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Bitcoin Mining Firm Bit Digital Removes CEO; Chairwoman Resigns

The changes come amid an ongoing class-action lawsuit against the mining company.

By Zack Voell
AccessTimeIconFeb 3, 2021 at 9:27 p.m. UTC
Updated Dec 12, 2022 at 12:46 p.m. UTC
BIG PICTURE: “The world is grappling right now with different supply chain issues like getting ventilators and masks around the world as opposed to bitcoin mining,” says Hut 8’s CEO. (Credit: Shutterstock)
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Bit Digitalhttps://hashrateindex.com/stocks/btbt (BTBT), which has been battling allegations of fraud, said its board of directors has removed Min Hu as CEO. The bitcoin mining company also said Ping Liu resigned as chairwoman of the board due to "health reasons."

  • CFO Erke Huang will replace Hu as interim CEO, the company said, while board member Zhaohui Deng was named chairman.
  • The board also accepted the resignation of Hong Yu as chief strategy officer and a director. 
  • Bit Digital didn't give a reason for Hu's removal, other than saying it was due to his "not participating in the company's mining operations."
  • The changes come amid an ongoing class-action lawsuit against the mining company, per CoinDesk's previous reporting. The suit was brought after allegations of fraud were made in a research report released by J Capital last month.
  • Bit Digital has denied the claims.
  • The company also said it has hired two senior strategy consultants with experience in financial services and digital assets, as well as legal and regulatory matters. Bit Digital said it expects the two consultants to become senior executives at the company after a transition period. 
  • Shares of the company were largely unaffected by the news, continuing to trade between $18 and $20 since Jan. 29.

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