Jihan Wu and the Jenke Group will be reportedly soon retire as CEOs of leading mining ASIC producer Bitmain.
Rumors about their departure were reported by Chinese local media Odaily on Dec. 28.Odaily quotes an unnamed source familiar with the situation that Bitmain is currently in a transition period.
The article also reports that employees allegedly weren't optimistic about the outcomes of the double-CEO system.
In mid-November, Chinese local media reported that Wu would no longer be able to influence corporate decisions at the mining manufacturer, alleging that he had been demoted from the position of director to that of supervisor.
Odaily also reported today that unspecified sources declared that Bitmain is planning to cease all mining operations and already commissioned the relevant dealers to sell the used Antminer S9s. This, according to the article, would mean that the company will lay off over 500 employees.
At the time, Wu predicted that AI chips could account for around 40 percent of Bitmain's revenue in the next five years.
At the end of December, Chinese social media sources reported that Bitmain had already allegedly fired its entire staff of BCH developers.
Bitmain has not responded to Cointelegraph's request for comments on the CEO changes or the layoffs by press time.
The downward trend reported by the prices of cryptocurrencies this year also hasn't spared graphics processing unit producer Nvidia.
As Cointelegraph reported today, Nvidia is facing a class action lawsuit over the losses reported by the company when lower crypto prices diminished demand for GPUs by miners.
Unconfirmed: Chinese Media Reports Jihan Wu, Jenke Group to Soon Resign as Bitmain CEOs
pubblicato su Dec 29, 2018
by Cointele | pubblicato su Coinage
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