Unconfirmed: Chinese Media Reviews Jihan Wu, Jenke Group to Quickly Resign as Bitmain CEOs

Jihan Wu and the Jenke Group will be reportedly quickly retire as CEOs of main mining ASIC producer Bitmain. Rumors about their departure ended up documented by Chinese neighborhood media Odaily on Dec. 28.

Odaily estimates an unnamed source common with the condition that Bitmain is at present in a changeover interval. Additionally, the write-up also stories that employees allegedly were not optimistic about the results of the double-CEO procedure.

The Chinese regional outlet also notes that their successor is supposedly surnamed Wang, without having furnishing more data.

In mid-November, Chinese regional media described that Wu would no more time be able to impact corporate decisions at the mining manufacturer, alleging that he experienced been demoted from the posture of director to that of supervisor.

Odaily also documented these days that unspecified sources declared that Bitmain is setting up to cease all mining functions and currently commissioned the applicable sellers to offer the utilized Antminer S9s. This, in accordance to the posting, would mean that the company will lay off around 500 staff members.

In mid-May possibly, Wu experienced told Bloomberg in an interview that the producer was thinking of turning to synthetic intelligence (AI) amid China’s crypto crackdown. At the time, Wu predicted that AI chips could account for all around 40 % of Bitmain’s earnings in the upcoming five yrs.

The Odaily write-up referenced the AI division, noting that layoffs would involve those from the AI, mining, abroad, and BCH Copernicus customer teams.

At the stop of December, Chinese social media resources reported that Bitmain had by now allegedly fired its complete staff members of BCH builders.

Bitmain has not responded to Cointelegraph’s ask for for opinions on the CEO adjustments or the layoffs by press time.

The downward pattern noted by the rates of cryptocurrencies this 12 months also has not spared graphics processing unit (GPU) producer Nvidia. As Cointelegraph noted these days, Nvidia is experiencing a class motion lawsuit more than the losses described by the organization when reduce crypto selling prices diminished demand for GPUs by miners.

In accordance to the complaint, Nvidia “touted its capacity to observe the cryptocurrency marketplace and make swift alterations to its small business as required.” This assumption — according to the indictment — is a fake and misleading assertion.

As Cointelegraph also not long ago claimed, after the reduce in GPU need by miners, Nvidia was the worst performer in S&P 500, getting rid of 54 per cent of its inventory price.

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