• NOW

News

  • NOW
Report Claims Chinese Mining Giant Bitmain Is Prepping for New Leadership

Report Claims Chinese Mining Giant Bitmain Is Prepping for New Leadership

The cryptocurrency mining manufacturer Bitmain may have a new chief executive officer in the near future according to regional reports. Bitmain’s director of product engineering, Haichao Wang, will apparently take the lead role within the corporation but no official timetable has been announced.

Also Read: Nick Szabo: Central Banks May Turn to Cryptocurrency Reserves Over Gold

Bitmain Plans to Appoint New CEO Claims Report

The Beijing-based mining giant Bitmain Technologies has appointed a “potential successor” for the role of CEO at the company, according to a report from the South China Morning Post (SCMP). Bitmain has been a well known and successful mining rig manufacturer since it was cofounded by Jihan Wu and Micree Zhan in 2013. The Chinese corporation is believed to have pulled in over $4 billion in profit from mining cryptocurrency and selling ASIC equipment to the general public.

Report Claims Chinese Mining Giant Bitmain Is Prepping for New Leadership

More recently, however, there have been rumors of Bitmain employee layoffs and board shakeups over the last few weeks. On December 10, news.Bitcoin.com reported on Bitmain closing its research and development center in Ra’anana, Israel. The latest report stemming from SCMP explains that Bitmain’s director of product engineering, Haichao Wang, will be the company’s new CEO. Wang has reportedly already started the transition in December and Wu and Zhan will remain co-chairs.

IPO Uncertainty

Report Claims Chinese Mining Giant Bitmain Is Prepping for New Leadership
Jihan Wu (front) and Micree Zhan (back)

Wang worked for a Beijing-based semiconductor designer called Availink for seven years before joining Bitmain. The potential successor is a graduate from the well known tech school Tsinghua University in Beijing. SCMP further details that when Wang officially takes the lead, Zhan and Wu will leave “day-to-day business activities” but the pair will still play a part in large company decisions. Bitmain is still waiting for the Hong Kong Stock Exchange (HKEX) to decide on whether the corporation can offer an initial public offering (IPO). Back in July, according to Chinese media outlet Caixin, Bitmain Technologies Ltd. raised up to $400 million leading to an overall company valuation of $12 billion.

Report Claims Chinese Mining Giant Bitmain Is Prepping for New Leadership

In December, a stock market regulator and operator from HKEX who wished to remain anonymous told multiple financial publications that regulators were reluctant to green light the Bitmain IPO. SCMP detailed that the Hong Kong regulator stated that it was “premature” to approve such IPOs right now as the proper regulatory framework for the industry has not been put in place. Mining rig manufacturer Canaan, who also applied for an IPO, let its filing lapse this past November. Meanwhile, Ebang International Holding refiled for its IPO during the last week of 2018.

What do you think about Bitmain appointing a new CEO this year? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, QZ, Pixabay, Twitter, and Reddit. 


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

Tags in this story
Bitmain, board members, Canaan, ceo, China, Chinese Corporation, Ebang, Haichao Wang, Hong Kong, initial public offering, ipo, israel, Jihan Wu, layoffs, Micree Zhan, N-Featured, Ra’anana, Regulators, SCMP, Shakeup, stock exchange
Related
6 Noncustodial Crypto Payment Solutions for Merchants
6 Noncustodial Crypto Payment Solutions for Merchants

You don’t have to be a bitcoin purist or tech tinkerer to want to accept cryptocurrency without using a third… read more.

SLP Token Environment Built on Bitcoin Cash Continues to Expand
SLP Token Environment Built on Bitcoin Cash Continues to Expand

According to public data, a number of individuals are creating tokens using the Simple Ledger Protocol (SLP) on the Bitcoin… read more.

Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.