Bitmain’s two founders to step aside as Chinese cryptocurrency giant taps software coder as new CEO

Bitmain Technologies, the world’s biggest maker of cryptocurrency mining rigs, is poised to name a new chief executive to replace company co-founders Wu Jihan and Zhan Ketuan, people with knowledge of the matter said.

The potential successor is Wang Haichao, who currently holds the position of product engineering director at the Beijing-based company, but has already taken over duties from co-chief executive Wu and Zhan in a transition period that started in December, according to the people, who asked not to be identified because the information is private.

There is no timetable yet for Wang to take over the chief executive position from Wu and Zhan, who will remain as the company’s co-chairs, one of the people said.

Bitmain declined to comment on the leadership change, which was first reported two weeks ago in local media. Wang could not be reached for comment.

After Wang takes over, Wu and Zhan will move away from the company’s day-to-day business activities but will still make final calls on big decisions, one of the people said. It has been reported that the pair disagreed on certain issues as co-chief executives.

Before Bitmain, Wang worked at Beijing-based semiconductor design house Availink from 2010 to 2017, in roles that included software programmer and product manager, according to Chinese media. He graduated from Beijing’s Tsinghua University, considered to be the Massachusetts Institute of Technology of China.

Bitmain, which accounts for 75 per cent of the world’s specialised computers used to earn new units of digital money, is going through tough times amid a prolonged bear market in cryptocurrencies. In 2018, bitcoin -- the world’s biggest form of digital money -- lost more than 70 per cent of its value. In total nearly US$500 billion has been wiped off the value of the more than 2,000 cryptocurrencies in the market.