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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.

Analysis

LocalBitcoins see steady trading volume in Russian Ruble following cash-trades exodus

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LocalBitcoins see steady trading volume in Russian Rouble following cash-trades exodus
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LocalBitcoins, the Finland-based peer to peer cryptocurrency exchange, announced earlier this month that trading in a country’s national fiat currency will be disallowed, leading many in the community to believe that countries not on the frontlines of the digital asset world would be hit the hardest. Three weeks on, some defiant trends have been noticed.

According to CoinDance, the weekly LocalBitcoins chart revealed that the Russian Ruble [RUB] recorded towering volumes, even after the June 1 cash-exodus announcement. With many expecting a drop in volume, other top countries have also seen the absence of an immediate plummet, with Moscow being the stand-out.

The first week of June saw a notable high of RUB 1,174 million in volume owing to the native currency, while the aftershock of the announcement dropped the same down by to RUB 1,104 million by the second week. The next two weeks saw the volume surge back to its May 2019 heights, with the week beginning on June 22 recording a volume of RUB 1,188 million in volume.

Source: CoinDance

On the basis of the above data, Russia is indeed a positive LocalBitcoins market.

The Finnish exchange has also been popular in South America, with its weekly volumes doing exceedingly well in the markets of Colombia, Venezuela, Peru, Chile, and Argentina, with Brazil, the only Latin American country left-out.

Buenos Aries saw its weekly volume from the initial weeks of June to mid-June drop from $13.71 million to $10.53 million, following the cash-removal announcement. In terms of the Colombian Peso, CoinDance stated that the number for the same was $9.98 billion towards the close of May 2018, and dropped to $7.16 billion by the first week of June. However, the same has since stabilized to stand at $9.2 billion.

LocalBitcoins began mulling the possibility of phasing out fiat currency trades following its inclusion under the supervision of Finland’s financial watchdog, the Financial Supervisory Authority [FSA] in March 2019. This inclusion was made days after Finnish legislators stated that cryptocurrency-based assets would be given legal status under the law. However, the act will officially come into force later in November 2019.

Additionally, several changes were made to the country’s Anti Money Laundering [AML] laws and Countering Financial Terrorism Act [CTF], which would require the exchange to follow the stated guidelines.

 





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