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Jihan Wu Is Rumored to Leave Bitmain to Start His Own Mining Company Focused on Bitcoin Cash (BCH)

  • Alex Dovbnya
    📰 News

    Things are not looking good for the mining juggernaut with layoffs, mammoth-sized losses, and Jihan Wu’s rumored departure


Jihan Wu Is Rumored to Leave Bitmain to Start His Own Mining Company Focused on Bitcoin Cash (BCH)
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Dovey Wan, a founding partner of Primitive Ventures, has just revealed on Twitter that Jihan Wu might be cutting ties with Bitmain, citing multiple unofficial sources. Wu is allegedly planning to start his own company that will focus on Bitcoin Cash (BCH) and decentralized finance (DeFi).

Bitmain caught in a death spiral

U.Today cannot verify the credibility of these claims, but as they say, there is no smoke without fire. According to a recent financial report that was provided to the Hong Kong Stock Exchange (HKEx), the mining giant lost a staggering $500 mln in Q3 2018. The fact that the biggest cryptocurrency company in the world also went on a firing spree by shutting down its offices in the Netherlands and Israel also didn’t help the company to stay on track.

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The tale of two CEOs

Things came to a head when multiple media outlets broke the news about Wu stepping down as the CEO of Bitmain. Now, it seems like one of the most influential figures in the crypto space is leaving the company altogether.

As reported, Wu is not even the biggest shareholder in the company. Micree Zhan, who’s the mastermind behind the omnipresent ASIC miners, owns a 36.5 percent stake in the company. Wu and Zhan allegedly disagreed on multiple  issues, including Bitmain’s darling Bitcoin Cash.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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