Bitmain will lay off 50% of employees

Bitmain will lay off 50% of employees

Mining Giant Bitmain May Lay Off Another 50% of Staff Before BTC Halving

Bitmain will lay off 50% of employees

Chinese Media Reports Crypto Giant Bitmain Plans To Cut Nearly Half Of Its Staff Within A Week.

The company yesterday fired all members of the Bitcoin Cash client development team, Blockstream Chief Strategic Officer Samson Moe tweeted. This is further confirmed by the corresponding changes in the profiles of former employees on LinkedIn. In an interview with China’s Sanyan Finance, staff confirmed that they had a conversation with HR but declined to provide details..

Earlier, Bitmain officially announced the closure of its Israeli development center. due to the collapse of the cryptocurrency market. Although the massive cuts have not yet been confirmed, it has already begun in Beijing, according to local newspaper 36kr..

Before the start of the global reorganization, the giant employs about 2 thousand people, but after its completion, the number is expected to decrease to only 300.

Some believe that in addition to the crisis in the crypto market, the cardinal changes have further stimulated the contradictions between Bitcoin cash and its fork., leading to hashwars. During which Bitmain, which supports Bitcoin Cash ABC led by Roger Ver, in an effort to surpass the competitor, suffered millions in losses, redirecting some of the excess computing power to help an ally. The drop in sales of mining equipment has also become important, and huge funds have been invested in the development of new models..

However, the global crisis of the crypto market does not affect the plans. Venezuela, which started paying pensions in national El petro.

text: Ivan Malichenko, photo: blockchaininvestio, insdrcdn