Samson Mow, Blockmain's chief strategy officer at Bitmain, tweeted that the entire team, called Copernicus, was fired. The team was responsible for developing the BCH client database. Unfortunately, the dismissal occurred just before Christmas Eve.
Bitmain has quietly fired the entire Copernicus team (#Bcash GO client). Only 1 week notice. Some had just joined the company. Layoffs just in time for Christmas. #BitmainIPO @HKEXGroup @SCMPNews pic.twitter.com/Kt2Ce90sBW
– Samson Mow (@Excellion) December 23, 2018
As we all know, bad luck always comes in three: this tweet has spread the panic among other Chinese employees. The rumors state that Bitmain plans to lay off 50% of its assets next week.
There is a post on Chinese Linkedin (usually very accurate, published by the employees themselves) that says that Bitmain will start a layoff next week …
A separate entry said that the plan is for over 50% of its staff ???! pic.twitter.com/b0ZSBuPX4d
– Dovey Wan (@DoveyWan) 23 декабря 2018 г.
Bitmain has about 2000 employees, if the rumors are credible, and Bitmain is going to lay off 1000 workers, which will cause great harm not only to the mining world, but also to the entire cryptography market.
The first question that comes to mind: "Why should they do it?". Although, the official reason has not been announced yet, many people think that the core of the problem is a significant fall in the price of Bitcoin. Furthermore, we must not forget that Bitmain possesses substantial assets of Bitcoin Cash, which has been subjected to strong pressure from its hard fork on 15 November. It is worth mentioning that the company submitted an IPO in September, although the IPO was considered to be profitable therefore, now the company is grappling with it.
Read more: What should BTC miners expect in the new year of 2019?
The autumn season of this year was not the best for Bitmain, first, The company's WeChat account has been banned, like many other accounts encrypted due to the Chinese government's ban on cryptocurrency. Second, the trade war between China and the United States it also caused losses to Bitmain as its equipment has a 27.6% tariff. Third, 617 BTCs have been stolen from Bitmain's account, so they had to file a complaint against the criminal.
Furthermore, we want to remember the relationship that shows how much Bitmain has lost this year, the number is quite impressive, around $ 740 million. This loss makes the fall the worst in Bitmain's history. However, we all have to believe that the greatest discoveries come almost always after the biggest jokes.
Do you remember
Bitmain has closed its branch in Israel due to the cryptic market situation
Subscribe to The Coin Shark Facebook news: https://www.facebook.com/coinshark/