Bitmain Says It Wont Give Up on Worlds Biggest Cryptocurrency IPO

Bitmain Says It Wont Give Up on Worlds Biggest Cryptocurrency IPO

Bitcoin mining giant Bitmain has officially announced its new CEO and says it will restart the IPO listing process sometime in the future. The company endured a difficult 2018 with administrative upheavals, staff layoffs, and significant losses.


Bitcoin Mining Giant Gets New CEO

In the latter part of 2018, Bitmain laid off a couple of departments amid reports of financial difficulties. In a blog post published on Tuesday (March 26, 2019), the company explained the decisions taken as part of its efforts to align its business model.

An excerpt from the statement reads:

It was a difficult but necessary decision as we continue to build a long-term, sustainable and scalable business. We did our best to compensate our employees above the legal requirement.

Bitmain also made some changes to its leadership structure with Haichao Wang, the former Engineering chief appointed as the new CEO. Co-founders Jihan Wu and Ketuan Zhan remain directors of the company and continue to have a say in big decisions.


Bitmain Will Restart IPO Listing Process

As reported by Bitcoinist on Monday, the Bitmain IPO application at the Hong Kong Stock Exchange (HKEX) expired after six months. According to the company, regulators and other mainstream stakeholders arent yet sold to the immense potential of the emerging cryptocurrency industry.

In the meantime, Bitmain says it will restart the application at some time in the future. Despite the failure of its first IPO application, the company said the process did deliver some positives for the company especially in the area of financial transparency.

Concerning transparency, Bitmain is yet to publish its financials for the second half of 2018. Speculation is rife with reports of huge losses for Q3 2018 of about $740 million.

Any attempt to refile another IPO application will see the company being forced to publish its financial report for Q3 and maybe even Q4 2018 depending on the reporting period stipulated by the stock exchange operator.



Bitmain Will Focus on Innovation and AI

Bitmain also revealed that its focus for 2019 will be on streamlining its business process to focus on innovation in both the cryptocurrency and artificial intelligence (AI) market.

Back in February 2019, Bitcoinist reported on the companys new 7-nm chip touted to deliver more efficient Bitcoin mining. On paper, the new chip will offer about a 28.6 percent improvement in power efficiency, compared to previous iterations of the companys 7-nm chip.

For innovation in the AI scene, the blog post also mentions agreements already inked with important stakeholders across China. Bitmain says it plans to lead the way in terms of cutting-edge innovation for neural processors.

What do you make of Bitmains stated goals for 2019 after the difficulties experienced in 2018? Share your thoughts with us in the comments below.

Image courtesy of Shutterstock.

The post Bitmain Says It Wont Give Up on Worlds Biggest Cryptocurrency IPO appeared first on Bitcoinist.com.

26.03.2019 / 15:30 20
Jihan Wu Steps Down as Bitmain CEO, Chinese Media Reports Jihan Wu Steps Down as Bitmain CEO,
Jihan Wu, the successful businessman who turned Bitmain into an empire in the world of crypto-mining, is about to reach the end of his career as CEO
Report Claims Chinese Mining Giant Bitmain Is Prepping for New Leadership Report Claims Chinese Mining Giant
The cryptocurrency mining manufacturer Bitmain may have a new chief executive officer in the near future according to regional reports. Bitmains
Bitmain Replaces CEO Jihan Wu After Bitcoin Cash Gamble Fails Bitmain Replaces CEO Jihan Wu After
Inside sources say that Bitmain Technologies plans to name a replacement CEO to take over from co-founders Jihan Wu and Ketuan Zhan. New Bitmain CEO
Is Crypto Hardware Giant Bitmain Poised to Appoint a New CEO? Is Crypto Hardware Giant Bitmain Poised
Rumors are rife that Bitmain Technologies is poised to make a major announcement in regards to the appointment of their new CEO. The crypto mining
Crypto Mining Giant Bitmain to Appoint New CEO, Texas Plant Plans Shelved Crypto Mining Giant Bitmain to Appoint
The bear market of 2018 has hit crypto mining companies particularly hard as mining on certain types of hardware is no longer profitable. Falling
Rumor: Jihan Wu and the Jenke Group to Retire as CEOs of Bitmain Rumor: Jihan Wu and the Jenke Group to
With the New Year only hours away, news reaching Ethereum World News indicate that the giant Bitcoin mining and ASIC manufacturing company of Bitmain
Comments (0)
Add a comment
Comment on