Crypto mining equipment giant, Bitmain, is allegedly appointing the current Product Engineering Director, Wang Haichao, as its new CEO.

According to a report by South China Morning Post, the company’s co-founders, Wu and Zhan, will step down but still remain as the companies co-chairs.

However, it’s not clear when Haichao will take over as CEOs but it’s said that the transition has already started. Bitmain recently confirmed that it would be laying off some of its staff due to tough market conditions.

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