THELOGICALINDIAN - Things arise to be far from able-bodied with Bitcoin Mining close Bitmain as several letters announce addition annular of agent layoffs at the close This account follows letters that the companys IPO is additionally asleep in the baptize afterwards rumors of Q3 losses active into over 700 million
Bitmain on Firing Spree
According to Blockstream CSO, Samson Mow, there are rumors bouncing that the mining behemothic laid off its absolute Copernicus team. Mow cited posts from Chinese LinkedIn appear by aggregation employees. The Copernicus aggregation was amenable for developing the Bitcoin Cash GO applicant for Bitmain.
In addition report, added letters announce a far added all-encompassing activity cutback, which could ambition up to bisected of Bitmain’s absolute workforce. Earlier in the month, Bitcoinist reported that the aggregation bankrupt bottomward its analysis analysis in Israel. Added than 20 advisers absent their jobs afterwards the move.
BCH Blues
Bitmain bet on Bitcoin Cash [coin_price coin=bitcoin-cash], a move that now appears to accept backfired arch to astringent losses for the company. Rumors of massive Q3 2018 losses are additionally casting huge doubts over the aggregation financials and will acceptable abandonment its IPO plans.
The additional bisected of 2018 has angry out to be a arduous one for the company. From the massive abatement in BCH prices to the Bitcoin Cash hash wars, Bitmain’s bitcoin mining industry cartel could be in jeopardy.
Recently, US IT close UnitedCorp sued Bitmain forth with Kraken, Bitcoin.com, and Roger Ver for allegedly manipulating the BCH network.
Tis the Season of Layoffs
Bitmain is alone the latest in a alternation of accumulation layoffs in the cryptocurrency and blockchain technology industry. Earlier this month, Consensys accursed 100 of its advisers (about 10 percent of its absolute agents strength) as Ethereum amount [coin_price] plummeted from an best aerial of $1,400 in January to as low as $83 in aboriginal December. Reports alike announce that the aggregation isn’t through with its downsizing.
Others like Steemit and Ethereum adaptable dApp maker Status accept additionally decidedly bargain their workforce in the accomplished months. For abounding of these startups, the acumen for their downsizing is anon angry to the affecting abatement in cryptocurrency prices with abounding experiencing bead of over 90 percent.
Oddly enough, admitting the accretion layoffs, the latest abstracts show that aptitude is still actual abundant in appeal in the space. A contempo Glassdoor analysis begin that job openings in the cryptocurrency industry are at an 18-month high.
What do you anticipate the bearings at Bitmain reveals about the accompaniment of agnate companies in the cryptocurrency arena at the moment? Please allotment your thoughts with us in the comments below.
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