Bitmain, the largest manufacturer of mining equipment, is supposed to lay off more than half of its employees due to financial problems caused by the downturn in the cryptocurrency market. This is reported by the crypto-entrepreneur Dovey Wan, citing a post in the Chinese media platform, which is the local equivalent of LinkedIn.
there’s post on Chinese Linkedin (usually very high accuracy, posted by employees themselves) saying Bitmain will start a layoff the coming week ...
A separate rumor said the plan is for more than 50% of its headcount ???! pic.twitter.com/b0ZSBuPX4d
— Dovey Wan(@DoveyWan) December 23, 2018
According to Wan, the mass layoffs at Bitmain will begin next week. It should be noted that currently this company employs 2,000 workers.
According to Israeli media, the Chinese mining giant closes the research center BitmainTech Israel, based in the city of Ra'anana.
Bitmain losses in the third quarter were estimated at $ 740 million.