Bitmain All Set To Appoint Tech Chief As New CEO

According to a news published in South China Morning today, Bitmain, a cryptocurrency mining giant, is all set to move an existing executive to lead the company as a new CEO. Jihan Wu and Micree Zhan Ketuan the co-founders of the company, will quit their designation as co-CEOs but still steer the important decisions of the company.

Wang has already begun taking care of some of the duo’s former duties. On the other hand, Wu and Zhan will remain chairmen and will stick to the final decision taken by the company. “After Wang takes over, Wu and Zhan will move away from the company’s day-to-day business activities but will still make final calls on big decisions,” as per anonymous source. Earlier, Bitmain refused to confirm about changes at the hierarchy or the reshuffle for several weeks of rumours.One of the posts states that “There have been no board departures and co-founder Jihan Wu will continue to lead the company as co-chair, together with the co-chief executive officer, Micree Zhan.”

In November 2018, Wu ousted from the board of BitMain Technologies Holding Company. But now the entity has gone public on Hong Kong Stock Exchange. Bitmain is still waiting for the for the approval HKEX for its initial public offering (IPO) application filed in September 2018. On the other hand it is evident that HKEX will green light the bid. However, an anonymous source in an interview said that the exchange is “very hesitant to actually approve these bitcoin mining companies because the industry is so volatile.”

The crypto mining giant is undergoing a major transition in their business including layoffs at the very beginning of the year 2019. Post shutting down the business operations in Israel in the month of December. It was also reported that 50 per cent of Bitmain’s entire staff was asked to leave. Therefore, it is expected that the company may make an announcement of mass staff layoffs in the upcoming future.