Bitmain lost money in 2019, lawyers tell court in China
Lawyers representing Bitmain Technologies disclosed at a recent court hearing that the ASIC mining hardware manufacturer recorded a loss of nearly $60 million in 2019.
Lawyers representing Bitmain Technologies disclosed at a recent court hearing that the ASIC mining hardware manufacturer recorded a loss of nearly $60 million in 2019.
The firm is planning to let go of 730 of the 1,300 workers at its Aschheim office, cutting its total number of employees down to 570.
Claiming they had to cut staff to prepare for their future ambitions, departments all over BitGO are now seeing cuts.
The reduction in staffing comes amid a raft of other measures designed to reduce costs and maintain “long-term viability.”
Recent events in the BCH world point to small-time thinking and often conflicted vision.
Bitmain laying off 50% of its staff suggests the upcoming BTC halving may not be as lucrative as many would hope.
The firm has announced that it needs to reduce expenses and one of the easiest ways to make this happen is to cut personnel.
The location was expected to help the company expand its portfolio of cryptocurrency trading products and take advantage of the city’s financial expertise.
Sirin hasn’t been able to make the sales they thought they would with the down market, and now staff are paying the price.
Half of cryptocurrency startup Unocoin’s remaining staff have been laid off in a desperate bid to conserve cash, down from over 100 staff at its peak in February 2018.
Bithumb announced on March 19 that it will be laying off 160 of its employees, due to a lack of trade volume.
Coinsquare has announced it is laying off 40 of its employees in a move aims to streamline the crypto exchange in light of an ever-evolving market.