Rumor: Bitmain to fire 50% staff amidst the bitcoin bear market

Bitmain, the cryptocurrency mining giant based in Beijing is set to fire more than 50% of its staff in the midst of cryptocurrency market crash according to rumors on a social media platform which is termed as China’s version of LinkedIn. The recent market crash has led to the price of bitcoin and other major cryptocurrencies to fall massively which has caused huge losses to the mining companies.

Dovey Wan, a cryptocurrency entrepreneur recently posted on twitter that Bitmain is ready to begin a massive layoff in the upcoming week.

Bitmain currently has over 2000 employees and if the rumors are really true then the action would affect the crypto space as a whole. Bitmain which is valued at over $10 billion had recently shut down its blockchain development center in Israel which was founded by the company in 2016. According to local news media in Isreal, the closure of the center was due to the recent market crash. According to the former head of the Bitmain center in Isreal, Gadi Gilkberg, Bitmain has been forced to examine its activities all around the world and refocus its business according to the current market situation because of the cryptocurrency market shake-up in the past few months.

Cryptocurrency market crash is proving to be disastrous for most cryptocurrency related businesses around the globe especially for bitcoin mining companies that are currently facing huge losses due to the same.