Micree Ketuan Zhan, the co-founder of Bitmain who was recently dismissed by Bitmain’s current CEO Jihan Wu, has publicly opposed layoffs at the firm. As Bitmain — the world’s largest cryptocurrency mining firm — is reportedly planning to cut its workforce by 50% before the next Bitcoin (BTC) halving, Zhan claimed that he is “firmly opposed to layoffs” in a Jan. 6 Weibo post addressed to Bitmain employees. Zhan argues that Bitmain cannot lose its leadership in a highly competitive market Apart from claiming that Bitmain does not need to lay off its team, Zhan argued that such a move …
The quadrennial block reward halving for Bitcoin Cash (BCH) has come and gone, with miner rewards dropping from 12.5 BCH to 6.25 BCH. The event marked a pivotal moment for the fifth-ranked cryptocurrency by market capitalization, as it was its first 50% block reward reduction since emerging as a hard fork of Bitcoin (BTC) back in 2017. The Bitcoin Cash chain experienced another split that led to the creation of Bitcoin Satoshi Vision (BSV) in late 2018. The chain of events leading to the BCH blockchain split caused a cascade of network issues, as the hash war between both factions …
Chinese Bitcoin mining giant Bitmain’s co-founders Jihan Wu and Micree Zhan Ketuan will quit their posts as co-CEOs but still steer the company’s important decisions. Hong Kong-based English-language news outlet South China Morning Post reported the news Jan. 10. Referencing anonymous “people familiar with the matter,” the publication said Bitmain’s director of product engineering Wang Haichao would likely take over as CEO at an unspecified future date. Haichao has allegedly already taken over some of the duo’s former duties. The reshuffle, which Bitmain declined to formally confirm, follows several weeks of rumors about changes at senior executive level. Without quoting …
The CEO of crypto mining hardware giant Bitmain, Jihan Wu, has confirmed he is “open” to conducting an overseas initial public offering (IPO), Bloomberg reports today, June 7. Speaking in an interview in Hong Kong, Wu, who claims to own up to 28 percent of China-headquartered Bitmain, said an IPO in the region – or any market which U.S. dollar-denominated shares – would be suitable as a means of allowing early backers to cash in funds. The potential move would mimic Canaan, one of the company’s main competitors, which announced its intention to launch an IPO last month. Canaan occupies …
Matrixport, the cryptocurrency firm founded by Bitmain co-founder Wu Jihan, is in the process of raising $100 million funding despite the ongoing crypto market crisis. Lead investors have already committed $50 million for Matrixport’s new funding round at a $1.5 billion valuation, Bloomberg reported on Nov. 25. The deal has yet to be finalized as Matrixport is still looking for investors for the other half of the round. We're excited and look forward to engaging with participants, on similar terms, in the other half of the #funding round. Appreciate the trust and confidence our investors continue have in Team #Matrixport.@business …