Bitmain Ramps Up Power And Efficiency With New Bitcoin Mining Machine (#GotBitcoin?)
Crypto mining giant Bitmain is launching two new models for its Antminer range of bitcoin mining devices, one of which is its most powerful yet. Bitmain Ramps Up Power And Efficiency With New Bitcoin Mining Machine (#GotBitcoin?)
Announced Friday, the Antminer S17e has a hash rate (mining power) of 64 terahertz per second and a power efficiency of 45 joules per TH.
The numbers compare favorably with the current most powerful model on sale. According to the Bitmain website, that’s an S17 with 53 TH/s and an efficiency rating of 45 J/TH in normal power mode.
The second new Antminer, the more budget-friendly T17e, provides a hash rate of 53 TH/s and power efficiency of 55 J/TH. This one appears to offer identical hashing power and lower efficiency to the 53 TH/s (45 J/TH) S17 model already on sale, but at a lower price point.
In Its Announcement, Bitmain Says:
“Both new models have been designed for more stable operations in the long-term to reduce maintenance costs for customers. This is made possible through the dual tube heat dissipation technology which improves how efficiently heat dissipates.”
They are also loaded with new software said to be “more secure” than previously in order to to prevent “malicious attacks.”
The new models will be sold in three batches from today till Sept. 11, and will be shipped through November.
The China-based miner maker is also saying it will compensate buyers with coupons if they should suffer a late delivery for the “e” models, “based on PPS rewards of the mining pool (electricity cost deducted).”
Bitmain To Launch Platform For Connecting Miners And Farms In October
Chinese crypto mining hardware giant Bitmain will launch a platform connecting global crypto miners with farm owners in October.
World’s First Resource To Connect Farms And Miners
The platform, dubbed World Digital Mining Map (WDMM), will be officially launched during the World Digital Mining Summit (WDMS) taking place in Frankfurt between Oct. 8 and Oct. 10, Bitmain announced in a blog post on Sept. 27.
According to the announcement, the WDMM will be the first global network to connect mining hardware owners with mining farms who will provide the available power resources to host them for a fee. In turn, network members will get access to a number of personalized services from Bitmain, including assistance with mining farm design, connections to foreign clients to host, and support with operations, purchasing, and construction.
Listing Applications During WDMS
In order to apply to be listed on the WDMM, mining farm owners will need to provide data on their current mining facilities and capacity to host other miners. Mining farm owners will be able to apply for listing on the WDMM during the WDMS event, the post notes.
Matthew Wang, Director of Mining Farm of Bitmain, stated that the WDMM will help make crypto mining more sustainable in the long term by providing a whole new way for connecting mining farms and hardware owners. Wang outlined the Bitmain’s commitment to leverage on-going support to miners throughout their hardware’s lifetime and to support the overall progress in the industry.
Top 10 Mining Farms
Additionally, Bitmain also plans to announce the winners of the world’s top 10 mining farms during the WDMS. According to the project’s website, winners will receive official certification and VIP tickets for the WDMS. According to the report, voting for the Top 10 Mining Farms is still open.
On Sept. 9, Bitmain launched two new Application Specific Integrated Circuit (ASIC) miners, the S17e and the T17e. According to the specifications, The S17e model has a hash rate of 64 TH/s and operates with a power efficiency of 45 J/TH, while the T17e offers a hash rate of 53 TH/s and a power efficiency of 55 J/TH.
Bitmain Launches ‘World’s Largest’ Bitcoin Mining Facility In Texas
Chinese cryptocurrency hardware manufacturer Bitmain has opened what it claims is the “world’s largest” facility for Bitcoin (BTC) mining in Rockdale, Texas.
In a news release published on Oct. 21, Bitmain revealed the project had been completed together with the Rockdale Municipal Development District and Canadian technology firm DMG Blockchain Solutions.
Pledges To Boost The Local Economy
The news release places a strong emphasis on working with the local economy of Rockdale, which is located in Milam County, east of Austin.
The facility — currently developed to a current 25MW capacity, with a 50MW facility remaining under construction — sits on a 33,000-acre site and can expand to a capacity of over 300MW in the future.
The site is reportedly owned by the Aluminum Company of America, Alcoa, and formerly served as the location for a smelter.
DMG, which is to provide hosting and management services for the Texas facility, will cooperate with Bitmain to expand the facility’s capacity and ensure the efficiency of the site’s mining operations.
Both firms will work closely to establish the facility’s on-ground team together with the local workforce commission, the Rockdale MDD.
Bitmain says it is committed to seeking local Rockdale suppliers to support the ongoing construction work and will also purchase energy directly from Rockdale’s electric grid operator, the Electric Reliability Council of Texas.
Aside from supporting the local economy, Bitmain also plans to launch educational programs and training on blockchain technology and mining data center operations, together with the Rockdale school district.
“Significant” For Bitmain’s Global Expansion Plans
As previously reported, Bitmain’s plans for its Texas site was first announced in Aug. 2018.
At the time, Bitmain said it expected to create 400 local jobs in the first two years, quoting $500 million as its total planned investment into the economy over an initial period of seven years.
This January, local reports alleged that the project was being downscaled, with reports of staff layoffs and suspended operations. Adverse market conditions were thought to be the reason for the purported cooling-off.
Clinton Brown, Rockdale Lead Project Manager for Bitmain, has today said the facility’s launch is “significant to Bitmain’s global expansion plans” and that the state’s stable and efficient energy resources will be fundamental to supporting what he believes is set to be the inevitable scale of growth of the mining industry.
Bitmain Quietly Files for Deutsche Bank-Backed IPO in the US: Report
China-based mining titan Bitmain Technologies has discreetly filed an application for an Initial Public Offering (IPO) with the United States Securities and Exchange Commission (SEC).
According to an Oct. 30 report from Tencent News citing anonymous “informed sources,” German multinational Deutsche Bank is sponsoring the application. The amount sought to be raised by the offering has not been specified.
Deutsche Bank Reportedly Sponsoring The Application
Tencent News further reports that the IPO plans have been dominated by Bitmain co-founder Jihan Wu and Chief Financial Officer Liu Luyao.
To bolster chances of success, the firm has purportedly hired Zheng Hua, former Nasdaq representative for China, as a consultant to the firm.
The SEC’s review process will reportedly entail three rounds of inquiries and last an estimated minimum of 1-2 months.
A further unnamed industry source, reportedly familiar with the SEC’s listing procedures, told Tencent:
“The SEC has no biased position toward the blockchain business, but is rather concerned about professional and technical issues.”
The source claimed that the company’s connection to the Bitcoin (BTC) fork Bitcoin Cash (BCH) is likely to be the largest obstacle facing the application.
Industry onlookers will remember Bitmain’s earlier, ill-fated attempt to file a major $3 billion IPO on the Hong Kong Stock Exchange in September 2018, which lapsed after multiple controversies this March.
This week has been another eventful week for Bitmain with Jihan Wu revealing that fellow co-founder Micree Ketuan Zhan had left the company amid signs of internal company drama.
On Oct. 28, rival Chinese mining firm Canaan Creative filed for an IPO with the U.S. SEC to raise $400 million, eyeing a listing on Nasdaq under the ticker CAN.
Earlier this month, Bitmain opened what it claims is the “world’s largest” facility for Bitcoin mining in Rockdale, Texas.
Leaked Transcript Details Power Struggle Inside Bitcoin Mining Giant Bitmain
A partial transcript of an internal meeting at Bitmain on Tuesday details a long-running power struggle that led to the sudden ousting of co-founder Micree Zhan.
The conflict between Zhan and fellow co-founder Jihan Wu came to a head in December 2018 as the company pursued a round of layoffs.
In Tuesday’s emergency meeting called by Wu, he admitted the company has had a subpar 2019, exacerbating tensions among top executives.
The abrupt dismissal of Zhan comes just one week after Bitmain filed for another IPO attempt in the U.S., according to a report by Tencent News.
A transcript of a Bitmain staff meeting reveals an ugly power struggle inside the world’s biggest bitcoin miner maker that led to the abrupt ousting of co-founder Micree Ketuan Zhan.
CoinDesk has obtained and verified a partial transcript from the hourlong meeting on Tuesday. In it, Jihan Wu, a co-founder of Bitmain who started the company with Zhan in 2013, explained to all employees why he thought it was necessary to oust his long-time partner and former co-CEO.
After stepping down from day-to-day management in December 2018, Wu returned Tuesday as chairman of the company and executive director of the Beijing Bitmain subsidiary. He immediately made his presence felt.
Earlier in the day, Wu notified staff that Zhan had been dismissed from all his roles, effective immediately. During the subsequent all-hands meeting, he described a falling-out between the two executives late last year.
“Zhan escalated what should be a disagreement on an ordinary company business decision to the level of power struggle,” Wu told the staff.
Wu said in Tuesday’s meeting that he and Zhan have butted heads since 2015.
However, things came to a head in December 2018 when Bitmain decided on a round of major layoffs. Wu pushed for the layoffs, while Zhan initially resisted.
According to Wu, he and three other founding members of Bitmain tried to persuade Zhan to reach a unanimous decision on the layoffs, which Wu and others viewed as necessary for saving the company.
Zhan remained unconvinced, however, and tried to rally other senior and mid-level management against the layoff plan, Wu said, only to find out that most supported it.
Wu Said In Tuesday’s Meeting:
“Everyone knows in 2018, the company spent unnecessary and hasty investment everywhere on research and development projects and hiring dozens and hundreds of people without a second thought. Everyone supported the layoffs.”
Still, Zhan ordered a second meeting on Dec. 17, arguing that he should be the sole CEO and threatening to void stock-option incentives for whoever wouldn’t back him up.
In the end, Zhan’s second attempt failed, Wu said, but the two came to an agreement to both step down as co-CEOs and Bitmain moved ahead with the layoffs.
“I know Zhan is an insecure person and can be bitter. I chose to take a further step back and let him take the glory role of chairman,” Wu said in the meeting.
However, the turmoil caused serious divisions within the company and spooked Bitmain’s trading partners, at a time when the crypto market was at its bottom, according to Wu’s account.
“Right on that day, we had suppliers calling us to push for clearing accounts payable. The Bank of Beijing already agreed to give us credit lines but that got cut the next day,” Wu said, adding:
“Had it not been the bounce-back of the bitcoin price in later months … the company may not have been able to weather through the winter last year.”
2019 hasn’t been great for Bitmain, Wu said in Tueday’s internal meeting.
Even with bitcoin’s price rebound, Wu said the company didn’t fully seize the moment.
“Our mining equipment’s market share is declining,” he said. “Our mining pools’ dominance is also declining.”
Indeed, Bitmain’s major rival miner makers including Canaan, WhatsMiner and InnoSilicon have all been able to increase sales following the market boom this year.
Meanwhile, BTC.com and Antpool, Bitmain’s flagship mining pools, lost their long-time dominant positions to Poolin – founded by former BTC.com creators – and F2Pool. Poolin and F2pool are currently the top two mining pools in the world, based on the real-time hash rate distribution.
Calls to Zhan’s mobile number, as well as subsequent text messages requesting comment, were not answered. However, a Tencent News report said on Wednesday that Zhan has already started approaching lawyers in an aim to bring a lawsuit against Bitmain.
A spokesperson for Bitmain would not comment.
Wu and Zhan seem to have sparred over what Wu called Zhan’s “crazy” ideas – namely doubling down on the company’s artificial intelligence (AI) business, which is unrelated to bitcoin mining.
According to Wu, some of Zhan’s ideas included getting finance and accounting employees in Shenzhen to take up sales roles for AI products.
“Who will be handling our book in Shenzhen? How are we going to present the financial data for [an] IPO?” Wu asked, adding:
“Recruiting 300 fresh graduates? How many staff do we have right now? Do we have sufficient resources to train them if we recruit this many people in one shot?”
He further alleged that Zhan recently proposed investing more in a business that was already “distressed” and had burnt out the firm’s core developers who are “sick at home.”
“AI is a venture investment for Bitmain,” Wu said. “It still needs a considerable amount of investment. We have to keep making money from our main business in order to have the venture investment in AI.”
“Some said inside the company, I’m the one who handles business and Zhan handles technology. I want to ask, between Zhan and I, who really has a love for the technology? Zhan doesn’t love technology, he loves that feeling of fulfilling his endless desire for power. He doesn’t love technology, he loves vanity. Folks, we have no options but to keep Zhan away from this company.”
According to the Tencent News report, Bitmain has already filed an application in the U.S. seeking to go public again. The confidential filing was reportedly submitted one week before what the news outlet described as Wu’s coup.
The report added that on Oct. 28, one day before Wu’s email, Zhan was still attending a conference in Shenzhen on behalf of Bitmain to promote its AI products.
Zhan returned to Beijing after the news broke on Tuesday, but has been barred from entering the company’s offices, Tencent News said.
However, a major question remains unanswered: How did Bitmain manage to dismiss Zhan from all of his roles given that he was the chairman and major shareholder?
Prior to the December 2018 shake-up, Zhan held 36 percent of Bitmain’s holding company while Wu had just 20.25 percent, according to Bitmain’s 2018 IPO filing in Hong Kong citing data from September 2018.
Other major shareholders include founding members Yuesheng Ge (4.18 percent), Zhaofeng Zhao (6.26 percent), and Yishuo Hu (4.18 percent), as well as a trust that held 18.47 percent as the company’s employee stock-option incentive.
Other major external shareholders include Sequoia China Capital (2.7 percent), Richway Investment Limited (1.17 percent) and Sinovation (1.13 percent).
Bitmain Expands In South America As Its Market Share Drops To 66%
Bitmain, the world’s largest cryptocurrency mining firm, is expanding its distribution in South America by partnering with two crypto mining consulting firms.
The Chinese mining mogul will extend its global exposure with Fastblock, which will be the primary distributor in Brazil, and Bit5ive, a Miami-based firm that will be distributing Antminers to over 30 countries in Latin, Central America and the Caribbean, Bitmain announced Dec. 12.
Quick Take On Bitmain’s New Distributors
Bit5ive provides major crypto mining services — sells, hosts and supports crypto mining hardware — since its foundation in 2013. The company will be distributing Bitmain’s products using the official distributor license in South America, Bit5ive’s CEO and co-founder Robert Collazo noted.
Fastblock, which has been providing mining consulting services since 2014, intends to bring its blockchain expertise from managing over 20 mining plants, according to the firm’s CEO and co-founder Bernardo Schucman.
Antonio Oliveira, senior vice president and CTO at Bit5ive, declined to comment on the numbers or client purchase regions in an email to Cointelegraph.
Fastblock hasn’t responded to Cointelegraph’s attempts to reach out at the time of publication. This article will be updated pending any new information.
Bitmain’s Market Share By Hashrate Reportedly Dropped From 75% To 66%
The news comes amidst new reports revealing that Bitmain’s market share by hashrate has dropped from around 70% to 66% from June to early December 2019. The data comes from the study “The Bitcoin Mining Network” by London-based digital asset manager CoinShares shared with Cointelegraph Dec. 12.
Meanwhile, Bitmain’s own estimations claim that the company’s market share accounted for 75% of the global crypto hardware market as of 2017, the report notes.
While the Chinese giant’s dominance over crypto mining market has slipped since 2017, the overall trend of growth in China has continued. As reported by Cointelegraph, Chinese Bitcoin miners now control as much as 66% of global hash rate, which is the highest recorded by CoinShares since the firm started monitoring the measure in 2017.
Canaan’s Post-IPO Stock Plunge Reveals Sales Slump, Price War With Bitmain
Cryptocurrency mining computer-maker Canaan Inc. may have picked the worst time for its initial public stock offering, which valued the company at $1.3 billion.
The stock price has declined in all but four of the first 17 trading sessions since the Hangzhou-based company’s Nov. 21 sale of $90 million of U.S. shares. It’s down 35 percent since the start of last week.
Canaan’s performance is being closely monitored in the cryptocurrency industry. It was the first big maker of data-mining computers to sell shares publicly and its valuation serves many investors as a sector bellwether. The shares have tumbled even as the price of bitcoin, the largest cryptocurrency, has been mostly stable over the past month, currently around $6,500.
Its stock price drop is taking place “as bitcoin miners face a challenging environment,” wrote research firm TradeBlock in a report last week. CoinDesk reached out to Canaan’s management but no response was received as of press time.
Industry executives say the big makers of bitcoin-mining computers, colloquially known as “rigs,” are in a sales slump. That’s a surprising development since many observers predicted a frenzy of upgrades ahead of bitcoin’s once-every-four-years mining-reward halving, expected in May. When that happens, the reward for successfully mining a new block of data will get cut in half. It’s widely expected that prior-generation mining rigs will become unprofitable for operators who don’t have access to unusually cheap electricity.
Bitmain, the dominant industry player, recently announced a series of sales incentives to move backlogged or stale inventory, including promising limited price guarantees to buyers willing to commit to bulk purchases and in some cases renting out second-tier mining rigs under profit-sharing agreements.
Hashing Out Information On Their Own
It doesn’t help that investors are flying blind: According to the data provider FactSet, the stock has attracted no analyst coverage from Wall Street brokerage firms, forcing traders to generate their own models of the company’s profitability based on publicly available crypto-industry metrics like hashrate – a gauge of the amount of computer-processing power working to confirm new data blocks on the bitcoin network.
Over the past week, the bitcoin network’s hashrate has averaged about 90 quintillion operations, or exahashes, per second. Just a couple months ago, it hit an all-time-high around 100 exahashes per second, after averaging about 40 exahashes per second at the start of the year.
Matt D’Souza, co-founder and CEO of Blockware Solutions, which brokers mining-rig purchases, says that the surge in bitcoin’s hashrate during the first eight months of the year was a sign that operators were upgrading to faster, more efficient machines – leading to an increase in the network’s collective computing power.
The upgrades continued for several months even after bitcoin’s price peaked around $13,000 in late June.
But now, D’Souza says, miners are becoming somewhat more reluctant to invest in new machines until they see signs that bitcoin prices might start rising. That’s evident from the recent stall-out in the hashrate’s growth.
“They need to be assured that they’re in an environment for long-term profitability,” D’Souza said. “That’s why some of these guys have stopped buying.”
Bitmain managed to build a dominant market share in the crypto industry, partly thanks to the runaway popularity of its S9 Antminers. But those are now at risk of becoming obsolete, and in recent months Bitmain has cut prices steeply on some of its top-selling models, D’Souza said.
Mike Maloney, chief financial officer at Coinmint LLC, a private cryptocurrency mining firm, says that the ultimate prize for these manufacturers is winning the loyalty of a growing cadre of large-scale miners who can shop for rigs in bulk and negotiate contracts for cheap electricity.
“This is a trend that we’re going to be seeing in bitcoin mining,” Maloney said in a phone interview. “Bitmain is taking the lead.”
Canaan has scheduled the release of its next-generation rig, the AvalonMiner 11 series, for early next year. But that machine is expected to be less power-efficient than the Bitmain S17+ model, which is already out, said D’Souza.
According to Bitmain’s website, its top-priced S17+ model, which ships in seven days for $1,930, can produce 73 terahashes (trillion operations) per second, at a power efficiency of 40 joules per terahash.
Canaan’s top-priced model, according to its website, is the “February batch” of the AvalonMiner A1166-68T machine for $1,978, providing 68 terahashes per second at an efficiency of 47 joules per terahash. In this case, a higher efficiency rating is worse, because it indicates more power usage and thus a higher operating cost.
“They’re in a tough position,” D’Souza said of Canaan. “They need cash and that’s because they need to upgrade their hardware and stay competitive with Bitmain.”
The Risks Were Disclosed
Canaan is led and controlled by its CEO and chairman, Nangeng Zhang, who was 36 at the time of the IPO, according to an offering prospectus filed with the U.S. Securities and Exchange Commission. Nicknamed “Pumpkin,” he received a master’s degree in software engineering from Beihang University in 2010, and from September 2010 through October 2013 he was pursuing a Ph.D. degree at the Chinese university.
As early as 2013, Zhang and his team were pioneers in the use of an advanced type of microchip known as application-specific integrated circuits, or ASICS, to mine for cryptocurrencies, according to the prospectus.
The offering was structured so that Zhang would own 15 percent of the total shares outstanding but retains about 73 percent of voting rights through his sole ownership of 356.6 million of the company’s class B shares, according to the filing. The IPO valued his stake on paper at more than $213 million, but the share-price slump has already cut that figure by about $96 million.
Even as Canaan prepared for the November IPO, its revenue this year was declining, and its costs were expanding: The company’s revenue during the first nine months of 2019 was just $134.2 million, down from $378.5 million during all of 2018; operating costs rose to $57.5 million during the first nine months of this year, from $52.5 million for all of last year.
The investment bank Credit Suisse, initially hired by Canaan to lead the U.S. IPO, dropped off of the underwriting team just weeks before the share sale, regulatory filings show. According to a Nov. 20 prospectus, Citigroup led the remaining team of seven underwriting firms, which also included the cryptocurrency-focused financial firm Galaxy Digital.
According to the filings, the deal was also downsized in the final weeks before the sale from an initial maximum target of $400 million.
Canaan disclosed in the prospectus that it planned to use the proceeds from the stock offering for research and development related to new computer chips and to expand its artificial-intelligence and blockchain business globally, “making strategic investments and establishing overseas offices.”
To its credit, the company also disclosed the risks when the market turns anemic. “Excess inventories, inventory markdowns, brand-image deterioration and margin squeeze caused by declining economic returns for miners or pricing competition for our bitcoin-mining machines could all have a material and adverse impact on our business, financial condition and results of operations,” according to the prospectus.
Analyzing bitcoin-mining computer stocks remains a murky practice. Just like manufacturers of oil rigs and mining bulldozers, they face the ups and downs of commodity cycles. Or rather, cryptocurrency cycles.
Canaan’s New 5-Nanometer Chips To Escalate ASIC Arms Race With Bitmain
Chinese mining application-specific integrated circuit (ASIC) manufacturer Canaan will launch new, improved mining machines with 5-nanometer chips in Q1 2020.
Chinese industry news outlet 8BTC reported on Dec. 24 that the new ASICs will have significant advantages compared to the previous generation. The new firm’s 5nm manufacturing process is expected to improve performance, power and area scaling.
A significant development
The company expects to scale the production of this new product series faster than it did with its 7nm chips. The number of nanometers refers to the size of the features of the silicon chip, 5nm approaches what is possible with conventional electronics. For scale, 1nm is approximately equivalent to the width of two silicon atoms.
As the features in chips become smaller, it becomes possible to fit more transistors in a silicon die of the same size. At the same time, the electric current has to travel less distance in the circuit to perform a calculation, which means that efficiency is improved and the amount of heat is decreased when the features are smaller.
Canaan is one of the few cryptocurrency-related companies that managed to go public with a $90 million Initial Public Offering (IPO) held in November. As Cointelegraph recently reported, the firm’s shares have seen a 40 percent drop in value since the IPO.
Ousted Co-Founder of Crypto Mining Firm Bitmain Opposes Layoffs
Micree Ketuan Zhan, the co-founder of Bitmain who was recently dismissed by Bitmain’s current CEO Jihan Wu, has publicly opposed layoffs at the firm.
As Bitmain — the world’s largest cryptocurrency mining firm — is reportedly planning to cut its workforce by 50% before the next Bitcoin (BTC) halving, Zhan claimed that he is “firmly opposed to layoffs” in a Jan. 6 Weibo post addressed to Bitmain employees.
Zhan Argues That Bitmain Cannot Lose Its Leadership In A Highly Competitive Market
Apart from claiming that Bitmain does not need to lay off its team, Zhan argued that such a move would basically be suicide for the company. He wrote:
“To all employees of Bitmain: I am firmly opposed to layoffs! We don’t need to lay off people! We cannot play suicide!”
Zhan argued that Bitmain’s cash flow is healthy, and “there is a substantial amount of virtual cryptocurrency.” Zhan, who is Bitmain’s biggest shareholder with a reported 60% stake, outlined the company’s leading position in the highly competitive cryptocurrency mining market. He stressed that cutting Bitmain’s staff in half would just allow other mining firms to grab up Bitmain’s market share.
Bitmain Reportedly Started Cutting Staff This Morning
Meanwhile, Bitmain “staff optimization” allegedly started this morning, according to local reports on Jan. 6. Bitmain has reportedly provided its employees with a compensation plan, while some employees have signed a termination agreement. Additionally, a number of headhunters have purportedly started communicating with resigned Bitmain employees.
When reached for comment, a Bitmain spokesperson stated, “Depending on market conditions and business developments, we continue to make adjustments to our staff. As a result, we also are continuously on the lookout for new talent and welcome applicants from all walks of life.”
The news brings a fresh twist in a series of events referred to as “Bitmain Drama” by the crypto community. After Zhan was dismissed by Bitmain CEO Jihan Wu in November 2019, the executive subsequently initiated court proceedings against the company in a bid to restore his voting control of the firm.
Meanwhile, Wu recently resurfaced as Bitmain CEO after both he and Zhan announced plans to step down from their co-CEO positions in January 2019.
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