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Despite Shakeup Report, Bitmain Suggests It's Business as Usual
January 12, 2019 by William Peaster
This week, the South China Morning Post reported Bitmain's Product Engineering Director Haichao Wang had taken on some CEOs at the mining manufacturing powerhouse. While declining to comment on specific reporting, Bitmain told Bitsonline it would have publicized any such pivot through official channels if it had already happened.
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'We Would Let All Stakeholders and Authorities Know,' Says Bitmain's Sharma
On Jan. 10th, the mainstream Hong Kong daily SCMP published an article on a possible shakeup at Bitmain, as reportedly told The Post Bitmain's founders Ketuan Zhan and Jihan Wu were shifting into a co-chair company while letting Wang transition into CEO, a position Zhan and Wu had previously shared.
Wang, an experienced programmer who joined Bitmain in 2017, started taking some CEO responsibilities last month, the SCMP reported.
If it is true, the development would be a fast rise for Wang within Bitmain's ranks and a tangible refocusing of the company's leadership strategies.
However, for the part, the mining rig has been running on the shake chatter.
While Bitmain declined to comment on specific reporting, the company's International Communications and PR Director Nishant Sharma told Bitsonline by email that any executive changes would have been formally announced had they already happened.
"Just FYI:" I would let all stakeholders and authorities know through official channels, "Sharma said.
Zooming Out: a Time for Paring Down
The 2018 cryptoeconomy correction dealt heavy blows to the balance sheets of the ecosystem's largest companies, as significant layoffs have hit crypto mainstays like ShapeShift, ConsenSys, and beyond in recent weeks.
Though Bitmain is currently the world's top manufacturer, it was not immune to last year's bearish market tumbles.
The company started with a new wave of layoffs in Dec. 2018, with Bitmain staff saying that as much as 50 percent of the company's employees and some of the apartments were likely to be let go.
The 2017-2018 cycle was a rollercoaster for crypto markets, and every enterprise has been dealing with the results of its chop ever since.
Of course, if 2019 sees that the market is chop drop further downwards, then look for companies to the future to continue even further to the brace against the inevitable budget tightenings.
What's your take? Will layoffs in crypto be a major storyline in 2019, or is the cryptoeconomy about to turn bullish once more? Let us know in the comments section below.
Images via Pixabay
