December 28, the two CEOs of Bitmain, Jihan Wu and Micree Zhan were reportedly quitting their job in the company. The successor would be a layman surnamed Wang who has joined Bitmain for a while.

“This matter has not been settled yet, and it is currently in a transitional period,” said an insider close to Bitmain.

According to blockchain media Odaily, sources disclosed that Zhan has doubted his management skills since 2015. This time, he is about to take actions for a better future for Bitmain.

Odaily has asked Bitmain for confirmation and the firm did not deny this issue.

Bitmain’s marketing director Jiang Zhihua respond that “Thank you for your attention but we have no comment at this time, please refer to the prospectus.”

The mining giant has filed an IPO application on September. According to the document, both Zhan and Wu serve as co-CEO of Bitmain.

Actually, Zhan and Wu hold large shares of Bitmain and work as CEOs of Bitmain for a long time. However, some former employees of Bitmain shrugged off the “double CEO” mode, as they believe most of the companies with that management framework always get a dismal denouement.

There are also rumors circulating that the two CEOs are at loggerheads. Insiders have disclosed that Zhan and Wu were dividing up their shares of Bitmain in April which hinted at the end of the double king mining dynasty.

However, these rumors have not been confirmed as of press time and we are still waiting for an official announcement.

Nevertheless, Bitmain did make a big personnel adjustment to its board on November 7. Four members quitted the board including Jihan Wu. Wu became the supervisor from the board’s executive director, while Zhan Ketuan remains to be Bitmain’s executive director and manager.

Although it has been confirmed as a facilitating initiative to meet the requirements of listing regulations. Some insiders believe the hand-over procedure could start by then.

Furthermore, despite the board reshuffle, the recent layoffs which “involves more than 50% of the entire headcount” also causes concerns, although the firm denies the layoffs and said that would be a normal business adjustment.

Still, all these rumors remain unknown, but Bitmain is undergoing a strategic shrinkage and streamline its personnel structure for the crypto winter.