Home News Social media: Bitmain plans to cut 50% of its staff

Social media: Bitmain plans to cut 50% of its staff

As reported by a renown Asian crypto entrepreneur and insider Dovey Wan, the world’s largest manufacturer of cryptocurrency mining equipment Bitmain prepares for large-scale layoffs. According to a post on China’s version of LinedIn quoted by Wan, Bitmain may start cutting its staff already this week.

According to sources cited by Wan, the mining giant plans to fire up to 50% of its team against the background of looming financial problems. Given the fact that more than 2 000 people are currently working for Bitmain, such radical measures would affect adversely the entire crypto ecosystem.

It is worth noting, that earlier this month Bitmain has closed down its Israeli development centre, Bitmaintech Israel, laying off its 23 employees who used to work at the facility.

Later on, there were rumors about blockchain software developer ConsenSys planning to cut its staff by 60% in 2019.

This was preceded by Steemit – another renown blockchain startup – announcing a big round of layoffs due to increasing node maintenance costs and STEEM token price downfall.

Back in October, cryptocurrency exchange Coinbase started downsizing its staff as well.