New Crypto Rumor Says Jihan Wu Could Exit Bitmain to Open Up a BCH-Focused Crypto Mining Firm

Jihan Wu, the former CEO of Bitmain, one of the most important companies in the cryptocurrency mining space, could be leaving the company. According to Dovey Wan, founding partner of Primitive Ventures, revealed on Twitter that Jihan Wu might be cutting ties with Bitmain.

Wan explains that according to various sources, Wu would start a new firm on his own. As she mentioned, the new company “is more like a spin out of Bitmain” that could be focusing around Bitcoin Cash (BCH) and decentralized finance – also known as Defi.

Although there is nothing confirmed, the company has been experiencing some difficult times during the last year. The bear market in the crypto space seems to have affected the company in a very particular way. Moreover, Jihan Wu has supported Bitcoin Cash ABC back on November 15 when Bitcoin SV (BSV) split from the BCH chain.

Between November and December 2018, several miners left the market due to the fact that Bitcoin’s price dropped under $6,000 and it was not profitable to mine the most popular cryptocurrency in the market anymore. This could have also affect Bitmain to some degree.

The company has also closed two of the offices that it had around the world. These two offices were located in Israel and in the Netherlands.

In a recent financial report that was provided to the Hong Kong Stock Exchange (HKEx), bitmain lost $500 million during the third quarter of 2018. Moreover, some time ago, he stepped down as the CEO of the company after disagreeing on multiple issues with Micree Zhan, the founder of the ASIC mining company.

Now is time to wait and see whether these rumours turn out to be real and confirmed. Bitmain has also been trying to move towards artificial intelligence (AI) but it seems that it did not provide good results for their business.

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Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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