Jihan Wu, the former CEO of Bitmain, may be focused on starting a new stage in his business career after the unfortunate events that culminated in his departure from the leading company in the crypto-mining sector.
A few hours ago, Dovey Wan, founding partner of Primitive Ventures and a person with a recognized presence on Crypto Twitter, published that “multiple non-official sources” reported on Jihan’s decision to completely abandon Bitmain to devote himself to a new company that would compete with the ASIC producer:
Jihan Wu is leaving Bitmain, starting a new company 🤯🤯🤯 multiple non-official sources said so …
according to various sources, the new company is more like a spin out of Bitmain (so far not sure of the equity ownership structure), with primary focus around BCH and Defi
— Dovey Wan 🦖 (@DoveyWan) February 25, 2019
Jihan Wu is Looking at BCH and Decentralized Finances
Unlike Bitmain, it seems that Jihan’s new company completely ditches interest in Bitcoin (BTC) to engage in mining and the development of services based on Bitcoin Cash (BCH) a BTC fork that he has strongly supported since its inception.
In addition to focusing exclusively on mining related services, Jihan Wu hopes to expand its operations to Decentralized Finances (DeFi), something that would differentiate the new startup from Bitmain.
So far, Bitmain has not spoken. This seems to be quite normal given the high level of secrecy with which the company is run. Several CT personalities have tried to corroborate this information without achieving satisfactory results:
— Cøbra (@CobraShitcoin) February 25, 2019
Jihan’s Past Actions Sparked Negative Reactions
The community didn’t take the news very enthusiastically. In fact, most of the comments regarding the rumor have been quite negative, calling Jihan a scammer or speculating on the idea that everything is a business move in cooperation with Bitmain.
So far Jihan has neither confirmed nor denied the news. His Twitter account has remained quite silent since he began to lose influence over Bitmain’s strategic decisions. Something that many associate with the company’s internal movements to get him out of his position as CEO.
During the infamous BCH Hash War, Jihan Wu decided to support BCHABC. The large amount of hashpower he used to pump this version against BSV generated heavy losses for the company that already had a bad reputation.
The economic losses of Bitmain are around 740 million dollars. Jihan was at the end of his career making decisions jointly with Micree Zhang, another of the founding members, in a rare Co-CEO model that many speculated would culminate in his definitive exit from the company.