Bitmain to Confirm Mass Lay Offs

One of the employees said that some Bitmain divisions would be completely closed
26 December 2018   1339

The Chinese company Bitmain has confirmed the upcoming downsizing of staff, which will affect including its office in Beijing, CoinDesk reports.

There has been some adjustment to our staff this year as we continue to build a long-term, sustainable and scalable business. A part of that is having to really focus on things that are core to that mission and not things that are auxiliary.
 

Bitmain

Rumors that the company could cut up to half of its employees first appeared in mid-December on the Maimai platform, the Chinese clone of LinkedIn. The post asked, in particular, whether someone has insider information about upcoming cuts in Bitmain. It collected about 200 responses, including from people who were verified as employees of the company and confirmed that the layoffs will begin this week, starting also the discussion of compensation packages.

So, one of the employees said that some Bitmain divisions would be completely dissolved. The publication also leads one of the employees of the Beijing office of the company, who, on an anonymity basis, also said that staff is currently being cut, however, since this is an ongoing process, it could not confirm its scope.

This is an operational adjustment. Some projects will be entirely gone so it’s hard to calculate a precise percentage at this stage. It’s not hard to infer which division is suffering the most. Bitmain’s core business is making miners. Other business lines are just blockchain and artificial intelligence.
 

Anon. Source

The source added that these “operational adjustments” affect almost all areas of the company's business activity, including the mining pool. Also, certain changes are waiting for the division engaged in the production of equipment for mining, and the overall goal is to increase operational efficiency.

Now Bitmain has about 3,100 people, even several hundreds more than what was disclosed in the IPO prospectus in September. But there were only about 1,000 people at the beginning of the year.
 

Anon. Source

According to him, given the incredibly rapid expansion of Bitmain earlier this year, all these events would have been inevitable even without a general fall in the cryptocurrency market.

Nevertheless, Bitmain also continues to hire new people, constantly searching for new talents, he added.

Argo Blockchain to Report on x10 Revenue Increase

For the 2019, the company received Bitcoin mining revenue of £ 8.5 million, in 2018 it was £ 760,000
20 January 2020   122

Bitcoin mining company Argo Blockchain said this Monday that its revenue from its core business in 2019 increased 10 times. According to a press release on the website of the London Stock Exchange (LSE), where Argo shares are traded, for the first full year in business, the company received revenue of £ 8.5 million compared to £ 760,000 in 2018.

Argo listing on the main LSE market took place in August 2018. The data presented were not audited - the reports after the audit will be available in April.

The company clarifies that in the fourth quarter of 2019, it mined 432 bitcoins, which is six bitcoins higher than in the third quarter. However, in the last quarter, the company's revenue fell to £ 2.66 million, while in the third quarter it was £ 3.63 million.

Our mining operations continued to generate industry-best mining margin in the last quarter despite a softening in market conditions from the previous quarter. Our state-of-the-art mining platform is performing as expected and with the expansion of our mining network on pace, along with the recent rise with the price of Bitcoin, Argo is well-placed for a strong year ahead.

 

Peter Wall

Argo Blockchain CEO

 The company is increasing mining capacity in anticipation of halving and currently has 13,364 devices, including 6,375 Bitmain Antminer T17s, which were installed on January 1. By the end of the quarter, Argo intends to add another 3,625 of the same miners. It is estimated that with a full set of 17,000 devices, its computing capacity will exceed 650 petaheches.