When it comes to bitcoin mining pool, Bitmain’s name often appears on top. Very recently, Beijing based Bitmain which is the world’s biggest crypto mining firm has confirmed the layoff plans as a part ‘to live up the company’s mission’.
Co-Founders To Step Aside
Per the South China Morning Post, Bitmain Technologies is naming a product engineering director as the new CEO by replacing the present co-founders Wu Jihan and Zhan Ketuan. Significantly, a people in a related matter reported SCMP that the product engineering director of the company, Wang Haichao will be the new chief executive officer (CEO) of the Bitmain Technologies.
The report broke out after an anonymous person (who asked to have his identity hidden) detailed the matter to SCMP (South China Morning Post). He said that the CEO duties to Wang Haichao were carried out since December 2018. However, the official declaration of Wang as the CEO is still a secret but a person told ‘Wu and Zhan’ will still be the company’s co-chair. As such, the co-founders will remain anonymous for day-to-day business dealings but still be responsible for key matters of the company.
Bitmain So Far
Bitmain Technologies is the brainchild of Wu and Zhan who established it in the year 2013. Wu holds as much as 21 percent stake of the firm whereas 37 percent stake is held by Zhan. The IPO prospectus details the dual-class share structure which has given 10-1 voting rights to both beyond ordinary shareholders.
The firm sees to have a huge plan before entering into the new year 2019 and consequently, they focused on ‘best talent’ that fits the company’s mission statement. As such, Bitmain in the statement of laying off its staff said;
“A part of that is having to really focus on things that are core to that mission and not things that are auxiliary. As we move into the new year we will continue to double down on hiring the best talent from a diverse range of backgrounds,”
Beside widespread presence, Bitmain has had the tough 2018 with the flagship cryptocurrency losing more than 70 percent of its value. Moreover, its fundraising plan application or IPO was not accepted by the Hong Kong’s regulators and stock market operators. The regulators then signaled reluctantly towards the filing and declared it is ‘a premature for a crypto trading platform in Hong Kong’.
So what do you think of Bitmain’s co-founder stepping aside? Let us know your thoughts.
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com