In the last years of cryptography, the industry has been successful in pulling a lot of talent. But the recent fall in prices has forced some vertical sectors of the industry to dismiss divergent talents from those who continue to hire.
Fires for mining while the companies #BUIDL take over
The recent decline in encryption prices has forced many companies, particularly in the crypted mining space, to lay off a lot of talent. This is due to the non-feasibility of mining bitcoins at current market prices that have left a large hole in most of the company's profit and loss statements by forcing operations to close.
The flow of recent laity news that shook the road was that of Bitmain who, according to reports, was delivering pink cards to almost 85% of the staff.
Reports in China say that Bitmain's layoffs are likely to be 85%, not 50%. All non-essential business units are cut. Teams working on AI initiatives are decimated. #BitmainIPO https://t.co/wOrfUYukpg
– Samson Mow (@Excellion) December 26, 2018
In a recent statement released, the company said it would have to undergo "some adjustments for our staff this year" while continuing to build a sustainable business
Another notable name outside the vertical mining was that of the Huobi group which announced that it had fired some of its employees. The South China Morning Post reported that a spokesperson for Huobi Group, operator of one of the world's largest cryptocurrency exchanges, said today that the company is "optimizing staff" by cutting its worst employees.
At the beginning of this week, there were reports that Consensys could consider the idea of letting go of its employees, and running startups in the past. This news came after Consensys sent letters to his staff, who mentioned the company's plans to rationalize and strengthen the business style of a company among the increasingly crowded competitive blockchain space.
While there has been pessimism on the street compared to these layoffs, the scenario in other parts of the industry is not so bleak.
While Twitter was full of news on Bitmain and Huobi, a small tweet from Bancor gives a ray of positivity. The Dapp recently tweeted on hiring while continuing to BUIDL
– Bancor (@Bancor) December 26, 2018
The companies that are still in "BUIDL" mode continue to hire. There have been enough job opportunities in the blockchain space and cryptocurrency in which the demand comes from exchanges with the frontline technology companies.
A couple of weeks ago it was reported that Facebook took over blockchain and cryptocurrency positions.
Earlier this month Mati Greenspan had also mentioned that his eToro company was also in hiring mode and had also shared an analysis by Glassdoor that mentioned that the encryption and blockchain jobs continue to grow
The Crypto industry is booming !!
Despite the bear market and in spite of regulatory uncertainty, startups are taking a rapid pace.
Full report: https://t.co/GaVgA1V7Ki pic.twitter.com/P9vhyRmq0Z
– Mati Greenspan (@MatiGreenspan) 3 December 2018
When the news of Consensys's firing reached the road, Justin Sun, CEO and founder of Tron, invited all those interested in ConsenSys and Ethereum to send their resumes to the Tron Foundation.
Justin's tweet continued by stating the following:
All inside @ConsenSys is @ethereum please send your resume to [email protected] and embrace your new opportunity! You are largely welcome to join our fast and well-funded growth #TRON family. #TRX $ TRX #ETH https://t.co/kzwFpyO31w
– Justin Sun (@justinsuntron) 22 December 2018
With the industry clearly dividing regarding workforce management, one can clearly see businesses that have stuff for the "BUIDL" mantra they are assuming and growing even when competitors and the market like the whole are sulking.
Will the human resources scenario in the sector improve? Is there enough job opportunities for those who have been fired? Let us know your opinions on the same