Bitmain says it will not give up on the world's largest Cryptocurrency IPO
Bitcoin mining star Bitmain has officially announced its new CEO and says it will launch the stock exchange process sometime in the future. The company experienced a difficult 2018 with administrative disruptions, staff redundancies and significant losses.
Bitcoin Mining Giant Gets New CEO
At the end of 2018, Bitmain left a couple of departments among reports of financial difficulties. In a blog post published Tuesday, March 26, 201[ads1]9, the company explained the decisions that were taken as part of the work to adjust the 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 over the legal requirement.
Bitmain has also made some changes to his management structure with Haichao Wang, the former engineering chief appointed as new CEO. Co-founders Jihan Wu and Ketuan Zhan remain directors of the company and continue to say something in "big decisions."
Bitmain will resume IPO Listing Process
As reported by Bitcoinist on Monday, the Bitmain IPO application on the Hong Kong Stock Exchange (HKEX) expired after six months. According to the company, regulators and other mainstream stakeholders have not yet been sold to the enormous potential of the emerging crypto industry.
Meanwhile, Bitmain says it will restart the program once in the future. Despite the error in its first IPO application, the company said the process provided some positive results for the company, especially in the field of financial transparency.
With regard to transparency, Bitmain has not yet published its finances in the second half of 2018. Speculation is about to report large losses for Q3 2018 of around $ 740 million.
Any attempt to refile another IPO application will see that the company is forced to publish its financial report for the third quarter and perhaps through Q4 2018, depending on the reporting period set by Bitmain will focus on innovation and AI
Bitmain also revealed that the focus for 2019 will be on streamlining its business process to focus on innovation in both the market for cryptocurrency and artificial intelligence (AI).
Back in February 2019, Bitcoinist reported on the company's new 7-nm chip touted to deliver more power than Bitcoin mining. On paper, the new chip will offer a 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 are already inked with key stakeholders across China. Bitmain says it plans to lead the way in innovative innovation for neural processors.
What do you do with Bitmain's stated goal for 2019 after the difficulties in 2018? Share your thoughts with us in the comments below.
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