Bitmain Fires Entire Bitcoin Cash Development Team: Report

Bitmain layoffs fire

Things seem like removed from effectively with Bitcoin Mining agency Bitmain as a number of experiences point out one other spherical of worker layoffs on the agency. This information follows experiences that the corporate’s IPO can be useless within the water after rumors of Q3 losses working into over $700 million.

Bitmain on Firing Spree

According to Blockstream CSO, Samson Mow, there are rumors swirling that the mining large laid off its total Copernicus group. Mow cited posts from Chinese LinkedIn printed by firm staff. The Copernicus group was answerable for creating the Bitcoin Cash GO consumer for Bitmain.

In one other report, different messages point out a much more intensive labor cutback, which may goal as much as half of Bitmain’s total workforce. Earlier within the month, Bitcoinist reported that the corporate closed down its analysis division in Israel. More than 20 staff misplaced their jobs after the transfer.

BCH Blues

Bitmain wager on Bitcoin Cash 00, a transfer that now seems to have backfired resulting in extreme losses for the corporate. Rumors of huge Q3 2018 losses are additionally casting large doubts over the corporate financials and can doubtless stonewall its IPO plans.

The second half of 2018 has turned out to be a difficult one for the corporate. From the large fall in BCH costs to the Bitcoin Cash hash wars, Bitmain’s bitcoin mining business monopoly may very well be in jeopardy.

Recently, US IT agency UnitedCorp sued Bitmain together with Kraken,, and Roger Ver for allegedly manipulating the BCH community.

Tis the Season of Layoffs

Bitmain is just the most recent in a sequence of mass layoffs within the cryptocurrency and blockchain expertise business. Earlier this month, Consensys fired 100 of its staff (about 10 p.c of its total workers power) as Ethereum value 00 plummeted from an all-time excessive of $1,400 in January to as little as $83 in early December. Reports even point out that the corporate isn’t by way of with its downsizing.

Others like Steemit and Ethereum cellular dApp maker Status have additionally considerably diminished their workforce prior to now months. For many of those startups, the rationale for his or her downsizing is straight tied to the dramatic fall in cryptocurrency costs with many experiencing drop of over 90 p.c.

Oddly sufficient, regardless of the growing layoffs, the most recent figures present that expertise remains to be very a lot in demand within the house. A current Glassdoor survey discovered that job openings within the cryptocurrency business are at an 18-month excessive.

What do you assume the scenario at Bitmain reveals concerning the state of comparable firms within the cryptocurrency scene in the intervening time? Please share your ideas with us within the feedback under.

Image courtesy of Twitter (@DoveyWan and @Excellion), Shutterstock

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