Mining Company Bitmain Announces Wave Of Layoffs
The largest manufacturer of mining equipment confirmed large-scale staff cuts in an official statement, Coindesk reports. The Bitmain offices in China will be affected as well.
In 2018, the company was forced to make several adjustments in its personnel to build a long-term, reliable, and scalable business, Bitmain claimed in the statement. According to the employees, the mining giant is going to disband entire departments. It is already known that the company dismissed a group that was developing a Bitcoin Cash client.
The news about Bitmain’s forthcoming wave of layoffs was spread by Chinese media, but they could not propagate them worldwide because of the Internet firewall set by local regulators, according to Dovey Wan, the director of a venture firm Danhua Capital. Also, the insider information leaked to social networks, and some real former Bitmain employees published stories about their dismissal on the Chinese equivalent of LinkedIn.
Also, there was the information that the mining company intends to lay off 50% of its staff, but the sources still cannot confirm this. Nevertheless, they say that these operational changes will affect all sectors in which Bitmain works — mining equipment and the development of blockchain and AI.
At the moment, Bitmain has more than 3000 employees, although there were only 1000 at the beginning of the year. It is noted that even excluding the cryptocurrency and mining markets collapse, these “adjustments” were necessary as the company was expanding too quickly in 2018.
Previously, TRON chief promised to create a fund for developers suffering losses.