Bitcoin Mining Giant Bitmain Closes Israeli Branch amid Market Woes

With the bitcoin price trading more than 80 percent below its all-time high, not even Bitmain, the world’s largest cryptocurrency mining firm and the crypto industry’s most valuable company, has been immune from the slaughter.

According to Israeli business publication Globes, the China-based Bitmain has closed Bitmaintech Israel, the development center it set up two years ago in Ra’anana. All 23 employees at the office will be laid off, and Bitmain VP Gadi Glikberg, who headed the center up, will also depart the firm.

Bitmain blamed the layoffs on the prolonged cryptocurrency bear market that began at the turn of the year and worsened with each passing month. Per the report, Glikberg told employees:

“The crypto market has undergone a shakeup in the past few months, which has forced Bitmain to examine its various activities around the globe and refocus its business in accordance with the current situation.”

While Bitmain’s core business involves developing and…