ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Bitmain Most Recent Crypto Company Hit With Layoffs

By

Dani

Putney

WriterETHNews.com

The mining giant is losing some weight.

Following the emergence of social media chatter related to job cuts at Bitmain Technologies Ltd., a Beijing-based cryptocurrency mining pool operator and rig manufacturer, a December 26 report from Hong Kong news outlet South China Morning Post confirms that the company will "adjust" its staffing this year. Bitmain has not specified how many employees will be laid off, but a spokesperson denied rumors that half of its staff would be let go.

The departments affected were not identified either, though Samson Mow, chief security officer at the blockchain company Blockstream, recently shared social media screenshots referencing layoffs in Bitmain's Copernicus division, which is responsible for developing the company's Bitcoin Cash client (written in the Go programming language). Mow said Bitmain "has quietly laid off [its] entire Copernicus team," some of whom "had just joined the company."

Dovey Wan, founding partner at the blockchain investment firm Primitive Ventures, also shared screenshots from the Chinese career-based social networking platform Maimai (analogous to LinkedIn). Based on these images, the layoffs seem to have a huge impact on various Bitmain operations, including – according to Maimai chat participants – the dissolution of the artificial intelligence department. Wan added that Bitmain's Beijing office size will be reduced to about 300 employees from over 1,000.

Bitmain co-founder Micree Zhan expressed optimism, though, noting that the company will make a comeback despite having to adjust its staffing.

The Bitmain layoffs are another example of the tundra of crypto winter, which has seen companies ranging from ConsenSys to SpankChain downsize. Organizations with significant cryptocurrency holdings have especially been affected as prices plummet. To combat crypto winter, however, individuals such as María Paula Fernández have spearheaded employment initiatives to help the recently unemployed find crypto-related jobs, though many of the positions are for software development, not mining like at Bitmain.

Dani Putney

Dani is a full-time writer for ETHNews. He received his bachelor's degree in English writing from the University of Nevada, Reno, where he also studied journalism and queer theory. In his free time, he writes poetry, plays the piano, and fangirls over fictional characters. He lives with his partner, three dogs, and two cats in the middle of nowhere, Nevada.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Bitmain, Primitive Ventures or other Ethereum business and finance news.