Wu Jihan, co-founder of Beijing-based cryptocurrency mining hardware manufacturer Bitmain, will no longer lead the company’s core business, according to Chinese media outlet Caijing (in Chinese), which cited multiple sources close to the company.

Wu is said to be pivoting away from Bitmain’s cryptocurrency mining unit, which has been the company’s central business.

The mining hardware manufacturer will retain its mining business and the businesses that contribute to continuous cash flow, according to staff, but will cease new business expansion efforts, including its Bitcoin Cash (BCH)-related businesses and AI business led by co-CEOs Wu and Zhan Ketuan, respectively. The company will reportedly slash 50% to 70% of its workforce, which at one point numbered at 3000 employees.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.