BitRss.com latest Crypto World News

Search and discover the latest Cryptocurrency updated Stories in Categories.

24-7 Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources.

Bitmain Replaces CEO Jihan Wu After Bitcoin Cash Gamble Fails

Bitmain Replaces CEO Jihan Wu After Bitcoin Cash Gamble Fails
Inside sources say that Bitmain Technologies plans to name a replacement CEO to take over from co-founders Jihan Wu and Ketuan Zhan.

New Bitmain CEO
According to the South China Morning Post (SCMP) , the Bitcoin mining behemoth is looking to name a new CEO  to replace the company’s co-founders. Anonymous sources say, Haichao Wang, the current Engineering Director is the front-runner for the job.
Jihan Wu
While there is no official word from Bitmain, these sources say the company entered a leadership transition period in December 2018.
Back in November 2018, Bitcoinist   reported  Wu’s demotion from director to a supervisor. Also, in late December 2018, reports broke out in Chinese media of the imminent resignation of both Wu and Zhan.
There is also no definite timetable for the completion of the leadership reshuffle. Sources indicate that both Wu and Zhan will become co-chairs of the company. The new CEO will handle the daily administration of the firm while the pair will still have the final say on big decisions.
According to SCMP  sources, both Wu and Zhan had disagreements as co-CEO. Wu, in particular, has come under intense criticism for the company’s bet on Bitcoin Cash. Zhan, on the other hand, has led Bitmain’s diversification efforts, especially into the artificial intelligence arena.
Turning the Tide
If the reports are accurate and Bitmain does get a new CEO, a daunting task awaits the selected individual. After a stellar 2017 and a promising start to 2018, the second half of the year appeared to fizzle out for the Bitcoin mining behemoth.
Bitmain is yet to release its Q3 2018 financial report, but speculation is rife of losses north of $740 million . A lot of the financial trouble stems from inventory losses, as well as the expensive Bitcoin Cash hash war of November 2018.
Recently, the company even began laying off a significant portion of its workforce. In December 2018, Bitmain fired  its R&D department based in Israel. This move was followed by another massive downsizing , nixing the company’s Bitcoin Cash development team.
The company’s IPO plan is also another casualty of the financial turmoil within the company. Despite announcing plans for an IPO listing in Hong Kong earlier in 2018, all signs point to such plans being unfeasible, for the present time, at least.
Will a new CEO be able to steer Bitmain in a better direction ? Let us know your thoughts in the comments below.

Image courtesy of Shutterstock

The post Bitmain Replaces CEO Jihan Wu After Bitcoin Cash Gamble Fails appeared first on Bitcoinist.com .

- - - - -

Thank you for Share!

   
Read the full Article

Read the full Article: Bitmain Replaces CEO Jihan Wu After Bitcoin Cash Gamble Fails


Search Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, from leading exponents of BlockChain, Bitcoin and Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Cypto Currencies World.

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

24h Most Popular News