Chinese media reports resignation of Bitmain CEOs
Former Wall Streeter on Crypto in 2019 – Bitcoin Time Mag – Bitmain CEOs – Japan Crypto Exchanges
The Chinese edition of Odaily announced plans to resign Jihan Wu and Mikri Zhang, who are the founders and CEOs of the world’s largest equipment manufacturing company. for mining Bitmain.
The company has not yet confirmed this is officially, but internal sources of the magazine claim that the disagreements between the leaders and the generally tense internal situation are growing. The conflict is attributed to terrible financial indicators for the third quarter of 2018 of the year. According to official Bitmain reports, the loss for this period was $ 400 million.
Odaily reports, what the blame for the failure work took over Mikri Zhang, who admitted his failure as a leader. Losses associated with the collapse of the crypto market, which led to a decrease in demand for equipment and mining services. but Jihana Wu, an active supporter of Roger’s Bitcoin Cash ABC time hashrate wars, initiated the movement of free computing power of the pools to the network of the allied BCH, which also cost the company millions of dollars.
Bitmain plans conduct an IPO during whom expects to raise $ 12 billion. In November, the company said it had will be restructuring was carried out. Such a decision led to the departure of half of the members of the board of directors, but Jihan Wu retained the post of chairman of the board, and Mikri Zhang remained CEO and manager.
The end of 2018 was disastrous for Bitmain. The company is actively downsizing, it is expected that will be laid off 50% of employees. Previously company announced the closure his research divisions in Israel. However, the Chinese giant is not the only one to have suffered colossal losses. Many investment companies, miner manufacturers and developers are also making large-scale cuts or even shutting down..