Unconfirmed: Chinese Media Reports Jihan Wu, Jenke Group to Soon Resign as Bitmain CEOs

The CEOs of main mining ASIC producer Bitmain will likely be allegedly quickly be retiring to present place to a successor surnamed Wang.

Jihan Wu and the Jenke Group will likely be reportedly quickly retire as CEOs of main mining ASIC producer Bitmain. Rumors about their departure had been reported by Chinese native media Odaily on Dec. 28.

Odaily quotes an unnamed supply accustomed to the scenario that Bitmain is at present in a transition interval. Furthermore, the article additionally studies that staff allegedly weren’t optimistic in regards to the outcomes of the double-CEO system.

The Chinese native outlet additionally notes that their successor is supposedly surnamed Wang, with out offering additional info.

In mid-November, Chinese native media reported that Wu would now not have the ability to affect company selections on the mining producer, alleging that he had been demoted from the place of director to that of supervisor.

Odaily additionally reported at the moment that unspecified sources declared that Bitmain is planning to stop all mining operations and already commissioned the related sellers to promote the used Antminer S9s. This, based on the article, would imply that the corporate will lay off over 500 staff.

In mid-May, Wu had advised Bloomberg in an interview that the producer was contemplating turning to synthetic intelligence (AI) amid China’s crypto crackdown. At the time, Wu predicted that AI chips might account for round 40 % of Bitmain’s income within the subsequent 5 years.

The Odaily article referenced the AI division, noting that layoffs would come with these from the AI, mining, abroad, and BCH Copernicus shopper groups.

At the tip of December, Chinese social media sources reported that Bitmain had already allegedly fired its total workers of BCH builders.

Bitmain has not responded to Cointelegraph’s request for feedback on the CEO adjustments or the layoffs by press time.

The downward pattern reported by the costs of cryptocurrencies this 12 months additionally hasn’t spared graphics processing unit (GPU) producer Nvidia. As Cointelegraph reported at the moment, Nvidia is going through a category motion lawsuit over the losses reported by the corporate when decrease crypto costs diminished demand for GPUs by miners.

According to the criticism, Nvidia “touted its capability to watch the cryptocurrency market and make speedy adjustments to its enterprise as vital.” This assumption — based on the indictment — is a false and deceptive assertion.

As Cointelegraph additionally just lately reported, after the lower in GPU demand by miners, Nvidia was the worst performer in S&P 500, shedding 54 % of its inventory worth.

Original supply: https://cointelegraph.com/news/unconfirmed-chinese-media-reports-jihan-wu-jenke-group-to-soon-resign-as-bitmain-ceos

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