Is Jihan Wu leaving Bitmain to start a new company?

25 Feb, 2019
by David Robb
Rumor
Is Jihan Wu leaving Bitmain to start a new company?

Rumours are circulating that Jihan Wu, founder and former CEO of Chinese mining firm Bitmain, may be leaving to start a new company. Although it will be a separate entity, Wu's new venture is likely to be an offshoot of Bitmain itself.

Wu was the head of Bitmain when the company turned over record profits of over $1 billion following the 2017 bull run. Since then, unwise financial decisions and the fall in mining profitability has seen Bitmain's fortunes change considerably, and Wu has been blamed for most of its failures.

Read more: An insider with Bitmain says its crypto holdings are down over 90%

Rumors had already circulated around a month ago that Wu was no longer the CEO of Bitmain, after either stepping down or being removed to occupy a different position. These were never fully confirmed or denied by company representatives, although it seems likely that Wu now has a less influential position than before.

Read more: Update: Bitmain may not have replaced Jihan Wu (yet?)

Leaving the main company to form his own subsidiary would be a logical development in Wu's story, allowing him to retain control of operations while Bitmain pursues its upcoming IPO under new leadership. According to rumors, his new company will have more of a focus on Bitcoin Cash (BCH), a cryptocurrency which many believe is now being kept alive primarily by Wu's investment. 

Observers on Twitter welcomed Wu's departure from Bitmain, but didn't see much chance of him being successful in his upcoming endeavours, whatever they might turn out to be.

Read more: What are Bitcoin whales and do they really control the market?2018: A Bitcoin and cryptocurrency year in review

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