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The Bitmain cryptocurrency mining giant and the most important Huobi encryption have reported deciding to lay off staff in the 2018 route of the prices of encrypted markets. The Hong Kong English newspaper South China Morning Post (SCMP) reported on the redundancies on December 26th.
Bitmain Technology, based in Beijing, which this year dominated the production horizon of mining hardware, is quoted by SCMP as saying it is undergoing "some adjustments for our staff." ; year "- a statement as reported by the coverage of Chinese social media of layoffs looming on the company. According to Bitmain:
"A part of [building a sustainable business] it must really focus on the things that are fundamental to that mission and not on those that are auxiliary. As we move into the new year we will continue to double the hiring of the best talent from a wide range of backgrounds. "
As the SCMP notes, the exact number of redundancies has not been disclosed, but a company spokesman reportedly denied that Bitmain could lay off more than half of its employees, a suggestion initially spread on Chinese social media. .
As reported earlier this week, several Chinese commentators also said that Bitmain let go of the entire team of developers of Bitcoin Cash (BCH), some of whom reported that only recently have joined 39; company.
Reportedly, the Huobi Group has confirmed that it has planned, using a language similar to that of keywords, to "optimize" its staff by dismissing less well-off employees. The company, which operates from Beijing and oversees the cryptic exchange Huobi based in Singapore, has nevertheless underlined to continue to be part of the staff "for its main activities and for emerging markets".
Although the exact figures for planned layoffs remain elusive, the SCMP notes that in June 2018, Bitmain's IPO deposit revealed that the company employed a total of 2,594 full-time employees – including about 840 engineers . Huobi, according to the SCMP, has a workforce of over a thousand.
SCMP quotes an anonymous employee of Bitmain saying the layoffs will cover the sweep of the different divisions of the company. The source, however, did not know the number of planned job cuts.
The Chinese correspondent of Cointelegraph has meanwhile shared information from the social media channel Maimai, a social media platform for employees that is used more often in China than in LinkedIn.
Screenshot of comments on Bitmain on the Maimai social media channel. Source: Maimai
According to a commentator's statements, if the employees of Bitmain decide to leave immediately, the company will help them pay social security in January 2019, with a salary deadline of 10 January 2019. In addition, the two-month salary will be reimbursed.
Another user of Maimai, "Downstairs", wrote that Bitmain has 3,200 employees and 1,700 redundancies.
Screenshot of comments on Bitmain on the Maimai social media channel. Source: Maimai
Earlier this month, Bitmain announced that it was closing its development center in Israel and dismissing local employees, citing the "shaking" of the encrypted market in recent months.
Also in the last week, reports have emerged that even the software blockchain software company ConsenSys is making significant cuts to its staff. The unconfirmed reports align with the recent letter from the CEO of the company Joseph Lubin to the staff in which he stated that the company will act to rationalize and strengthen its business style to remain "lean and spirited" in a competitive market.
Although key industry players restructure their companies to face difficult times, a Cointelegraph analysis found that jobs for blockchain developers remain one of the fastest growing emerging roles in the United States.
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