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In the wake of a new week, the industry of cryptocurrency and blockchain has been hit by the daunting news of the downsizing of Bitmain with 23 employees fallen victim to the inevitable process. Second multiple [1, 2] Online reports, the giant cryptocurrency maker has shut down its Israeli office, leaving 23 employees in the process.
Bitmain is the global leader in the production of Bitcoin mining hardware based in China with development centers located in Amsterdam, Hong Kong and Ra'an.
The bear market hits Bitmain Hard
Is this the error of management?
Following the recent news from the Bitmain development center in Israel, the office established almost three years ago will close this week with the entire 23 employees were fired. Surprisingly, that of Ra & anana Director of the branch, Gadi Glikberg it will also be irrevocably released.
Mr. Glikberg beckons local staff to accuse the closure of the riot of the encrypted market has been subjected to a recent month.
From mining hardware heavily taxed by the US government to the Chinese government's victimization of cryptocurrency activities; all these factors have forced Bitmain to restructure and redirect its operations in accordance with current recurrences.
As one of Bitmain's main staff for several years, Glikberg has held various positions and has carried out several projects such as the development of ConnectBTC mining basins and the AI technology for the installation of Sophon Project. So, the news of his upcoming sack was a surprise for all cryptocurrency fans as Bitmain said he did not see the tripling of the Israeli workforce just six months ago.
Bitmain Fires, Vechain Hires
Why does Vechain continue to grow during the Bear Market?
In contrast, VeChain, another blockchain company based in China, announces the opening of 10 new positions in its offices. Despite the various calamities that are happening on the cryptocurrency, the most obvious application of blockchain globally; VeChain has expanded and climbed high.
Continuously, they extend their services and form strong partnerships between many Fortune-500 companies such as Microsoft, Renault, PriceWaterhouseCoopers (PwC), BMW Group, DNV GL and many others.
While it may be unsettling why VeChain continues to grow, more personal employees and spread their tentacles while Bitmain continues to shrink. However, the reason is not far-fetched.
Focus on the important things during the bear market
Although the witch-hunt by US and Chinese governments has made a huge tribute to Bitmain's operations as a global business, however, the key factor that has undermined the difference between the two giant blockchain companies is VeChain's ability to work with real products.
While the main source of Bitmain's revenue is its cryptocurrency mines, they are extremely market-dependent. Unlike VeChain, it works with physical assets as exemplified by the use of their applications in tracking product information. Currently, VeChain has an Internet of Things (IoT) technology with blockchain, and their unique IDs embedded, RFID tags, QR codes and NFC chips are currently bringing revolutions to online and offline businesses.
In the last two years, VeChain has gathered considerable experience that has positioned them to oversee the affairs of many industries and provide innovative blockchain solutions to various sectors such as luxury goods, retail, logistics, liquors, automobiles, pharmaceuticals, foods, cold rooms, supply chains and many others.
If the current situation persists, it will be a great surprise to see all the Bitmain companies and sales points completely shut down. However, VeChain experiences an exponential increase in reputation and activities, not only in China but in the whole universe in general.
Building real products will help
While the bear market continues to escalate, the only escape plan available is that Bitmain borrow a leaf from VeChain and translate all of its virtual activities into building a real product, instead of creating a manipulative mining monopoly. of Bitcoin.
Having real products to show will help increase Bitmain's reputation by creating trusts between consumers and investors. As a successful blockchain company, Bitmain can leverage its workforce and years of experience in seeking partnerships with other manufacturing companies. A step in the right direction will automatically mark the beginning of a turnaround from the impending end and unpleasant conclusions.
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