The recent downward trend and the negative cryptocurrency news seem to have affected one of the most popular companies in the crypto space – Bitmain. The largest cryptocurrency and Bitcoin mining firm and the most valuable company in the sphere of cryptocurrencies recently decided to shut down the Bitmaintech Israel office, which was set up two years ago.
All of the employees will be laid off and the VP, Gadi Glikberg, who headed the center, will also depart the firm. Some of the main reasons for this were the layoffs on the prolonged cryptocurrency bear market that began last month and worsened this December.
The (now fired) VP of Bitmaintech Israel, Glikberg, told his employees the following:
“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.”
Even though Bitmain’s main business is all about developing and manufacturing cryptocurrency mining equipment, the firm’s office in Israel was mainly focused towards developing the Connect BTC mining pool and the artificial intelligence (AI) technology that was used in Bitmain’s “Sophon” project.
According to rumors, Bitmain is experiencing headwinds from poor business decisions that weigh on its balance sheet as it grinds towards its long-planned initial public offering (IPO) for which it recently filed.
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