Crypto Mining Giant Bitmain Presents New CEO; Admits IPO Is Dead

Bitmain, the cryptocurrency mining equipment giant, has published a revealing post on their blog that talks about many rumors going around the community. In the post, Bitmain talks about how the bear market has affected their future plans, the changes they’ve had to make because of it and what their priorities are going forward. Furthermore, the post also confirms the replacement of Bitmain’s CEO and the expiration of its IPO filing to the Hong Kong stock exchange.

The post is titled “2019’s Focus is on Customers,” indicating that Bitmain wants the readers to take the post less as a dry press release regarding the different rumors and whispers in the community and more as a show of intention towards their future plans for their customers.

“We are proud of how fast our business has grown since we were first founded in 2013,” the post starts off. It goes on to boast, “according to Frost & Sullivan, Bitmain is the second largest fabless chip design company in China and ranked among the world’s top ten in terms of revenue in 2017.” After that Bitmain talks about the current bear market and how it affected the company’s operations and infrastructure. Stating that the current tough conditions have forced it to “innovate faster” in pursuit of their vision to enable the “Internet of Money.”

Talking about the expiration of the IPO filing to the Hong Kong stock exchange (which was already rumored previously), Bitmain provides an explanation saying, “We do recognize that despite the huge potential of the cryptocurrency and blockchain industry, it remains a relatively young industry which is proving its value.” The post also explains that Bitmain does not intend to immediately follow up with the expired filing but they intend to do so in the future when they deem it appropriate. Bitmain also hoped that the media and public, as well as regulatory authorities, can be “more inclusive” to the industry in the future.

Furthermore, the blog post also confirms the news of a change in leadership at Bitmain with their new CEO Haichao Wang. Bitmain also talked about the products and services that they are working on or have recently released. They boast about the power and energy efficiency of their recently released 12nm ASIC design Antminer Z11, followed by the announcement of the Antminer S17 and T17.

Discussing its contributions to the AI industry, the blog post reads, “On the AI side of our business, we have signed cooperation agreements with the Fuzhou Municipal Government of Fujian Province, China Mobile Hangzhou Research and Development Center, and China Unicom Network Technology Research Institute, while rolling out different generations of neural processors, which are fast finding wide acceptance among established tech companies, such as cloud gaming provider Ubitus.”

However, what Bitmain really wanted to focus on was its plan this year to double down on innovation and service for their customers.