Bitcoin Mining Giant, Bitmain To Fire 50% Of Its Workforce

by | Dec 25, 2018 | Bitcoin, Cryptocurrency News, Mining

Bitmain | Mining company | Fired | Laying off

The current bear of cryptocurrency market is pushing many companies to either shut down fully or some part of their operation. The Bitcoin(BTC) mining giant, Bitmain joins the listing as reportedly, the firm is axing almost half of its staffers by the end of this week.

A source from the Chinese media reports that the company has laid off the team that was working on the development of Bitcoin Cash client. The  Blockstream Chief Strategy Officer, and former BTCC Chief Operational Officer, Samson Mow, tweeted about the event,

The news was further confirmed when ex-employees of Bitmain, started sharing their exit stories on LinkedIn. The managing director at Danhua Capital, Dovey Wan, shared a series of tweets highlighting the matter.

When a Chinese media outlet, Sanyan Finance tried to reach out to Bitmain, no further information was divulged. They only confirmed that the  human resource team at Bitmain was speaking to employees about “something.”
Just recently Bitmain shut its operations in the State of Israel, the whole team including vice president Gadi Glikberg was laid off.  The official announcement cited the losses incurred during the latest crypto crash as the key reason for the shutdown. Glikberg confirmed.

“The crypto market has undergone a shakeup in the past few months, which has forced Bitmain to examine its various activities around the globe and refocus its business by the current situation.”

The Bitcoin Cash hash war in November robbed the cryptocurrency market cap of around $70 billion worth of investments. Bitmain was on Roger Ver’s team and supported Bitcoin ABC protocol. Reportedly, in order to attain lead over the other update, Bitmain suffered millions of dollars worth of losses while diverting Bitcoin’s surplus hash power to its ally.

In addition, the drop in mining equipment sales and the depreciation observed throughout this year have pushed the company on a firing spree. Although it is currently not known whether or not it is a global layoff, Beijing layoffs are already active, reported 36kr. Another report suggests that the 2,000 employee count would probably drop to mere 300 by the end of the whole spree.

Read more: A Research Says Almost 100,000 Bitcoin Miners Have Been Shut Down Due To Plunging Bitcoin Prices

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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