Unconfirmed: Chinese Media Reports Jihan Wu, Jenke Group to Soon Resign

[spectremy]

Jihan Wu and the Jenke Group will be reportedly soon retire as CEOs of leading mining ASIC producer Bitmain. Rumors about their departure were reported by Chinese local media Odaily on Dec. 28.

Odaily quotes an unnamed source familiar with the situation that Bitmain is currently in a transition period. Furthermore, the article also reports that employees allegedly weren't optimistic about the outcomes of the double-CEO system.

The Chinese local outlet also notes that their successor is supposedly surnamed Wang, without providing further information.

In mid-November, Chinese local media reported that Wu would no longer be able to influence corporate decisions at the mining manufacturer, alleging that he had been demoted from the position of director to that of supervisor.

Odaily also reported today that unspecified sources declared that Bitmain is planning to cease all mining operations and already commissioned the relevant dealers to sell the used Antminer S9s. This, according to the article, would mean that the company will lay off over 500 employees.

In mid-May, Wu had told Bloomberg in an interview that the manufacturer was considering turning to artificial intelligence (AI) amid China’s crypto crackdown. At the time, Wu predicted that AI chips could account for around 40 percent of Bitmain’s revenue in the next five years.

The Odaily article referenced the AI division, noting that layoffs would include those from the AI, mining, overseas, and BCH Copernicus client teams.

At the end of December, Chinese social media sources reported that Bitmain had already allegedly fired its entire staff of BCH developers.

Bitmain has not responded to Cointelegraph’s request for comments on the CEO changes or the layoffs by press time.

The downward trend reported by the prices of cryptocurrencies this year also hasn’t spared graphics processing unit (GPU) producer Nvidia. As Cointelegraph reported today, Nvidia is facing a class action lawsuit over the losses reported by the company when lower crypto prices diminished demand for GPUs by miners.

According to the complaint, Nvidia “touted its ability to monitor the cryptocurrency market and make rapid changes to its business as necessary.” This assumption — according to the indictment — is a false and misleading statement.

As Cointelegraph also recently reported, after the decrease in GPU demand by miners, Nvidia was the worst performer in S&P 500, losing 54 percent of its stock price.- https://cointelegraph.com/news/unconfirmed-chinese-media-reports-jihan-wu-jenke-group-to-soon-resign-as-bitmain-ceos

[stompix]

Odaily also reported today that unspecified sources declared that Bitmain is planning to cease all mining operations and already commissioned the relevant dealers to sell the used Antminer S9s. This, according to the article, would mean that the company will lay off over 500 employees.

The thing about Wu might be right but the above is total bs

Ceasing all mining operations? Why? Because they are too profitable? 
And the mention of S9 just proves this is made up, what about the S15 Bitmain has and rumors and a bit of math shows they are mining with them, some directly some under the cover of bitdeer?

Bitmain might be in trouble but this is pure exaggeration!!!!

[Zin-Zang]

 

[dothebeats]

Jihan Wu might be in hot waters right now, but that doesn't mean that BITMAIN would cease mining operations knowing how profitable it has been for the company for the last 5 years or so. Also, truth is they'd be laying off 500 employees due to the company's poor performance on this year, but I guess that's not enough grounds to actually halt mining operations at a whole. If they did, this might open a door for prospective manufacturers of mining equipment and scatter the mining power across the world and take the power away from China for once.

[Wind_FURY]

Bitmain would have their IPO if Jihan Wu did not attack the very network that they should have wanted to see become the most successful.

[reactorjuno]

As far as I know, the leaked document was originally from August this year, so this is not exactly something new and it would mean Bitmain had started to sell their assets a while ago now. The resignation is probably a real news, but apparently is the result of some "fight" at the top of the company (something not unusual in big or smaller companies).
Anyway this info is still unofficial, so I would take it with a grain of salt.

[NeuroticFish]

Wu got too greedy. Communist party probably don't love people that get too greedy and play smartass. So Wu has to leave. End of story.

[franky1]

i gotta laugh at the social drama..

funny thing is its like empty drama thats 4 months out of date
1. jihan made alot of money selling off old s9 when they had value in october
2. jihan made alot of money selling the first batch of t/s15's in november (being delivered this week)
3. jihan started with 1000 staff, took on some TEMPS to cover some new projects. and is now just going back to usual
 much like how retailers take on christmas temps to cover high labour demand of a certain high labour event
4. the whole thinking that bitcoin cash caused economic meltdown of certain things/people is the biggest laugh of all

just goes to show people dont do their research and just want to copy and paste or repeat propaganda scripts from a certain group.
hint. samson mow is angry. he lost his BTCC job.. but did anyone notice how much BTCC evaporated.. nope.
he remained hush hush about his situation but is propaganda raging about other things..

but putting the social drama aside, important thing is new asics delivered this week
= hashrate rise
= market:mining dynamic/paradigm playing out
= positive 2019

[Wind_FURY]

i gotta laugh at the social drama..

funny thing is its like empty drama thats 4 months out of date
1. jihan made alot of money selling off old s9 when they had value in october
2. jihan made alot of money selling the first batch of t/s15's in november (being delivered this week)
3. jihan started with 1000 staff, took on some TEMPS to cover some new projects. and is now just going back to usual
 much like how retailers take on christmas temps to cover high labour demand of a certain high labour event
4. the whole thinking that bitcoin cash caused economic meltdown of certain things/people is the biggest laugh of all

just goes to show people dont do their research and just want to copy and paste or repeat propaganda scripts from a certain group.
hint. samson mow is angry. he lost his BTCC job.. but did anyone notice how much BTCC evaporated.. nope.
he remained hush hush about his situation but is propaganda raging about other things..

but putting the social drama aside, important thing is new asics delivered this week
= hashrate rise
= market:mining dynamic/paradigm playing out
= positive 2019

Then do you believe that there are no problems behind Bitmain's plans on having an IPO, and that they will not be laying off 50%, 80% according to some rumors, of their employees?

Do you believe Jihan Wu will not be removed from his role as CEO of Bitmain? The company is doing VERY well, right?

[geyayy]

Jihan Wu might be in hot waters right now, but that doesn't mean that BITMAIN would cease mining operations knowing how profitable it has been for the company for the last 5 years or so. Also, truth is they'd be laying off 500 employees due to the company's poor performance on this year, but I guess that's not enough grounds to actually halt mining operations at a whole. If they did, this might open a door for prospective manufacturers of mining equipment and scatter the mining power across the world and take the power away from China for once.

If the are no improvements on the equipments they used then its probable that the companuly will stop mining since the network require more hashpower compared 5 years ago. Besides, the double CEO system will create confusion in implementing rules and regulations, strategies and other important decisions for the company. As the old saying says ' Its impossible to serve two masters'.

[franky1]

Then do you believe that there are no problems behind Bitmain's plans on having an IPO, and that they will not be laying off 50%, 80% according to some rumors, of their employees?

Do you believe Jihan Wu will not be removed from his role as CEO of Bitmain? The company is doing VERY well, right?

1. IPO does not mean that a company is in trouble. it just means they want to expand.
2. laying off TEMP staff  normal1000 -> temp 3000 -> normal1000........ no drama.. standard business practice
3. if jihan wants to retire he can. take gmaxwell founder of blockstream retiring from blockstream
    take bobby lee and samson mows position change when DCG.co bought BTCC
yes people are not immortal. so learn to not get dramatic about people. instead just stick to the things that matter

the funny part is the whole. bitmain bust due to an altcoin..
funny thing is bitmains altcoin stuff is a small %
bitmains main % is mining hardware and leasing farms

all these rumours began by samson mow. but look at samson mows previous employer and look at why mow is angry(should you only want to investigate social drama stuff)

anyway the whole 'IPO delay due to jihan/bch' is old propaganda from months ago.
the hongkong stock exchange is hesitant to approve crypto companies in general
take for instance canaan... filed in may...... delayed(lapsed in november)
take for instance ebang... filed in june...... delayed(about to lapse)

bitmain filed in september.. delayed(has until march)
yes there is a actual waiting period of things that happen. its not a apply in september and get accepted same day.. bitmain have 6 months from september. there is a whole process that needs to be gone through before listing negociation period begins. so far the hongkong stock exchange has denied canaan. not due to canaan financials but purely that is crypto based and approval of a new industry would requir extra oversight and negociations and tests as it would set a precidence and template for others.


so if you are waiting for news on bitmain.. look for news on canaan/ebang... then wait for a further 4 months for bitmain
(as canaan has shown the hongkong stock exchange isnt eager to just accept a crypto IPO easily)

i personally dont think any crypto mining company will get approval in q1 of 2019. so canaan,eband AND bitmain will just do business as usual and try again for a 2019 q2-q3 round(once they all know the real objections to then fix them and counter the objections next time..... much like the ETF drama of custodial services)
.....
meanwhile current events that do actually matter
t/s15's are being delivered and hashrates for 2019 gonna rise.
prepare for the mining:market dynamics to play out

[Summation]

Layoffs do not mean that blockchain technology has been abandoned. In my opinion, this is a normal behavior. When the market declines, the company's profits will also decline. Any company is profit-oriented, so layoffs are common in any situation. We don't have any panic about it. In fact, this has nothing to do with the price trend of crypto.

[kelz1]

He basically forked up with that idiot scheme thinking he was gonna bring home zillions. Instead he crippled the entire crypto market and now everyone is reeling, except stable coins

[stompix]

Layoffs do not mean that blockchain technology has been abandoned.

We don't have any panic about it.

Who said we are panicking?
Who said that Jihan Wu going to spend the rest of his life in prison on a beach in the Bahamas is going to mean the end of blockchain?

When the market declines, the company's profits will also decline.
In fact, this has nothing to do with the price trend of crypto.

Nice contradiction you have here.

If the are no improvements on the equipments they used then its probable that the companuly will stop mining since the network require more hashpower compared 5 years ago. Besides, the double CEO system will create confusion in implementing rules and regulations, strategies and other important decisions for the company. As the old saying says ' Its impossible to serve two masters'.

The network doesn't require anything.
An S9 is still profitable right now and only god (except bitmain staff) knows how many s15 they have produced.
Or, if there aren't any s11 or s13 mining already for years.

And if indeed bitmain stops mining...we might have a serious problem.
Imagine all that hashpower getting sold at scrap metal prices.
Instead of requiring close to a billion and months of manufacturing to get a chance at a 51% attack, all that gear will be there be waiting for a buyer no matter what his intentions are.

[Wind_FURY]

Then do you believe that there are no problems behind Bitmain's plans on having an IPO, and that they will not be laying off 50%, 80% according to some rumors, of their employees?

Do you believe Jihan Wu will not be removed from his role as CEO of Bitmain? The company is doing VERY well, right?

1. IPO does not mean that a company is in trouble. it just means they want to expand.

Did I say that? I was asking you if you still believe that Bitmain's IPO will still go on. Will it?

But it has to go on, right? There are no problems in Bitmain because all the rumors are all propaganda, right?

2. laying off TEMP staff  normal1000 -> temp 3000 -> normal1000........ no drama.. standard business practice

But I thought they wanted to expand? What happened? No money to pay for wages perhaps?

A company that reduces people under their employ is also a sign of cashflow problems. It is not standard.

3. if jihan wants to retire he can. take gmaxwell founder of blockstream retiring from blockstream
    take bobby lee and samson mows position change when DCG.co bought BTCC
yes people are not immortal. so learn to not get dramatic about people. instead just stick to the things that matter

Retirement is possible. The investors throwing him out is also possible.