Bitmain’s Jihan Wu to appoint Wang Haicho as the new CEO

Bitmain’s co-founder Jihan Wu and Zhan Ketuan are welcoming the mining company’s new Chief Executive Officer [CEO], Wang Haicho, reported the South China Morning Post. The company faced many ups and downs over the past year, however, with the recent shuffle in the top management, 2019 could be a fresh start.

Jihan Wu, the co-founder and the former CEO of Bitmain, was surrounded by many questions about his involvement in the infamous Bitcoin Cash [BCH] hard-fork in November 2018 and many other controversies around Bitmain itself. All these reasons put Wu in the spotlight and mounted pressure on the CEO to resign.

According to earlier reports, by December 31, the possibility of Wu resigning strengthened, but it was not made clear who will be succeeding him. The aforementioned publication cleared that Wang Haicho, who was the product engineer of the company, will be filling in for Wu and Zhan.

Wang, worked as a product manager and software programmer at Availink, a Beijing-based semiconductor design house, before joining Bitmain.

According to the publication’s sources, Wang had been in the transition period since December 2018 and has taken Wu and Zhan’s resignation. The two will still be serving the company as its co-founders in the future, but there is no definite date and time for Wang to officially assume the office of the company’s CEO.

As soon as Wang officially takes over as the CEO of the company, Wu and Zhan will distance themselves from the company’s day-to-day activities, while being involved in the decision-making parameter. According to a report by Blockchain reporter, the resigning duo had some differences in opinion regarding certain matters in the past.

The falling cryptocurrency market has made things difficult for the mining business, and even now, it’s not getting any better. Bitmain’s IPO fell following the huge losses recorded in the Q2 of 2018. The fate of Bitmain now depends on the hands of the new CEO.