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Bitmain Names New CEO


Chinese Cryptocurrency mining chip firm Bitmain Technologies said Haichao Wang has been named as its new Chief Executive Officer. He replaces Micree Zhan and Jihan Wu, who are the co-founders and co-CEOs of Bitmain.

They had reportedly stepped down early this year.

They will, however, continue to be the directors to guide the company's strategic development, Bitmain said in a blog post.

Both Jihan Wu and Micree Zhan were included in this year's Forbes' Billionaires List.

Wu owns more than 20 percent of Bitmain Technologies' shares, while Zhan owns nearly 37 percent.

Haichao has extensive experience in the chip industry, and also successfully headed multiple departments at Bitmain.

Most recently he has been serving as the company's Director of product engineering.

Bitmain said it already started working hard at addressing the challenges and opportunities that the bear market posed at the end of 2018.

The company recently released the Antminer Z11, and announced the introduction of power efficient and stable Antminer S17 and T17.

Bitmain has signed cooperation agreements with the Fuzhou Municipal Government of Fujian Province, China Mobile Hangzhou Research and Development Center, and China Unicom Network Technology Research Institute, while rolling out different generations of processors, which it claimed are fast finding wide acceptance among established tech companies, such as cloud gaming provider Ubitus.

Founded in 2013, Bitmain is China's largest cryptocurrency mining-chip company, specialized in selling ASIC-chip miners.

Meanwhile, the Chinese crypto mining giant's filing to list an initial public offering (IPO) on the Hong Kong Stock Exchange has officially expired.

Bitmain had filed for an IPO in mid-2018, but postponed the plan later as the price of bitcoin plummeted, making Bitmain's business less profitable.

In a statement, Bitmain said it would restart the listing application process "at an appropriate time in the future."

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