BITCOINRumor: Bitmain to fire 50% staff amidst the bitcoin bear market

[Goldleader]

Bitmain, the cryptocurrency mining giant based in Beijing is set to fire more than 50% of its staff in the midst of cryptocurrency market crash according to rumors on a social media platform which is termed as China’s version of LinkedIn. The recent market crash has led to the price of bitcoin and other major cryptocurrencies to fall massively which has caused huge losses to the mining companies.

Dovey Wan, a cryptocurrency entrepreneur recently posted on twitter that Bitmain is ready to begin a massive layoff in the upcoming week.
Bitmain, the cryptocurrency mining giant based in Beijing is set to fire more than 50% of its staff in the midst of cryptocurrency market crash according to rumors on a social media platform which is termed as China’s version of LinkedIn. The recent market crash has led to the price of bitcoin and other major cryptocurrencies to fall massively which has caused huge losses to the mining companies.

Dovey Wan, a cryptocurrency entrepreneur recently posted on twitter that Bitmain is ready to begin a massive layoff in the upcoming week.there’s post on Chinese Linkedin (usually very high accuracy, posted by employees themselves) saying Bitmain will start a layoff the coming week …

A separate rumor said the plan is for more than 50% of its headcount !

— Dovey Wan  (@DoveyWan) December 23, 2018
https://twitter.com/DoveyWan/status/1076717693087080448

Bitmain currently has over 2000 employees and if the rumors are really true then the action would affect the crypto space as a whole. Bitmain which is valued at over $10 billion had recently shut down its blockchain development center in Israel which was founded by the company in 2016. According to local news media in Isreal, the closure of the center was due to the recent market crash. According to the former head of the Bitmain center in Isreal, Gadi Gilkberg, Bitmain has been forced to examine its activities all around the world and refocus its business according to the current market situation because of the cryptocurrency market shake-up in the past few months.

Cryptocurrency market crash is proving to be disastrous for most cryptocurrency related businesses around the globe especially for bitcoin mining companies that are currently facing huge losses due to the same
Source: https://coinnounce.com/rumor-bitmain-to-fire-50-staff-amidst-the-bitcoin-bear-market/

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[dothebeats]

It's bound to happen given that the blow on the cryptomarket is insanely harsh. That's what's hard on an extremely volatile market, you'll never know when it will crash. Also, for a company as big as BITMAIN, they surely didn't expect bitcoin to fall that steep, and as such they kept on expanding like crazy, at a dangerous rate without assessing risks.

Once the market rises again, I guess they can just work their way around with the employees they have an expand slowly but surely.

[Wind_FURY]

It's bound to happen given that the blow on the cryptomarket is insanely harsh.

I believe that it would have been the better decision for Bitmain not to have made the attack on Bitcoin through the hard fork, and the creation of Bitcoin Cash. It costed them dearly.

Plus the "harsh" market would have impacted them less if they held everything they had in Bitcoin.

[KingScorpio]

It's bound to happen given that the blow on the cryptomarket is insanely harsh.

I believe that it would have been the better decision for Bitmain not to have made the attack on Bitcoin through the hard fork, and the creation of Bitcoin Cash. It costed them dearly.

Plus the "harsh" market would have impacted them less if they held everything they had in Bitcoin.

pah pointless speculations, they did what they perceived profitable you cant blame them just because you are a bitcoin maximalist.

their pump of bitcoin cash from 77 usd to 200 usd from 16-21 in december in order to save it  was however a fatal mistake

[Pursuer]

this "lie" is nothing new. it has been a couple of months that people have been spreading similar stories online about bitmain and so far we have not seen anything happen. about 3.5 months ago a big story began about how Bitmain is bankrupt and is going under and nothing ever happened. now it is again starting with a random tweet from some random dudes on the internet and is being spread like wildfire on the internet

I think it mostly started when they created bcash and then intensified when they started their IPO. all the while Bitmain is earning millions...

[bitbunnny]

Just another speculation without any solid ground, I don't trust that. And along all this years spent with Bitcoin I have learned not to listen to the rumors. They just make damage and spread confusion amog users.
This is just another story that should be instantly forgotten.

[Red-Apple]

It's bound to happen given that the blow on the cryptomarket is insanely harsh.

I believe that it would have been the better decision for Bitmain not to have made the attack on Bitcoin through the hard fork, and the creation of Bitcoin Cash. It costed them dearly.

Plus the "harsh" market would have impacted them less if they held everything they had in Bitcoin.

pah pointless speculations, they did what they perceived profitable you cant blame them just because you are a bitcoin maximalist.

their pump of bitcoin cash from 77 usd to 200 usd from 16-21 in december in order to save it  was however a fatal mistake

altcoins are getting pumped and dumped every day bcash is not an exception either. it didn't go in that price range that you said but it did have a pump like many other altcoins and pumps are never a mistake when they are performed by the pumpers.
they are a mistake when newbies try to buy the pumped coins after they are pumped and lose money bag holding it while they are getting dumped.

[KingScorpio]

It's bound to happen given that the blow on the cryptomarket is insanely harsh.

I believe that it would have been the better decision for Bitmain not to have made the attack on Bitcoin through the hard fork, and the creation of Bitcoin Cash. It costed them dearly.

Plus the "harsh" market would have impacted them less if they held everything they had in Bitcoin.

pah pointless speculations, they did what they perceived profitable you cant blame them just because you are a bitcoin maximalist.

their pump of bitcoin cash from 77 usd to 200 usd from 16-21 in december in order to save it  was however a fatal mistake

altcoins are getting pumped and dumped every day bcash is not an exception either. it didn't go in that price range that you said but it did have a pump like many other altcoins and pumps are never a mistake when they are performed by the pumpers.
they are a mistake when newbies try to buy the pumped coins after they are pumped and lose money bag holding it while they are getting dumped.

bcash was pumped and i heard rumors, bitmain did that, https://coincheckup.com/coins/bitcoin-cash/

[squatter]

It's bound to happen given that the blow on the cryptomarket is insanely harsh.

I believe that it would have been the better decision for Bitmain not to have made the attack on Bitcoin through the hard fork, and the creation of Bitcoin Cash. It costed them dearly.

Plus the "harsh" market would have impacted them less if they held everything they had in Bitcoin.

Or rather, fiat money. A business of that scale with huge fiat overheads shouldn't be speculating as heavily on cryptocurrencies as they were. In particular, they became increasingly reliant on the success of Bitcoin Cash even as they promoted one side of a contentious hard fork.

They've also been making risky business moves like this to undercut competition at the cost of their own profits. That may be backfiring now.

[talkbitcoin]

It's bound to happen given that the blow on the cryptomarket is insanely harsh.

I believe that it would have been the better decision for Bitmain not to have made the attack on Bitcoin through the hard fork, and the creation of Bitcoin Cash. It costed them dearly.

Plus the "harsh" market would have impacted them less if they held everything they had in Bitcoin.

Or rather, fiat money. A business of that scale with huge fiat overheads shouldn't be speculating as heavily on cryptocurrencies as they were. In particular, they became increasingly reliant on the success of Bitcoin Cash even as they promoted one side of a contentious hard fork.

They've also been making risky business moves like this to undercut competition at the cost of their own profits. That may be backfiring now.

i think everything is mostly speculation and drama at this point regarding bitmain but i doubt that they are relying on the success of bitcoin cash, BCH is just a byproduct that added to their money making techniques and lets not forget that it also "created" demand for their ASICs as it literary opened up another way that people could use their hardware to make money so they bought it to mine BCH.

[Kakmakr]

Hey. this is just the way business work. They are forced to fire people in hard times and when things recover, then they start hiring people again. Bitcoin rewarded these workers in the good times with a salary and they cannot expect to work there if the company is suffering losses.

Bitcoin will recover soon and then they will be in a better position to hire these people again. Bitmain are not the only company feeling the financial pressure now, there are loads of these ICOs that are folding now. 

[KingScorpio]

Hey. this is just the way business work. They are forced to fire people in hard times and when things recover, then they start hiring people again. Bitcoin rewarded these workers in the good times with a salary and they cannot expect to work there if the company is suffering losses.

Bitcoin will recover soon and then they will be in a better position to hire these people again. Bitmain are not the only company feeling the financial pressure now, there are loads of these ICOs that are folding now. 

well i dont think it will recover,

so:

what will happen if "bitcoin" will not recover as all these bitcoinmaximalists hope?

[Wind_FURY]

It's bound to happen given that the blow on the cryptomarket is insanely harsh.

I believe that it would have been the better decision for Bitmain not to have made the attack on Bitcoin through the hard fork, and the creation of Bitcoin Cash. It costed them dearly.

Plus the "harsh" market would have impacted them less if they held everything they had in Bitcoin.

pah pointless speculations, they did what they perceived profitable you cant blame them just because you are a bitcoin maximalist.

You evidently did not do your research about Bitmain's IPO story. I suggest you use your internet connection properly and read about it. I will not waste my time talking to you.

their pump of bitcoin cash from 77 usd to 200 usd from 16-21 in december in order to save it  was however a fatal mistake

No. Bitmain's "fatal mistake" was attacking Bitcoin.

[KingScorpio]

It's bound to happen given that the blow on the cryptomarket is insanely harsh.

I believe that it would have been the better decision for Bitmain not to have made the attack on Bitcoin through the hard fork, and the creation of Bitcoin Cash. It costed them dearly.

Plus the "harsh" market would have impacted them less if they held everything they had in Bitcoin.

pah pointless speculations, they did what they perceived profitable you cant blame them just because you are a bitcoin maximalist.

You evidently did not do your research about Bitmain's IPO story. I suggest you use your internet connection properly and read about it. I will not waste my time talking to you.

their pump of bitcoin cash from 77 usd to 200 usd from 16-21 in december in order to save it  was however a fatal mistake

No. Bitmain's "fatal mistake" was attacking Bitcoin.

nope bitcoin would have been attacked anyway, they just did what is best for their profits, and you cant blame dame for doing a wrong decision.

you "bitcoinmaximalist"

[squatter]

Or rather, fiat money. A business of that scale with huge fiat overheads shouldn't be speculating as heavily on cryptocurrencies as they were. In particular, they became increasingly reliant on the success of Bitcoin Cash even as they promoted one side of a contentious hard fork.

They've also been making risky business moves like this to undercut competition at the cost of their own profits. That may be backfiring now.

i think everything is mostly speculation and drama at this point regarding bitmain but i doubt that they are relying on the success of bitcoin cash, BCH is just a byproduct that added to their money making techniques and lets not forget that it also "created" demand for their ASICs as it literary opened up another way that people could use their hardware to make money so they bought it to mine BCH.

It's hard to know how much mining demand BCH created -- perhaps very little. Since it shares the same hashing algorithm as Bitcoin, it makes more sense to use obsolete Bitcoin mining hardware to point at BCH.

We do know that Bitmain holds significant cryptocurrency assets as a percentage of their total balance sheet. Here are their overall holdings from the past few years:

According to the public financial statement, for the years ended December 31, 2015, 2016, 2017 and the first half year of 2018, Bitmain has about 9.9%, 25.0%, 30.1% and 28.0% of its assets in cryptocurrencies.

[kelz1]

It's their own fault, they shouldn't have collaborated with those clowns to create bitcoin ABC cash and bitcoin SV. If they just continued down the path of bitcoin then it would probably be OK

[Oniko]

How many employees are there in the company? I think this is just a rumor and the information is unlikely to be confirmed. Bitcoin will start growing soon and everything will get better in the cryptocurrency market

[Wind_FURY]

It's bound to happen given that the blow on the cryptomarket is insanely harsh.

I believe that it would have been the better decision for Bitmain not to have made the attack on Bitcoin through the hard fork, and the creation of Bitcoin Cash. It costed them dearly.

Plus the "harsh" market would have impacted them less if they held everything they had in Bitcoin.

pah pointless speculations, they did what they perceived profitable you cant blame them just because you are a bitcoin maximalist.

You evidently did not do your research about Bitmain's IPO story. I suggest you use your internet connection properly and read about it. I will not waste my time talking to you.

their pump of bitcoin cash from 77 usd to 200 usd from 16-21 in december in order to save it  was however a fatal mistake

No. Bitmain's "fatal mistake" was attacking Bitcoin.

nope bitcoin would have been attacked anyway, they just did what is best for their profits, and you cant blame dame for doing a wrong decision.

But in the context of the debate, it's Bitmain that is paying the price for attacking Bitcoin by creating, and pumping Bitcoin Cash.

They converted most of their Bitcoin reserves to Bitcoin Cash, and they have lost more than they should have than if they held them in Bitcoin.

you "bitcoinmaximalist"

[figmentofmyass]

nope bitcoin would have been attacked anyway, they just did what is best for their profits, and you cant blame dame for doing a wrong decision.

you "bitcoinmaximalist"

maybe the bcash plan looked good on paper 1.5 years ago. bitmain had lots of obsolete hardware and access to cheap electricity. but they had no way to gauge supply (bcash launch = free coins for all bitcoin holders) or future mining demand. i doubt bcash created much demand for new hardware. bitcoin miners could use their obsolete hardware to mine bcash and dump the coins on bitmain, who were probably propping the market.

i think this was jihan wu's megalomania at play, not rational profit motive.

[Wind_FURY]

Another rumor says that Bitmain will not fire 50% of its staff and employees, but 80% of them. I believe that no sane company or investor would now invest money in its IPO.

Although they do make the best ASICs. There is hope for them, if they drop their support for Bitcoin Cash ABC, and support only Bitcoin.