Bitmain – the world’s leading maker of cryptocurrency mining rigs, is set to appoint a new Chief Operating Officer. The co-founders of the company Jihan Wu and Micree Zhan Ketuan, are stepping down from day-to-day affairs. 

Abandon Ship

According to the South China Morning Post, the world’s biggest bitcoin mining rig maker has made substantial changes in its senior management.

Citing anonymous sources familiar with the matter, the outlet reports that both Wu and Zhan will quit handling day-to-day business activities at the company. Their successor is reportedly a product engineering director at a company based in Beijing – Wang Haichao.

While no formal statement has been made yet, the sources reveal that Wang has already taken duties over from both Zhan and Wu.

Prior to Bitmain, Wang was working at a semiconductor design house called Availing from 2010 to 2017. He’s a graduate from what’s considered to be China’s MIT – Tsinghua University.

Bear Market Taking its Toll

2018 has seen the entire cryptocurrency market shrink to about $127 billion from its all-time high value of more than $800 billion at the beginning of the year.

This has seemingly taken its toll on industry proponents. Bitmain has been recently reported to lay off half of its staff in 2019.

According to a spokesperson at the company, however, this represents some sort of an “adjustment”:

There has been some adjustment to our staff this year as we continue to build a long-term, sustainable and scalable business. A part of that is having to really focus on things that are core to that mission and not things that are auxiliary.

It’s also worth noting that Bitmain has also Twitter account Samson Mow (@Excellion) recently shared that the company has laid off the entire Copernicus team (the team responsible for developing Bitcoin Cash GO client).

What do you think of Bitmain’s current condition? Don’t hesitate to let us know in the comments below!

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