Bitmain Co-Founder Jihan Wu is no longer on the executive Board

On November 13, Jihan Wu, co-founder of Bitmain, was downgraded from his position as Bitmain director. According to a Sanyang source, he is now a supervisor. This will diminish his influence over Bitmain’s future decisions. Wu’s semi-disempowerment is part of a restructuring of the entire company’s executive board.

About Jihan Wu:

Prior to joining Bitmain, Wu was a financial analyst and equity fund manager. According to Coindesk, he is Top10 most influential people in the crypto world and a big supporter of Bitcoin Cash. With an estimated wealth of over $2 billion, he at least won’t have any problems to handle the loss of position in the company financially.

About Bitmain:

Bitmain was founded in 2013 by Micree Zhan and Jihan Wu. The company itself has been the largest manufacturer of ASIC mining chips for Bitcoin since early 2018. It was not until September that the company announced its intention to go public, though.

From a financial point of view, the company had a net profit of more than $750 million in the first two quarters. The only downside to the hugely successful business is nearly $1 billion in unsold bitcoin mining hardware that is weighing on the company.

Bitmain’s assets include Antpool and the website.

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