[2018-12-26] Layoffs Underway Amid ‘Adjustments,’ Bitcoin Miner Bitmain Confirms

[Lmaooo]

Months after it filed an application to go public on the Hong Kong Stock Exchange, Beijing-based cryptocurrency mining giant Bitmain is undergoing a series of business changes that extend even to its China offices, the company confirmed Tuesday.

“There has been some adjustment to our staff this year as we continue to build a long-term, sustainable and scalable business. A part of that is having to really focus on things that are core to that mission and not things that are auxiliary,” a company representative said in a statement.

The discussion of the company cutting off staff first emerged on Maimai, China’s equivalent to LinkedIn, where one anonymous user posted a thread on Dec. 17 asking if anyone had insider information about a possible layoff at Bitmain soon.

The post has generated nearly 200 replies since then, some of which came from other users that appear to be verified Bitmain employees on the social network, who indicated the layoffs would start from the week of Dec. 24.

CD | https://www.coindesk.com/layoffs-underway-amid-business-adjustments-bitcoin-miner-bitmain-confirms

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[squatter]

Bitmain said also that it is still hiring, despite the layoffs, adding: “As we move into the new year, we will continue to double down on hiring the best talent from a diverse range of backgrounds.”

"We're axing entire departments and laying off 50% of our entire workforce because we're desperate for cash, but you should come work for us!" Sounds like prospective hirees should look to Bitmain's competitors for work instead.

It's fascinating to watch this play out. Most people -- including myself -- had written off the possibility of Bitmain's demise because of their perceived profit margins and market share. Part of me is still skeptical, but it looks like the 50% number is real:

“It’s affirmative. The layoff will start next week and involves more than 50 percent of the entire Bitmain’s headcount,” replied one verified Bitmain staff on Maimai to the thread.

[IconFirm]

Good.  I hope they go bust.  Serves them right for dumping BTC for the shitclones. Twice!

[Kemarit]

It looks like  pieces of the puzzle are slowly falling into place. There are rumored reports that Bitcoin is not doing good this year and that's the main reason why they offered IPO this year. And this news really put some perspective on the poor numbers they might have generating this year. And how can they "continue to build a long-term, sustainable and scalable business" if the company is going to lay-off most of it's employees?

[Harlot]

I think they are using their profit loss to remove their worst employees that have been regularized as in what I read they are still hiring so the layoffs might just be a cover up for their major overhaul in their company. What it means is they are still looking for the best talents after they layoff some of their workers. This is some serious loophole in their law, how could they still continue hiring even though their first explanation is they hungry for cash. This is just sad news for everyone in the company even the ones they are letting to stay.

[1Referee]

Good.  I hope they go bust.  Serves them right for dumping BTC for the shitclones. Twice!

I support them into selling off all their Bitcoins, because the sooner they run out of their stacks, the less buying power they have, and thus the less artificial buy support they can provide to keep BCash around the 0.05BTC level. Lower price = low demand for miners = Bitmain sucking on a piece of wood.

The very fact that people hope that one of the most successful companies in the space will fail just shows how toxic they are. I'm thankful that Bitmain wanted another SHA256 network to compensate for less efficient miners due to Segwit. Now the trash has forked off, Bitcoin's development roadmap is brighter than ever before.

We'll see where this goes, but with Bitmain becoming weaker and weaker, BCash will follow soon since Bitmain is the only factor of value it enjoys.

[btyco]

They will dump all of their bitcoin cash holdings which is another reason why people should stay away from that coin. When there is trouble in town, people will sell bitcoin as a last resort when all of their shitcoin reserves have been depleted