Bitmain considers reducing its workforce by an additional 50% as per the recent reports from the Chinese media that we have in our crypto news today.
The crypto mining giant Bitmain considers reducing its workforce according to the Chinese news media outlet Wushuo Blockchain where you can read that the BTC mining rig maker launched a personal optimization plan that considers laying off a significant portion of the employees before the next BTC halving, expected in May.
The world’s largest producer of crypto mining machines will reportedly have an annual meeting on January 17 and it is expected that the layoffs will be completed before that date. All of the people that are familiar with the matter assume that the reason for the layoffs is the next Bitcoin halving which will halve the number of new coins that are awarded to the miners. Dovey Wan, the co-founder of Primitive Ventures dubbed the Bitmain layoffs as the ‘’first halving of 2020.’’
Bitmain already endured a huge layoff round which saw about 50 percent of its employees departing the company and Bitmain said at the time that the decision was a part of building a sustainable business that they will continue to double down on hiring only the best talent and diverse range of background. Recently, the Shenzhen district court in China ordered to freeze up to 4,718,710.68 yuan of the Bitmain subsidiary- the Shenzhen Century Cloud Core. The ruling followed an application that was submitted by a manufacturer of electronics- Dongguan Yongjian Electronics who asked the court to freeze the amount in order to ensure its ability to claim it in an ongoing trade contract dispute.
The co-founder of Bitmain Wu Jihan recently came back to the company by ousting his fellow co-founder Micree Zhan from the firm. Zhan claimed that he was removed as a legal representative from the company without his consent after Jihan sent out an email which stated that Zhan left the company. Wu suddenly abandoned his position as CEO of Bitmain and moved into a non-executive role on the board of the company. Zhan expresses his disappointment and stated he felt betrayed saying that he felt that Zhan stabbed him in the back especially expressing sadness because he was let down ‘’by those partners you trusted and brothers you fought together with.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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