Chinese School Principals to Mine ETH At Work

School from Hunan Province suffered losses in the amount of $ 2,163
09 November 2018   156

The director and the head teacher of the Chinese school from Hunan Province - Lei Hua and Won Tsipen - installed nine mining devices for Ethereum worth $ 7,000 right in the building of the educational institution. Because of this, for several months the school suffered losses in the amount of $ 2,163, reports CoinDesk.

Initially, Lei Hua installed the devices at home, but due to high electricity costs, he decided to move the mining farm to a school, where he carried out the theft of electricity.

Because of the secret mining from July to November, electricity consumption at school has almost doubled, and the speed of the IT network has also decreased. The school’s leadership initially suggested that this was due to the excessive use of air conditioners, but an investigation revealed that the cause was illegal mining.

The director, convicted of stealing electricity, was dismissed from his post and removed from his post in the Communist Party, while his assistant was reprimanded.

Bitmain to Deny Jihan Wu is Out

Yesterday news that mister Wu left the post of chairman of the board of directors appeared
15 November 2018   85

Bitmain Bitcoin has denied rumors that its head Jihan Wu left the post of chairman of the board of directors. This is reported by CCN.

News that Jihan Wu and three other functionaries withdrew from the board of directors of the company appeared the day before. According to one version, Wu entered into an unspoken confrontation with Bitmain co-founder Micree Zhang, since he is focused on developing products in the field of AI and chip production.

It was also stated in reports of local publications, Wu moved to the position of Bitmain supervisor and lost his right to vote in the decision-making process of the board of directors, in connection with which he will no longer be able to influence the management of the company.

In a letter to CCN, Bitmain marketing manager Nishant Sharma confirmed that the board of directors of the company had undergone personnel changes, but the information that Jihan Wu had left the post of chairman called fake. He also denied the departure of other members of the board.

As is standard listing practice, Bitmain is restructuring its board and group structure, to ensure it meets regulatory requirements on its road to IPO. This is to simplify the board structure to facilitate its management. There have been no board departures and co-founder Jihan Wu will continue to lead the company as co-chair, together with co-chief executive officer, Micree Zhan.
 

Nishant Sharma

Marketing maneger, Bitmain

Bitmain filed an official application for an IPO on the Hong Kong Stock Exchange in September.