Based on a recent report, a shuffling of power has occurred in one of the largest blockchain technology company around the world. The report made it known that Bitmain, one of the largest manufacturer of bitcoin mining chips has changed its board of directors. While some members were kept on the board, some were left off the reshuffled board. The CEO of the company Jihan Wu is one of those who was left off the new board. He has been demoted to a supervisor.
Wu is Now a Supervisor
As a supervisor, it has been reported that Wu will have no voting right in the affairs of the company. As a result of this, he is now exempted from participate in the business decision-making in the mining company.
However, it is important to note that no official report has been made as regards his function in this role.
Wu will, therefore, be unable to participate in the business decision-making at Bitmain.
The report announcing the shuffling also made it known that Jihun Wu is replaced by Zhan Ketuan who now serves as Bitmain’s executive director and manager.
A recent report has also made it know that out of the six directors of the firm, four of them have tendered their registration letters.
Bitmain has not Commented of the Cause
So far, what brought about the unprecedented shuffling has not been unravelled. It is, however, worrying that this is coming at a time when the company is already close to its Initial Public Offering and getting listed on the Hong Kong Stock Exchange. Although the date of the IPO has not been fixed, the company has received a valuation worth about $12 Billion.
The company has also made a statement regarding its market share in the cryptocurrency mining hardware space following a report from Frost & Sullivan.
The company stated that:
“According to Frost & Sullivan, we are the largest global ASIC-based cryptocurrency mining hardware company in terms of sales revenue in 2017, accounting for a market share of 74.5%. We offer a variety of mining hardware equipped with proprietary ASIC chips under our Antminer brand.”