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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.

Ripple

76467|Ripple partner SBI Holdings announces foray into mining space; will compete with giants Nvidia and Bitmain

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Ripple partner SBI Holdings announces foray into mining space; will compete with giants Nvidia and Bitmain
Source: Pixabay

SBI Holdings, Inc. announced the establishment of its chip mining arm, the SBI Mining Chip Co., Ltd or SBIMC. With this development, the Tokyo-based firm will foray into the manufacturing of mining chips, a strategic move to enhance its existing digital asset business.

The official notice issued by the financial giant stated that the SBI Group practiced its digital asset mining business overseas, and now planned to diversify its potential business scope.

SBI group partnered with a US-based semiconductor firm to roll out the new manufacturing unit. The group, which is a strong advocate of a wide range of businesses based on blockchain elucidated,

“The SBI Group will promote efficient, reliable and sustainable mining operations to develop a sound and solid cryptocurrency market.”

SBIMC will be led by Adam Traidman, who was an investor in the company and also served at NASA previously. Among his many accomplishments, Traiman formerly served as the CEO in Chip Estimate and WearSens.



SBIMC will be leading chip manufacturer, Nvidia’s latest competitor. The Taiwan-based firm sustained losses during the crypto-winter, but it recovered after the recent acquisition of Mellanox, a semiconductor player. The Bitcoin mining giant, Nvidia, had predicted a bullish crypto market was confident of clearing its stockpiled mining equipment. The chipmaker was also reported as the worst performer in the S&P 500 list, at the end of 2018.

Another big rival in the mining ecosystem is Bitmain. The Beijing-based mining giant has also been operating poorly after registering a loss amounting to $500 million, owing to the massive crashes in cryptocurrency prices.

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Bitcoin

76216|Anthony Pompliano’s Morgan Creek Digital Capital makes strategic investment propagating mass crypto adoption

Akash Anand

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Bitcoin [BTC] proponent Anthony Pomplaino's Morgan Creek Digital Capital makes new strategic investment to propagate mass crypto adoption
Source:Pixabay

The cryptocurrency market was helped along in its pursuit of mass adoption, with many proponents of the space lending a helping hand. The latest news about the bigger players in the cryptoverse included the tie-up between Morgan Creek Digital Capital and Ikigai Asset Management.

The official release stated,

“Morgan Creek Digital announced today that it will be the lead anchor investor in Ikigai Asset Management’s flagship fund focused on executing systematic and fundamental liquid hedge fund strategies as well as opportunistic venture-stage crypto asset investments. Ikigai is a crypto asset management firm launched in December 2018 by former Point72 Portfolio Manager Travis Kling and partners Timothy Lewis, and Anthony Emtman.”

Morgan Creek Digital partner, Anthony Pompliano, is a voracious supporter of Bitcoin, and has held a bullish viewpoint about the world’s largest cryptocurrency. Post the partnership with Ikigai, Pompliano talked about the company’s  positive devleopments, and claimed that they were well-positioned to capture the outstanding returns brought by cryptocurrencies in the coming future.



Ikigai Chief Investment Officer Travis Kling said,

“DLT and crypto assets are fundamentally changing our world. We are honored to receive this investment from Morgan Creek Digital and look forward to working closely together with Mark, Jason, and Pomp in this exciting arena.”

Pompliano recently sat down with Galaxy Digital’s Mike Novogratz to discuss elements like liquidity, trust and custody that need to be given a boost. Novogratz stated that the cryptocurrency market was presently a booming place of business, especially with the entry of companies like JP Morgan, Telegram and Facebook. He further claimed that it was a big opportunity to invest, with Wall Street sentiments changing. The Galaxy Digital CEO added,

“Wall street earlier thought that you shouldn’t take risks on something small like cryptocurrencies. They are getting close though, not doing anything but are getting really ready. We are anyway working hard on the security token business and I promise you this, the upcoming tokens and ICOs will be a lot bigger but less sexy.”

 

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