Bitmain, the world’s largest Bitcoin-mining manufacturing equipment company is undergoing quite the restructuring, as the new CEO, Wang Haichao, will be replacing two of the company’s original founders, according to a new report (Jan 10).
It wasn’t too long ago that many people considered Bitmain the most valuable company in the cryptocurrency sector, especially considering the fact that it controlled a significant percentage of Bitcoin mining hardware in the world. However, there’s no doubt that there have been new concerns plaguing the company, causing many to question its highly-valued status.
In fact, it appears as though Bitmain now has a new CEO, and that two of its founders will be leaving, as per a recent report from SCMP. Although there were lingering reports regarding the transition in local media, Bitmain has refused to comment on the report, or offer an actual timetable regarding the transition.
It wasn’t long ago when many were stunned at Bitmain’s exponential growth. In fact, there were many analysts who believed that Bitmain was on track for $10 billion in revenue last year, thanks to an incredible first quarter in 2018 where the company generated $2 billion. This was considered massive growth at the time, especially given that Bitmain had generated $2.5 billion in 2017 and $300 million the year before that.
The company also made headlines when it was responsible for some new additions to the “Hurun list”, a list of China’s richest and most influential entrepreneurs. The list boasts executives from some of China’s most prominent companies such as Alibaba and Tencent. Many believed the fact that Bitmain executives were already landing on the list was a sign of things to come.
Fall from Grace