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Bitcoin mining giant, Bitmain, has officially announced the appointment of its new CEO and announced that it will relaunch the listing process in the future. The company has had a difficult 2018 year with administrative upheavals, redundancies and significant losses.
Bitcoin Mining Giant gets a new CEO
In the last part of 2018, Bitmain laid off several departments in the midst of reports of financial difficulties. In a blog post published Tuesday, March 26, 2019, the company explained the decisions made as part of its efforts to align its business model.
An excerpt from the statement reads as follows:
This decision was difficult but necessary as we continue to build a long-term, sustainable and scalable business. We have done our best to compensate our employees beyond the legal requirements.
Bitmain also changed its management structure with Haichao Wang, the former chief engineer appointed as the new managing director. The co-founders, Jihan Wu and Ketuan Zhan, remain directors of the company and continue to have a say in the "big decisions".
Bitmain will restart the IPO listing process
As reported by Bitcoinist On Monday, the stock market listing of Bitmain on the Hong Kong Stock Exchange (HKEX) expired after six months. According to the company, regulators and other stakeholders have not yet yielded to the huge potential of the emerging cryptocurrency industry.
In the meantime, Bitmain indicates that it will restart the application at some point. Despite the failure of its first IPO application, the company said the process had brought benefits to the company, especially in the area of financial transparency.
Regarding transparency, Bitmain has not yet released its financial results for the second half of 2018. Rumors are reporting numerous huge losses of about $ 740 million for the third quarter of 2018.
Any attempt to bundle another IPO application will result in the company's obligation to publish its financial report for the third and even the fourth quarter of 2018, depending on the reporting period specified by the exchange operator.
Bitmain will focus on innovation and AI
Bitmain also revealed that its goal for 2019 would be to streamline its business processes to focus on innovation in the cryptocurrency and artificial intelligence (AI) market.
Back in February 2019, Bitcoinist reported on the company's new 7-nm chip, which offered more efficient Bitcoin extraction. On paper, the new chip will offer an energy efficiency improvement of about 28.6% over previous versions of the company's 7-nm chip.
The article on innovations in the field of IA also mentions agreements already concluded with important stakeholders throughout China. Bitmain claims to be leading the way in advanced innovation for neural processors.
What do you think of the objectives declared by Bitmain for 2019 after the difficulties encountered in 2018? Share your thoughts with us in the comments below.
Image reproduced with the kind permission of Shutterstock.
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