Mining Company Bitmain To Fire Nearly 50% Of Staff — Media
Bitmain, a leading manufacturer of mining equipment, is about to dismiss half of its employees by the end of December 2018, according to 36Kr.
Samson Mow, strategic development director at Blockstream, in his Twitter announced that a massive layoff started in Bitmain. He wrote that the mining giant, without public announcement, already disbanded the Copernicus development team, which was working on Bitcoin Cash client.
Dovey Wan, director of the venture capital firm Danhua Capital, also tweeted that there are many stories of former Bitmain employees about their dismissals posted on LinkedIn. According to her next tweet, the mining company confirmed rumors about the year-end staff “adjustment”. Also, Dovey Wan referred to a source, which reported that the Beijing-based Bitmain office will retain only 300 employees out of more than 1000 working now.
According to Dovey Wan, earlier reports on the situation in Bitmain appeared in WeChat, Zhihu, and other Chinese social networks, but search engines did not show this information. Also, the so-called “Great Firewall of China” prevents local media from distributing information to the global network, Wan said.
As previously reported, potential losses of Bitmain exceeded $740 million.