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Bitmain Exits Amsterdam Citing Focus on Long-Term Scalable Business Strategy

It remains unknown how many employees are affected by the latest closure in Amsterdam, which Bitmain has officially confirmed. Cryptocurrency mining giant Bitmain Technologies has opted to reduce its operations in the Netherlands, the company said in a statement on Jan. 14. Bitmain, which in November announced the first in what has become a series of cost-saving measures by shutting down a blockchain development center in Israel, said the move was part of its longer-term roadmap. The company has reportedly suffered as a result of decreased profitability of Bitcoin mining in recent months, with Bitcoin (BTC) currently circling $3,600. “As we build a long-term, sustainable and scalable business, we are making adjustments to our staff and operations. This includes the decision to close our Amsterdam and Israel offices,” the statement reads, adding: “We are really focusing on things that are core to our mission and not things that are auxiliary.” Bitmain has not responded to Cointelegraph..

Mining Giant Bitmain Reportedly Suspends Mining Operations in Texas

China-based leading mining and ASIC hardware producer Bitmain has reportedly suspended its mining operations in Rockdale. China-based leading mining and mining ASIC hardware producer Bitmain has reportedly suspended its mining operations in Rockdale, public radio station Texas Public Radio reports on Jan. 10. Rockdale is located in Milam County, east of Austin, in the United States state of Texas. Steve Young, a Milam County Judge, issued a statement reporting that all Bitmain employees but two engineers and the director of human relations had been laid off, and all operations had been suspended. According to the article, Young said later that the company told him Bitmain will scale down the operation rather than shut it down, now working with only five employees instead of 15. Young reportedly stated: “They have spent millions thus far to renovate the buildings. [...] I’m told there are 7,000 or 8,000 servers out there already.” According to the aforementioned article, Young cited th..

Cornered by Bear Market, Bitmain Is Facing an Unclear Future

Bitmain’s CEOs might be stepping down because of the bear market. On Jan. 10, news emerged that Chinese Bitcoin mining giant Bitmain’s co-founders, Jihan Wu and Micree Zhan Ketuan, will step down as co-CEOs of the company. The move follows a streak of reports suggesting that Bitmain has been facing mass layoffs, class action lawsuits and difficulties related to its initial public offering (IPO) during the last quarter of 2018. So what exactly is happening with one of the world’s most influential crypto outfits? Brief introduction to Bitmain, the world’s most powerful crypto mining giantBitmain was founded in 2013 by Jihan Wu and Micree Zhan Ketuan. Prior to that, Wu was a private equity fund manager who studied economics and psychology at Peking University, while Zhan, a graduate of the Chinese Academy of Sciences, was trying to raise funds for a startup that allowed users to stream television shows to a computer screen via a set-top box. After discovering Bitcoin (BTC) in early 2011,..

Bitmain Co-CEOs to Keep Decision Making Power in Executive Swap, Report

Anonymous people familiar with the plans told local mainstream media that Bitmain’s product engineering head will replace the duo. Chinese Bitcoin mining giant Bitmain’s co-founders Jihan Wu and Micree Zhan Ketuan will quit their posts as co-CEOs but still steer the company’s important decisions. Hong Kong-based English-language news outlet South China Morning Post reported the news Jan. 10. Referencing anonymous “people familiar with the matter,” the publication said Bitmain’s director of product engineering Wang Haichao would likely take over as CEO at an unspecified future date. Haichao has allegedly already taken over some of the duo’s former duties. The reshuffle, which Bitmain declined to formally confirm, follows several weeks of rumors about changes at senior executive level. Without quoting the sources specifically, the Post added that Wu and Zhan would subsequently become co-chairs of the company. “After Wang takes over, Wu and Zhan will move away from the company’s day-to-d..

Bitmain To Reduce Workforce By 80% Following Cryptocurrency Price Crash

The price crash in the cryptocurrency market has put many cryptocurrency related businesses under a lot of heat. Some have gone out of business completely while some others have had to reduce their workforce because of a lack of funds to continue operations. Now, even the big names in the industry are cutting costs too. The recent report hints that Bitmain, a leading cryptocurrency mining company, will be laying off 80% of its workforce as part of its effort to cut costs. Bitmain Lays Off Staff To Save Cost Kyle Samani, the co-founder of Multicoin Capital on his official Twitter handle, posted that Bitmain will be liquidating its cryptocurrency assets in a bid to accumulate fiat currency to run the business. About $315.5 million in cryptocurrencies will be liquidated. The decision by the company to lay off its staff didn’t sit well with the cryptocurrency community. In fact, reports claim that the team that was developing a Bitcoin Cash client was part of the group that was fired. I..

Report: Crypto Industry Giants Bitmain and Huobi to Layoff Staff

Cryptocurrency mining giant Bitmain and major crypto exchange Huobi have reportedly confirmed plans to lay-off staff. Cryptocurrency mining giant Bitmain and major crypto exchange Huobi have reportedly confirmed plans to lay off staff amid the 2018 price rout of the crypto markets. Hong Kong English-language newspaper South China Morning Post (SCMP) reported on the layoffs on Dec. 26. Beijing-based Bitmain Technology, which has dominated the mining hardware manufacturing horizon this year, is quoted by SCMP as saying in a statement that it is undergoing “some adjustment to our staff this year” — a statement reportedly prompted by Chinese social media coverage of looming layoffs at the firm. Bitmain reportedly stated: “A part of [building a sustainable business] is having to really focus on things that are core to that mission and not things that are auxiliary. As we move into the new year we will continue to double down on hiring the best talent from a diverse range of backgrounds.” A..

Reports: Bitmain Allegedly Fires All BCH Developers in Wave of Redundancies

Bitmain has reportedly fired all staff working on its Bitcoin Cash client, and could dismiss over 1,000 more, social media messages allege. Cryptocurrency mining giant Bitmain has reportedly fired its entire staff of Bitcoin Cash (BCH) developers, Blockstream CSO Samson Mow reported, citing Chinese social media sources on Dec. 23. The second in what appears to be a phase of staff losses for Bitmain, around 50 workers are reportedly set to go this week. The messages follow reports on China’s version of LinkedIn warning about a giant wave of redundancies targeting as much as half of Bitmain’s 2,500-strong workforce, with rumors now circling on Twitter after being uploaded by Primitive founding partner and commentator Dovey Wan. According to Wan, such social media reports are “usually very high accuracy, posted by employees themselves.” The BCH developers that were reportedly let go had formed Bitmain’s Copernicus team and were working on the company’s Bitcoin Cash GO client. “Only 1 wee..

Hong Kong Stock Market Regulator ‘Reluctant’ to Greenlight Bitmain IPO, Sources...

Bitmain’s IPO faces fresh claims that it is unlikely to launch under current regulatory conditions in Hong Kong. Hong Kong stock market regulator is reportedly reluctant to allow Bitcoin mining equipment manufacturer Bitmain to conduct an initial public offering (IPO) in the city. Local English-language newspaper South China Morning Post (SCMP) made this claim in an article published Dec. 19, with reference to anonymous sources. Citing two “sources familiar with the matter,” SCMP poured more cold water on the plans of mining giant Bitmain to go public, just a day after the Hong Kong Stock Exchange (HKEX) told Cointelegraph that any hesitation on part of the company was “rumors.” According to the publication’s sources, Hong Kong’s stock market regulator thinks it is “premature for any cryptocurrency trading platform – or business associated with the industry – to raise funds through an IPO in Hong Kong before the proper regulatory framework is in place.” As a result, SCMP suggests, cur..

Hong Kong Stock Exchange Calls Alleged Bitmain IPO Hesitation ‘Rumors’

Recent reports claim that the Hong Kong stock exchange is “hesitant” to consider a Bitmain IPO due to current market conditions. A Hong Kong Stock Exchange (HKEX) spokesperson has called Bitmain’s alleged hesitation around a purported initial public offering (IPO) “rumors,” in an email to Cointelegraph Dec. 17. When asked for verification and details on the crypto mining firm’s IPO status, the spokesperson responded that “HKEX does not comment on rumors.” Blockchain and crypto media had previously reported that the exchange was “hesitant” to host its IPO because of market conditions surrounding the overall crypto mining business. Anonymous sources have reportedly claimed that “the exchange is very hesitant to actually approve these Bitcoin (BTC) mining companies because the industry is so volatile. There’s a real risk that they could just not exist anymore in a year or two.” The slump in crypto markets that followed 2017’s record highs has been difficult to bear for many crypto mining..

Bitmain Closes Israeli Blockchain Development Center Citing Crypto Market Conditions

Chinese mining giant Bitmain will close its Israeli blockchain and AI development center, letting its 23 local employees go. Chinese crypto mining giant Bitmain is closing its development center in Israel and firing local employees, Israeli business news outlet Globes has learned Monday, Dec. 10. Bitmaintech Israel — founded in 2016 to explore the use of blockchain technology, work on the Connect BTC mining pool and develop the infrastructure behind Bitmain’s artificial intelligence (AI) project Sophon — will close this week. All 23 employees will be fired, the Globes reports. Gadi Glikberg, head of the Israeli branch as well as Bitmain vice president of international sales and marketing, is also leaving. The Globes reports that Glikberg linked the closure to the recent crypto market collapse: “The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the..
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