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Home / Business / Bitmain says it will not give up on the world's largest cryptocurrency IPO

Bitmain says it will not give up on the world's largest cryptocurrency IPO



Bitcoin mining giant Bitmain has officially announced its new CEO and says it will restart the IPO of the IPOs sometime in the future. The company experienced a difficult year in 2018 with administrative upheavals, redundancies and significant losses.


Bitcoin Mining Giant Becomes New CEO

In the second half of 2018, Bitmain fired a few divisions under reports of financial distress. In a blog post published on Tuesday (March 26, 201

9), the company explained the decisions that were made as part of its efforts to tailor its business model.

An excerpt from the statement reads:

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

Bitmain also changed its leadership structure with Haichao Wang, the former Chief Engineering Officer, who was named the new CEO. Co-founders Jihan Wu and Ketuan Zhan continue to be directors of the company and continue to have a say in "big decisions".

Bitmain launches IPO listing process

As reported by Bitcoinist on Monday. Bitmain's IPO application on the Hong Kong Stock Exchange (HKEX) expired after six months. According to the company, regulators and other mainstream stakeholders are not yet being sold to the immense potential of the emerging cryptocurrency industry.

In the meantime, Bitmain says the application will be restarted at a later time. Despite the failure of its first IPO, the company noted that the process has produced some positive results, particularly in terms of financial transparency.

In terms of transparency, Bitmain is not yet releasing its financials for the second half of 2018. Speculation Q3 2018 reports huge losses of approximately $ 740 million.

Any attempt to request a further listing will force the Company to publish its third quarter financial report and possibly even the fourth quarter of 2018, depending on the stock exchange reporting period it has set. Bitmain focuses on innovation and AI

Bitmain also revealed that its focus for 2019 will be on streamlining its business process to focus on innovation Market for cryptocurrency as well as artificial intelligence (AI).

Already in February 2019 Bitcoinist reported on the company's new 7nm chip, which promises more efficiency ient bitcoin mining. On paper, the new chip will provide 28.6 percent improvement in energy efficiency compared to previous iterations of the company's 7-nm chip.

For innovation in the AI ​​scene, the blog post also mentions agreements that have already been closed with key stakeholders across China. Bitmain says it intends to be groundbreaking when it comes to innovative innovations for neural processors.

What do you think of the objectives set by Bitmain for 2019 after the difficulties in 2018? Tell us your thoughts in the comments.


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