RATE Group | Mining Giant Bitmain May Lay Off Another 50% of Staff Before BTC Halving
74362
post-template-default,single,single-post,postid-74362,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Mining Giant Bitmain May Lay Off Another 50% of Staff Before BTC Halving

03 Jan Mining Giant Bitmain May Lay Off Another 50% of Staff Before BTC Halving

Posted at 05:39h in Cryptocurrency News by

[ad_1]

Cryptocurrency mining giant Bitmain reportedly has plans to reduce its workforce by another fifty percent.

On Dec. 2, Chinese news media outlet Wushuo Blockchain reported that Bitcoin (BTC) mining rig maker Bitmain has launched a “personnel optimization plan” that will layoff a significant portion of its employees before the next BTC halving, which is expected in May.

The world’s largest producer of cryptocurrency mining machines will reportedly hold an annual meeting on January 17, and it is expected that the layoffs will have been completed before that date. 

People familiar with the matter assume that the reason for the layoffs is the upcoming Bitcoin halving, which will cut the number of new coins awarded to miners by half. Dovey Wan, co-founder of Primitive Ventures, wittily dubbed the Bitmain layoffs as the “first halving of 2020.”

In December 2018, Bitmain already endured a massive layoff round, which also impacted around 50 percent of its employees. Bitmain said at…

[ad_2]

Source link

Tags:
, , , , , , ,