Home / Cryptocurrency / Chinese media reports Jihan Wu and Jenke Group to resign as Bitmain CEO soon

Chinese media reports Jihan Wu and Jenke Group to resign as Bitmain CEO soon

Jihan Wu and the Jenke group will soon retire as CEOs of Bitmain, ASIC producer. Rumors about their departure were reported by Chinese local media Odaily on December 28th.

Odaily cites an anonymous source that knows the situation in which Bitmain is currently in a period of transition. In addition, the article also reports that employees allegedly were not optimistic about the results of the dual CEO system.

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

In mid-November, Chinese local media reported that Wu would no longer be able to influence the mining producer's business decisions, claiming that he had been relegated from the position of director to that of supervisor.

Odaily also reported today that unspecified sources have stated that Bitmain is planning to cease all mining operations and has already instructed interested dealers to sell Antminer's used S9s. This, according to the article, would mean that the company will fire over 500 employees.

In mid-May, Wu told Bloomberg in an interview that the producer was considering switching to artificial intelligence (AI) in the middle of the Chinese repressive crypt. At the time, Wu predicted that artificial intelligence chips could account for about 40 percent of Bitmain's revenue over the next five years.

The Odaily article referred to the AI ​​division, noting that the layoffs included those of the AI, mining, overseas and BCH Copernicus teams.

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

Bitmain did not respond to Cointelegraph's request for comments on CEO changes or layoffs for print time.

The downward trend recorded by cryptocurrency prices this year has not spared the Nvidia manufacturer of the Graphics Processing Unit (GPU). As reported today by Cointelegraph, Nvidia is facing a collective lawsuit on the losses reported by the company when the lower prices of the encryption have reduced the demand for GPU by miners.

According to the complaint, Nvidia "has promoted its ability to monitor the cryptocurrency market and make rapid changes to its activities if necessary". This assumption – according to the indictment – is a false and misleading statement.

As Cointelegraph also reported recently, after miners' decline in GPU demand, Nvidia had the worst performance in the S & P 500, losing 54% of the price of its shares.

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