Home / Bitcoin / Jihan Wu and Micree Zhan, founders of Cryptomining Giant Bitmain, who are said to be leaving | Crowdfund Insider

Jihan Wu and Micree Zhan, founders of Cryptomining Giant Bitmain, who are said to be leaving | Crowdfund Insider

Rumors of large-scale layoffs in Bitmain, the world's largest producer of cryptocurrent mining equipment and the largest cryptocurrency pool operator, are now followed by the stories of the company's two famous founders – Michree Zhan and Jihan W-will leave their place as Bitmain co -regists, Weixin relationships:

"On December 28th, a person close to Bit China told Odaily Planet Daily that (Micree Zhan) and Wu Jihan will retire as CEO of Bitco. The newly appointed person … (is) surnamed Wang. "

In November, a story circulated that Wu had resigned from the company's board of directors. The same news reported that both Wu and Zhan had also downgraded their titles in the company, respectively from "director" to "supervisor" and from "president" to "executive director".

Wu, a former Beijing finance professional, started Bitmain with Zhan, a chip designer, in 2013.

The two continued to create one of the world's fastest Bitcoin mining machines, a machine that dominated the crypto mining industry.

Some data show that Bitmain has supplied almost 80% of all the mining crypto machines currently used in the world.

Reportedly, Zhan is a billionaire, but it is believed that Wu has lost millions by supporting a fork of Bitcoin that he created with Roger Ver called "Bitcoin Cash".

Bitcoin Bitcoin traceable in cash to about 10% of the value of Bitcoin for the first six months of its existence, even reaching the peak of 20% of the value of Bitcoin, but since then it has grossed much more than the standard Bitcoin in the cryptic market. of 2018.

After briefly reaching a high historical price of $ 4091 USD on December 20, 2017, the price of Bitcoin Cash now stands at around $ 163 USD (-96%).

Bitmain has been accused of various forms of cheating and almost monopolizing the processing power on the Bitcoin network, which is based on "decentralization" for network security.

Miners all over the world have also suspected that the Chinese government has granted extraordinary assistance to Bitmain to assert control over global crypts.

Bitmain presented an IPO statement this fall at the Hong Kong Stock Exchange (HKSE).

But like the demands of other Chinese Ebang and Canaan mining encryption plants, Bitmain's IPO application proceeds slowly through the review process and may be in danger of forfeiture.

The IPO application of Canaan has already expired.

Sources say that HKSE regulators may be reluctant to approve IPOs for cryptographic companies because the encryption sector is plagued by rampant price manipulation, insider and wash trading, the destabilizing effects of which could be passed on to potential equity investors.

Despite having recorded record profits of over $ 1.1 billion last year, Bitmain has made its IPO demand using modest numbers from the second quarter of this year, and the third and fourth quarter numbers have progressively worsened. .

The company is also persecuted by rumors that up to 50% of its 3,000 employees will be fired, many of whom have been added in the last year.

Bitmain has also shut down its Israeli research facilities and let 23 workers go there and will presumably be tucking up plans to support public education in the region.

Several sources indicate that layoffs will likely influence Bitmain's artificial intelligence arm (AI), its mines and mining mines, its foreign teams and the "Copernicus" client team of Bitcoin Cash.

Bitmain has denied the stories of the dismissal, but the verification on Chinese social media seems to indicate that the rumors come from message boards created for the company insiders.

Skeptical observers from the cryptography industry like Bitcoin developer Jimmy Song even speculated that Wu and Zhan are looking for the Bitmain IPO as a buyout for a company that peaked, especially considering the fact that the reputation of 39; company has steadily deteriorated in the west, competition other manufacturers are increasing, and much of the industry is looking for more environmentally friendly methods of extraction on cryptographic networks.

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