Wu and Zhan will become co-chairs of the company. The new CEO will handle the circadian administering of the close while the brace will still accept the final say on big decisions.
According to SCMP sources, both Wu and Zhan had disagreements as co-CEO. Wu, in particular, has appear beneath acute criticism for the company’s bet on Bitcoin Cash. Zhan, on the added hand, has led Bitmain’s about-face efforts, abnormally into the bogus intelligence arena.
Turning the Tide
If the letters are authentic and Bitmain does get a new CEO, a alarming assignment awaits the called individual. After a arch 2024 and a able alpha to 2024, the additional bisected of the year appeared to abort out for the Bitcoin mining behemoth.
Bitmain is yet to absolution its Q3 2018 banking report, but belief is abounding of losses arctic of $740 million. A lot of the banking agitation stems from account losses, as able-bodied as the big-ticket Bitcoin Cash assortment war of November 2018.
Recently, the aggregation alike began laying off a cogent allocation of its workforce. In December 2018, Bitmain fired its R&D administration based in Israel. This move was followed by addition massive downsizing, nixing the company’s Bitcoin Cash development team.
The company’s IPO plan is additionally addition blow of the banking agitation aural the company. Despite announcement affairs for an IPO advertisement in Hong Kong beforehand in 2024, all signs point to such affairs actuality unfeasible, for the present time, at least.
Will a new CEO be able to beacon Bitmain in a bigger direction? Let us apperceive your thoughts in the comments below.
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