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Bitmain CEOs are reportedly stepping down from their position for “better survival” of the company

Priya

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Bitmain CEOs are reportedly stepping down from their position for "better survival" of the company
Source: Unsplash

Bitmain, the leading Bitcoin mining company and the biggest ASIC chip producer in the world, has constantly been the limelight ever since news regarding the IPO broke-out in the market. The mining company was also the main highlight during the Bitcoin Cash hard fork, with its support leaning towards Bitcoin ABC implementations. However, according to the latest reports, the company will be laying off more than half of its employees as a result of the bear market.

The ASIC chip producer, on this event, stated that the company has been going through some adjustments with their staff as they “continue to build a long-term, sustainable and scalable business”, in an interview with Bitcoin Magazine. They also stated that they will “double down” on their hiring process, with the intention of on-boarding the best talent from various backgrounds.

Currently, Bitmain is making a buzz in the market with news stating that the leading heads of the company, Jihan Wu and Micree Zhan will be stepping down from their positions. According to Odaily Planet Daily, a Chinese news portal, the work of the founders will be carried forward by a person with a surname, Wang, and based on the source, he is currently in the transition period.

Additionally, the report also suggests an internal brawl between the Founders, with the company’s two CEOs strategy ending up unsuccessful. The move of stepping down is noted to be for “better survival” of the company.

Invictus, a Twitterati said:

“No, I refuse to let Bitmain off the hook! Bitmain MUST capitulate together with Jihan Wu. They have caused havoc in this space and the lesson must be learned. We must weed out the anti bitcoin characters with the only thing they understand -CAPITULATION!”

Calvin Ayre said on Twitter:

“does this mean that Bitmain will abandon ABC chain, it was a massive mistake as we now see….Bitcoin SV is better for their core business but not sure what diabolical plans Jihan has for dysfunctional ABC chain.”

Fortunekr [LTC], another Twitterati said:

“Yeah. I’ve heard that too. Makes sense for bitmain if they want to survive. I think they will also liquidate their entire bcash stack…..slowly over time.”



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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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