Crypto Mining Giant Bitmain Appoints Haichao Wang As New CEO

Job Appointments | March 27, 2019 By:

Chinese crypto mining giant Bitmain has named Haichao Wang as the Chief Excutive Officer of the company.

Wang replaced the co-CEOs of the company – Wu Jihan and Zhan Ketuan, who will continue to be Bitmain’s directors and guide the company’s strategic development.

“Haichao not only has extensive experience in the chip industry but also succesfully headed-up multiple departments at Bitmain,” Bitmain said. “We are confident that through his experience and passion, he will drive better products and services for our customers.”

Bitmain also announced that its listing application to HKex, which was initially filed in September 2018, has reached its 6-month expiration date. The firm’s target for the Hong Kong initial public offering was to raise as much as $3 billion. Bitmain said it will restart the listing application work at an appropriate time in the future.

“The listing process has made the company more transparent and standardized,” Bitmain said. “The process of rationalization and optimization has made our business more focused on the things that are core to our mission.”

According too the firm, at the end of 2018, it has made operational changes, including adjustments to its personnel, alignment of its focus on cryptocurrency and artificial intelligence (AI) chips, as well as products and services based on such chips. Bitmain also established clear business divisions for mining hardware, AI, mining farms and mining pools. At the same time, they have integrated the resource lines for chip design, hardware and software to provide more effective support for their key business lines and to allocate premium resources to their major and key projects.

“These all help to ensure the success of our core business and commitment with our customers through a more robust lifeline and competitiveness.”