The world’s leading manufacturer of cryptocurrency mining rigs – Bitmain, is reportedly going through a major shift in its senior management. The company’s co-founders Jihan Wu and Micree Zhan Ketuan will be stepping down from day-to-day operations as they appoint a new CEO.

The End of an Era for Bitmain?

The biggest manufacturer of cryptocurrency mining hardware – Bitmain, is reportedly set to appoint a new CEO.

Citing anonymous sources close to the matter, South China Morning Post reports that product engineer director at a Beijing-based semiconductor company – Wang Haichao, has already assumed responsibilities from Bitmain’s co-founders Jihan Wu and Zhan Ketuan.

Before Bitmain, Wang has supposedly been working at a semiconductor design house called Availink in the years between 2010 and 2017. He is also a graduate from one of the top tech university in the country – Tsinghua University in Beijing, also commonly referred to as China’s MIT.

It’s also reported that after Wang ha formerly assumed all day-to-day activities, Wu and Zhan will step down but remain co-chairs of the company.

Tumultuous 2018

2018 has been a year of a prolonged bear market as the entire cryptocurrency market lost around $700 billion since January.

Bitmain started showing signs of trouble in the last quarter of 2018. Towards the end of December, it was reported that the company will reduce its staff by more than 50%.

In addition, Twitter user Samson Mow (@Excellion) shared that the cryptocurrency mining hardware manufacturer has laid off the entire Copernicus team. That’s the group which was supposed to develop the Bitcoin Cash GO client.

Bitmain filed a draft application for an IPO with the Hong Kong Stock Exchange (HKEX) back in September 2017. However, with the recent developments, chances of obtaining a listing do seem rather slim.

What do you think of Bitmain’s plan to appoint a new CEO? Let us know in the comments below!