Co-founder of Bitmain announced his departure!
Nothing lasts forever, and even large companies and market leaders need changes. It is regrettable that sometimes changes begin with a change of leading persons in the enterprise. However, it is quite possible that one of the giants in the mining industry will begin the path to new achievements under the leadership of a new director. Of course, we are talking about Bitmain and its CEO, one of the managers, Jihan Wu, who today announced his departure from the organization. Next, we will consider everything that is known about the change of top officials of the company and tell you how the change in management can affect the prospects of the enterprise. So let’s get started.
First of all, it should be recalled that Bitmain is one of the leaders in organized mining. The company is engaged in the extraction of a variety of cryptocurrencies, collecting investment from interested users. Together with the company, hundreds of thousands of users earn money, and the company itself has long been entrenched in the industry as a reliable, reputable enterprise with a serious status. However, the widest fame and huge profits become not only the guarantors of phenomenal success, but can also lead to conflicts. One such disagreement broke out a long time ago. Since the end of 2019, the leading persons of the company, two founders and part-time CEOs, have begun a confrontation for supremacy in the company.
One of the founding fathers of the organization, Jihan Wu, had a conflict of interest with another company leader. Mikri Zhang reacted harshly to the discontent from his partner and began a well-prepared program to remove Wu from a competitive position. First, Zhang removed his opponent from all leadership positions. However, Wu’s ownership of a solid block of shares did not allow the leader of the company to immediately remove a competitor from his post. A long, grueling confrontation began. And, as you certainly know, such proceedings negatively affect the activities of any company. Needless to say about the leader in the mining industry.
How the conflict was resolved
Bitmain apparently suffered from management confrontation. So Wu made a sensible decision to leave his post on his own. Judging by the latest appeal to their adherents, the parties could not avoid drastic measures. Nevertheless, as Wu himself says, the conflict has been settled in a civilized and sane way. The former firm representative thanked all colleagues and users for their support. Said it had been a wonderful 2815 days at the helm of the firm, but it’s time to move on. Bitmain and competitor Wu wishes great success and has no doubts that the company will achieve extraordinary heights. But already without him. So let’s analyze how a change in leadership could affect such a large company.
What’s next for Bitmain?
It is simply impossible to speak unequivocally about such complex things. There are always several options for the development of events, at least two. First, we can imagine that the organization will find the best partner for Zhang and achieve phenomenal success. However, it is also quite likely that Zhang will not want to share the director’s chair and will lead the company to success on his own. And this is much worse than looking for a new partner, since one person clearly evaluates the market situation worse.
Only a thorough approach from different points of view can guarantee success. In any case, we want to wish Bitmain good luck and wish their former leader new career achievements and speedy growth in every sense. There is no doubt that such a respected person in the industry will find his place. To stay informed about news related to Bitmain and other companies. As well as to stay updated on all the events in the Blockchain industry, read our news feed. We publish only high-quality, interesting material. Thanks for attention. Good luck!