[2019-01-11]Mining Company Bitmain Will Appoint A New CEO

[Alex077]

Mining Company Bitmain Will Appoint A New CEO

According to the news agency South China Morning Post, Haichao Wang will assume CEO of Bitmain, who is holding the position of product engineering director at the moment.

In November 2018, there was an information that Bitmain CEO, Jihan Wu, left his post and left the board of directors. However, company representatives denied the rumors about Wu’s leaving the board of directors and said that he would continue to lead the firm as co-chair with Micree Zhan. Haichao Wang will be assumed as company director, however, Wu and Zhan will make the final decision on the main issues.

Recall, the mining giant Bitmain sent an application for IPO to the Hong Kong Stock Exchange (HKEX) in September 2018, however, the decision on the application has not been made yet...https://en.bit.news/mining-company-bitmain-assume-new-ceo/

[coolcoinz]

It's a strategic move by them. They want that IPO and Jihan is drawing more and more negative comments. In the beginning he was viewed as someone powerful who can disrupt the markets and influence prices. As someone who wants to dominate in mining and possibly attempt a 51% attack. That wasn't great, but when he decided to switch to BCH and came close to bankrupting the company it became worse. He showed that he's bad for the company and could be its end. People won't invest in a company lead by a guy who makes mistakes. They are choosing a new frontman puppet, but we all know who is pulling the strings.

[1Referee]

He showed that he's bad for the company and could be its end. People won't invest in a company lead by a guy who makes mistakes. They are choosing a new frontman puppet, but we all know who is pulling the strings.

Jihan is the public face, but he isn't the only one in charge. Bitmain's support for BCash has approval from various board levels, and I don't think that anything will change. It's a very important part for the company itself in terms of selling more miners, and they obviously are the largest holder of BCash.

It's a circus show to fool regulators and have them approve their IPO. Jihan behind the scenes will continue to have as much power within Bitmain as he always had.

Jihan has around 20% in Bitmain, where Ketuan Zhen is a few % shy of owning 40%.