Bitmain Lays Off Of Workforce Before Bitcoin Halving

Cryptocurrency mining big Bitmain reportedly has plans to cut back its workforce by one other fifty %.

On Dec. 2, Chinese language information media outlet Wushuo Blockchain reported that Bitcoin (BTC) mining rig maker Bitmain has launched a “personnel optimization plan” that may layoff a good portion of its workers earlier than the subsequent BTC halving, which is predicted in Might.

The world's largest producer of cryptocurrency mining machines will reportedly maintain an annual assembly on January 17, and it’s anticipated that the layoffs can have been accomplished earlier than that date.
Individuals conversant in the matter assume that the explanation for the layoffs is the upcoming Bitcoin halving, which can minimize the variety of new cash awarded to miners by half. Dovey Wan, co-founder of Primitive Ventures, wittily dubbed the Bitmain layoffs because the “first halving of 2020.” In December 2018, Bitmain already endured a large layoff spherical, which additionally impacted round 50 % of its workers. Bitmain stated on the time that the layoffs have been a part of constructing a sustainable enterprise and that they might proceed to double down on hiring one of the best expertise from a various vary of backgrounds.

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