Bitmain cuts off staff as a part of ‘Adjustments’

On Tuesday, Bitmain, a huge mining company located in Beijing, announced about changes that would take place in the company in the nearest future. Only several months have passed since going public on one of the Chinese stock exchanges and company experiences some significant changes again. Bitmain representative explained that the company was going to […]

By - December 31, 2018
Bitcoin Miner Bitmain Confirms

On Tuesday, Bitmain, a huge mining company located in Beijing, announced about changes that would take place in the company in the nearest future. Only several months have passed since going public on one of the Chinese stock exchanges and company experiences some significant changes again.

Bitmain representative explained that the company was going to adjust its current team to be able to add their business scalability and sustainability for a long period of time. That is the reason why the company has focused on the most important things such as staff today.

Information about a planned cutting off was first discussed on Maimai, a Chinese platform that reminds LinkedIn. On December 17, a post of the anonym appeared on the platform with a question if anyone had information about Bitmain layoff.

During two weeks, there have been almost 200 replies to this post and many of them were messages of the verified workers of Bitmain. According to their posts, a layoff is going to begin on December 24 and later.

One of the messages from the company employer informed that this layoff old begin in a week and would involve over half of the company headcount. Another worker explained that some departments will be closed too.

At the moment, it is possible to find the discussions of Bitmain workers where they count how much layoff compensation they are going to get. A current layoff situation in the company was also confirmed by one of the company employees who decided to stay anonymous.

As this process has just started, there is no certain number of employees who will be subjected to this layoff and whether this number will reach 50% of the total staff.

According to the source, it is impossible to complete the following process within one day as the number of people to participate in this process is rather big. The following adjustment was also called operational as it is planned to close several big projects at the following stage. Moreover, this process will influence every business unit of the company, flagship mining pool product, in particular.

The source also hinted that the main mining business of the company would be influenced the least of all as the main revamp will take place in the additional business directions such as artificial intelligence and blockchain. No doubt, some improvements in the mining equipment will also take place in order to get an increase in operational efficiency.

To tell the truth, a decline in the crypto market has influenced many companies and made them undergo reshuffles. Bitmain has become the third company to announce a layoff after ConsenSys and Steemit. Moreover, the following layoffs take place not only in the main office of the company in China but also outside it.

At the same time, the source explained that not only a decline in the crypto market was a boost for this layoff. The inevitability of the makeover was also confirmed by a quick company expansion during this year.

According to the source, the current number of Bitmain employees has outnumbered 3,000 people. If to compare this figure with the one shown at the beginning of the year, it has increased by 300%. In some business lines, this increase has been even higher.

However, the following layoff has not made any impact on a company’s hiring process as it is in a constant search of talented specialists in a variety of fields.

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