Bit Digital CEO Sacked Due To Bitcoin Mining Issues

The paradigm shift in the cryptocurrency space will now mean that many crypto firms and exchanges will likely restructure personnel, business models, and overall operation to accommodate the growth of the space. In a new report from the Asian crypto space, Bit Digital, a Chinese Bitcoin mining firm with several operational outfits across the country, has now fired its CEO, citing lack of participation in mining activities. The sacking does not remove Min Hu from the firm, as the businessman will continue to render his services to the firm as a board of directors.

Min Hu is not the only one to leave amidst the restructure

The bitcoin mining firm who is also popular in China for its car rental services has witnessed some prominent shifts in the power that operates its business for a while now. The removal of Min Hu due to incapabilities issue might have made the news. Still, it is also worthy to note that the firm had received a resignation earlier from their Chairwoman and their Chief Strategy Officer.

The current CFO of the firm, Erke Huang, will now temporarily replace Hu as the firm begin their search for credible personnel to fill the void. Ping Lui, the businesswoman who resigned due to health concerns has seen her position being taken over by Zhaohui Deng firm deems it fit that she will do a good job. She is notable for her pragmatic approach to business.

A replacement for their chief Strategy Officer, who had resigned earlier to take up a more senior role at another firm, has currently not been announced. The firm is still searching for credible professionals to fill the vacant void.

The Ongoing lawsuit has been touted as a reason behind the changes

Earlier in January, a lawsuit was filed against the Bitcoin mining firm due to fraud allegations in their business dealings. The individuals connected with the Nasdaq-listed firm believe that this could likely be one reason behind the paradigm shift in the organization’s power.

However, the company had come out to deny the allegations as the case is still undergoing trials at the moment. The firm had also added two new senior professionals into their business. A U.S-based legal practitioner has been added to its business in a bid to assist with the ongoing allegations at the court.

The other expert will over digital assets operations and business, a role which can be likened to what the former chief strategy officer holds. According to the power holders, the ongoing structural change in the organizations has been touted as a business-linked decision. However, the changes had not negatively impacted the organization, as its business has been going well, and share prices continue to plummet for the Asian firm.

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