Chinese mining giant Bitmain is due to appoint a new CEO sometime soon, replacing co-founder and leading crypto figure Jihan Wu. The firm is also cancelling its plans for a major new datacenter, which was to be established in the state of Texas.
After dominating the mining market in late 2017/early 2018 and reporting close to $1 billion in profit, Bitmain's sales figures were heavily damaged by the ongoing bear market, and some controversial investment decisions also affected the company's finances. Its planned IPO may now be unable to go ahead, and the firm has also seen some restructuring in terms of personnel.
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According to the South China Morning Post, the Beijing-based mining firm will promote Wang Haichao to CEO, from his current position as product engineering director. He replaces the two co-founders of the company, Jihan Wu and Zhan Ketuan. Wu's influence was previously rumoured to be dwindling, with some reports at the end of 2018 that he had unofficially stepped aside.
Also, plans made by Bitmain to launch a major new facility in the U.S. have apparently now been shelved. A site in Rockdale, Texas was to host a new $500 million datacenter for the company. This was planned to take over the Alcoa aluminum smelting plant, and would have created around 400 new jobs.