Jihan Wu hosted a client meeting and represented Bitmain as CEO last Saturday, Bloomberg reported. This is the first appearance of Jihan Wu in his role as company leader, since the ousting of co-founder Zhan “Micree” Ketuan in October.
Reportedly, Ketuan held the responsibility for Bitmain’s strategy from March until his resignation, pushing for side businesses in the field of AI, as well as establishing expensive research centers. At the same time, Jihan Wu’s focus was on the chief business of mining.
Over the course of 2019, Bitmain lost both positions as a miner, and some revenues, despite the S17 starting deliveries. Now, Bitmain is on a new selling expansion, taking in 20% deposits for its newest mining rigs for bulk orders. Usually, Bitmain seeks either 50% in advance, or a full payment.
According to presentations at the sales event, the new models are sold for $1,000 to $2,000, significantly lower in comparison to prime prices for Antminer S9. At peak BTC prices, an Antminer commanded $4,000 on the secondary mining. Bitmain seems to be back on track to woo miners, as it presented to Chengdu City buyers, to win one of the larger mining hubs in China.
The Antminer S17 may revive the market for Bitmain, as the S17 still can achieve annual profitability above $399 at BTC prices around $7,300.
Bitmain may still try for a US listing, after being preceded by Canaan Mining, which went public on NASDAQ in November. Canaan Mining also gained on Bitmain with a larger shares of ASIC rigs sold.
Jihan Wu has been controversial and has disappeared for months from public appearances, sparking doubts about his safety. But now, he is once again at the company’s helm. Jihan Wu has been known for his support for the Bitcoin Cash network, and even faces a lawsuit for potentially manipulating the BCH price.
