A New CEO For Bitmain Technologies?

Barely two months after rumors about a change in leadership responsibilities at crypto mining giant, Bitmain, a recent report from South China Morning Post (SCMP) has revealed the identity of the soon to be appointed CEO.

Citing people with “knowledge about the matter,” SCMP reported that Haichao Wang, who is currently Bitmain’s director of product engineering is set to assume the leadership mantle at the firm.

Wang was first described in the report as the “potential successor” of Bitmain’s current co-CEOs Jihan Wu and Micree Zhan. The latter part, however, disclosed that Wang has already assumed some of the leadership duties even though an official statement is yet to be released by Bitmain Technologies.

While Jihan Wu and Micree Zhan may have to leave the top position at the company, they are poised to continue serving as the company’s chairmen and will be involved in making “final calls” in Bitmain’s major operating decisions.

It is still unclear at this point why the leadership role at Bitmain is expected to change, but it could be that the company is looking to improve on its 2018 performance, a period when a general bearish crypto market resulted in a poor output.

The company’s September application of IPO listing with the Hong Kong Stock Exchange (HKEX) has not been approved while in December, they shut down BitmainTech Israel, a blockchain research and development center because of the crypto market decline.

Bitmain is also looking to establish a crypto mining facility in North American, Texas before the end of 2019 first quarter, and this will likely be one of the first assignments to be undertaken by the rumored new CEO.