Companies often reshuffle their board positions when the need arises. That situation is no different in the cryptocurrency world. Bitmain, the world’s leading Bitcoin mining hardware manufacturer, has announced some structural changes. Jihan Wu, currently still CEO of Bitmain, is no longer an executive director of the board.
The Jihan Wu Reshuffle
For many people, Jihan Wu is the public face of Bitmain. His position in the cryptocurrency industry is well-known. Not everyone favours Wu or his thoughts in this day and age. Especially his favouritism toward Bitcoin Cash has caused some heated debates in the past year. It would appear some of the Bitmain board members are intent on ensuring he can no longer make any official decisions on his own.
This was decided during a recent board meeting. Wu will serve as a supervisor, rather than an executive director. Further details regarding his position remain unclear at this time. That leaves plenty of room for speculation as to what comes next for Wu and Bitmain. Removing Jihan from the decision-making process seems to confirm even his own colleagues question some of his recent decisions.
This is all part of bigger changes happening behind the scenes of the company. Four of its six directors have officially resigned last week. This all seems to confirm Bitmain may be heading in a completely different direction in the future. There is also the Initial Public Offering waiting to be executed. Prior to going public, the company has been valued at $12bn. That is an astronomical figure for cryptocurrency company.
Business Goes on as Usual
The removal of Jian Wu from the executive board has not caused any major changes on the surface. Bitmain will continue to build mining ASICs for Bitcoin and various altcoins. Additionally, their mining pools are still focused on Bitcoin Cash first and foremost. There is no reason to change any of this, as the company seemingly makes a lot of money.
One particular development to keep an eye on is the upcoming Bitcoin Cash hard fork. Bitmain is a main proponent of BCH. They are also the only ones still opposing Bitcoin SV in terms of mining support. That is a telltale sign the company favours Bitcoin ABC. Unfortunately, it seems that branch of development will not have sufficient mining support to remain the biggest BCH blockchain. It will, most likely, remain a viable chain, but not the “main” chain of Bitcoin Cash.
Preparing for the future is always critical in the cryptocurrency industry. For Bitmain, the company is deploying a lot of miners in the past few days. It is likely these miners will further support Bitcoin ABC over Bitcoin SV. A somewhat futile effort, as the majority of miners, want to see Craig Wright’s vision succeed. This ongoing “hash war” will undoubtedly heat up in the coming hours as the hard fork draws near.