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The Chinese crypto mining company Bitmain has apparently been hit hard by the market.
Maimai, China's equivalent to LinkedIn, as anonymous sources on a site frequently used by Bitmain employees reporting that was looking at the massive layoffs in the next several days. Some percentages were even claiming that the company was looking to shed 50 percent of all employees. These rumors first began to circulate on December 22, 2018.
The very next day, Samson Mow, the chief security officer of Blockstream and CEO of Pixelmatic, began to post more evidence of these layoffs from Chinese sources. He tweeted a series of messages from employee conversations, which claimed that Bitmain had just laid off its entire team for Copernicus, a Bitcoin Cash Go client.
UPDATE [December 28] A Bitmain spokesperson told Bitcoin Magazine: "We have been continuing to build a long-term, sustainable and scalable business. This article is based on the following keywords: We will continue to double down on the best talent from a range of backgrounds. "
Bitmain also responded to these allegations in Chinese media sources, claiming that "this is a normal staff adjustment at the end of the year based on business development."
Bitmain has recently crashed into hard times with the latest crypto crash, so it is more than plausible that they would start cutting back on their operations in a large way. Just weeks prior, for example, in the entire state of Israel, which had been active since 2016. Still, the shutdown in such a peripheral sphere as that of the rumors that have been circulated about Bitmain's main offices.
After these rumors, they started circulating, an anonymous source within the company confirmed that Bitmain was going to begin the process of much more serious layoffs. Solvent, as it is apparently struggling to remain afloat.
Bitmain was allegedly attempting to do a layoffs on a grand scale before Christmas. In light of media coverage of the first set of rumors, Mow's sources said on Christmas Day the non-essential employees. 50 percent of the workforce being sacked are now looking exceedingly conservative.
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