Bitmain To Sack More Than Half of Workforce

Bitmain Reportedly Will Sack More Than Half of Workforce

The Chinese crypto mining firm Bitmain has seemingly been hit hard by the bear market and is looking to sack more than half of the whole workforce. Credible rumors of the story first started to circulate on Maimai, China’s equivalent to LinkedIn, as anonymous sources on a website frequently used by Bitmain employees started reporting that the business was looking at massive layoffs in the next several days. Some reports were claiming that the company was looking to lose 50 percent of employees. These rumors began to circulate December 22, 2018.

UPDATE [December 28] A Bitmain spokesperson informed BMI:”There’s been some adjustment to our staff this year as we continue to construct a long-lasting, more sustainable and scalable business enterprise. A component of this is having to actually concentrate on matters which are core to this assignment and not matters that are auxiliary. As we move into the new year we’ll continue to double back on selecting the best talent from a diverse array of backgrounds.”

Bitmain also responded to those allegations in Chinese media resources, claiming that”this is a standard staff modification at the end of the year according to company growth.”

Bitmain has lately dropped onto particularly hard times together with the current crypto crash, therefore it’s more than plausible that they’d begin cutting back in their operations in a large way. Just weeks prior, for example, Bitmain has been forced to shutter all surgeries in the whole nation of Israel, which had been busy since 2016. Still, the shutdown in this a peripheral world as that pales in comparison to some of the rumors that have circulated around Bitmain’s major offices.

Following these rumors began circulating, an anonymous source inside the company confirmed that Bitmain was going to commence the process of much more severe layoffs. Cutting foreign offices or new software development wouldn’t be enough to keep the company solvent, as it is apparently struggling to remain afloat.

A point of interest to several of those reports is that Bitmain was allegedly trying to conduct layoffs on a grand scale before Christmas. In light of press coverage of the first set of rumors, Mow’s sources said on Christmas Day the company was seeking to drop all non-essential employees. The initial reports of 50 percent of their workforce being sacked are looking exceedingly conservative, as new reports claim that around 85 percent may be shown the door.

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