Crypto Giants Bitmain & Huobi Are Preparing For Staff Layoffs

It seems like staff layovers are a hot topic on our DC Forecasts crypto news site as this year ends – and it seems like more crypto giants are confirming their plans to lay off staff amid the 2018 price rout of the crypto markets.

According to reports from the Hong Kong English-language newspaper South China Morning Post (SCMP) he newest companies on the list are the cryptocurrency giants Bitmain and Huobi. The Beijing-based Bitcoin mining firm and the major crypto exchange are both undergoing a series of adjustments.

A while ago, Bitmain reportedly stated:

“A part of [building a sustainable business] is having to really focus on things that are core to that mission and not things that are auxiliary. As we move into the new year we will continue to double down on hiring the best talent from a diverse range of backgrounds.”

SCMP noted that the exact number of layoffs is still unknown, but a spokesperson for the firm has reportedly denied that Bitmain could lay off over half of its employees which was a rumor that first circulated in Chinese social media.

Huobi Group, on the other hand, also confirmed plans to “optimize” its staffing by firing underachieving employees.
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To make things more neutral, the company has previously stressed that it continues to onboard staff “for its core businesses and emerging markets.”

Earlier this month, Bitmain had announced that it was closing its development center in Israel and firing local employees The blockchain firm ConsenSys has also reportedly made significant cuts to its staff, even though the founder wrote a letter in which he claimed the opposite.