Crypto Mining Giant Bitmain to Appoint New CEO, Texas Plant Plans Shelved

The bear market of 2018 has hit crypto mining companies particularly hard as mining on certain types of hardware is no longer profitable. Falling prices and hashrates have dropped difficulty somewhat but not enough to prevent the founders of the world’s largest mining company to step down as it readies to appoint a new boss.Bitmain has been in the news recently for all the wrong reasons, laying off employees and downsizing is bad news for the crypto industry but inevitable in the circumstances. However, as company co-founders Wu Jihan and Zhan Ketuan step aside the firm is poised to hire a new CEO according to the SCMP.Citing ‘sources familiar with the matter’ the report went on to state that the new boss will be Wang Haichao, who is currently product engineering director at Beijing based Bitmain. He has reportedly already taken over managerial duties in a transitional period that started…

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