Bitmain Replaces CEO Jihan Wu After Bitcoin Cash Gamble Fails –

Esther Kim

Inside sources say that Bitmain Technologies plans to call a substitute 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 seeking to identify a brand new CEO to switch the corporate’s co-founders. Anonymous sources say, Haichao Wang, the present Engineering Director is the entrance-runner for the job.

Jihan Wu

While there isn’t any official phrase from Bitmain, these sources say the corporate entered a management transition interval in December 2018.

Back in November 2018, Bitcoinist reported Wu’s demotion from director to a supervisor. Also, in late December 2018, stories broke out in Chinese media of the approaching resignation of each Wu and Zhan.

There can also be no particular timetable for the completion of the management reshuffle. Sources point out that each Wu and Zhan will change into co-chairs of the corporate. The new CEO will deal with the each day administration of the agency whereas the pair will nonetheless have the ultimate say on massive selections.

According to SCMP sources, each Wu and Zhan had disagreements as co-CEO. Wu, particularly, has come below intense criticism for the corporate’s guess on Bitcoin Cash. Zhan, alternatively, has led Bitmain’s diversification efforts, particularly into the synthetic intelligence area.

Turning the Tide

If the stories are correct and Bitmain does get a brand new CEO, a frightening activity awaits the chosen particular person. After a stellar 2017 and a promising begin to 2018, the second half of the yr appeared to fizzle out for the Bitcoin mining behemoth.

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