Bitmain to close Israeli development center due to crypto market collapse

Bitmain to close Israeli development center due to crypto market collapse

Bitcoin Mining Giant Bitmain Closes Israeli Branch | BTC Cryptocurrency News

Crypto giant Bitmain is forced to close its Israeli blockchain research and development unit due to the general downturn in the virtual currency market..

The Bitmaintech Israel Development Center was opened in 2016 and specialized in exploring the possibilities of blockchain technology, developing infrastructure solutions for AI, and collaborated with the ConnectBTC mining pool. A few months ago, the company even planned to expand its staff by hiring more than 40 people, but over the past couple of months, the crisis in the crypto market has led to a sharp decline in demand for the products offered..

The current situation forced Bitmain conduct a global analysis of its activities and restructure its business. All 23 employees of the Israeli division, including the head, will be fired before the end of this week.

The Chinese giant isn’t the only major blockchain company to cut its staff as the crisis deepens. Earlier, the dismissal of part of the staff was reported by ConsenSys, Steemit and others..

Bitmain to close Israeli development center due to crypto market collapse

However, one should not forget about the other side of the crisis. Vyacheslav Sidorenko, Business Development Manager at Soft-FX, believes that optimization of business processes, the conclusion of weak, questionable and "clumsy" players has a positive impact on the quality of products and the market as a whole:

«A decrease in demand for software development leads to the fact that extra companies are leaving the industry trying to make quick and easy money, often even in an dishonest way.. The market is gradually becoming more mature and secure, and blockchain technologies continue to develop and be applied in a wide variety of areas.».

Both business and government are interested in the prosperity of the digital market in Russia. This is confirmed by the meeting of the ANO Supervisory Board «Digital economy», where bills related to digital assets, smart contracts and crowdfunding were prioritized for approval by the State Duma.

text: Ivan Malichenko, photo: kadrovyhde

Bitmain to close Israeli development center due to crypto market collapse