Wu Jihan and Zhan Ketuan, who were at the origin of Bitmain, China’s leading mining equipment company, decided to leave the top positions, the South China Morning Post reports, referring to informed sources.
The main reason for this decision by Bitmain management is the discrepancy in opinions on the further development of the company during the continuous decline in the crypto market.
The successor to the Bitmain founders is still unknown, but Wang Haichao, who is now responsible for design, claims to be the company’s executive director. As follows from media reports, before serving at Bitmain from 2010 to 2017, he worked at a semiconductor device development company in Beijing, where he held the positions of a programmer and a product manager. Wang graduated from Tsinghua University in Beijing, a kind of an analogue of the Massachusetts Institute of Technology in the United States.
Wu Jihan and Zhan Ketuan remain the majority owners in Bitmain, their total share is 58%. The company’s founders will continue to influence decisions on the most important matters of its development.
Bitmain Corporation is going through difficult times during the crypto market downtrend. In December 2018, the management had to announce a significant reduction in staff. According to unofficial information, the company’s losses for Q3 2018 amounted to over $740 million.
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