Is Jihan Wu leaving Bitmain?

Speculations are on the rife that Jihan Wu, the CEO, and founder of Chinese mining farm Bitmain might be leaving the company to start an independent venture. Reports suggest that the new company will be an offshoot of Bitmain

Bitmain, a Chinese mining farm created waves after the 2017 high price where the company registered profits of over $1 billion. Since then, the mining farm is on the downward spree owing to some unwise financial decisions aided by the bearish market trends. Jihan Wu as the CEO was blamed for most of the failures.

The spree of rumors started almost a month back when a certain section of the media reported that Wu has either stepped down from his position or has been removed to take a different position. The company neither denied or confirmed these reports giving fire to the rumor mills. However, it’s safe to assume that the founder was demoted to a less influential position in the company.

Rumors Mill Suggest The New Firm might Be Bitcoin Cash Centric

Given the current condition of Bitmain, especially after the longest bearish market in crypto history, it’s only wise for Jihan to start his own venture while Bitmain tries to regain its market hold under new leadership.

The new venture to be started by Wu is being speculated to be Bitcoin Cash centric, which many believe now being kept alive primarily by Wu’s investment. The twitter was quite a buzz as the news broke out, but most of the users are critical whether Jihan Wu would be able to taste the same success as he did with his first venture. The reasons are quite obvious, first the mining scene is getting less popular by the day and developers of various cryptocurrencies are looking to find a much efficient protocol which might help in ending the monopoly of mining farms.

Final Thoughts

Jihan Wu was a noted name in the crypto space as his venture Bitmain was a widely recognized name for its mining operations and later for producing high-end mining rigs. However, the longest bear markets of 2018 have led to many downfalls in the crypto space and the latest victim is Bitmain.

After being demoted/removed from his parent company, now Wu is looking for a fresh start. Whether the new venture would be able to climb the popularity charts, only time would tell. However, achieving a success rate as high as Bitmain seems theoretically impossible at this point in time.