Bitmain Technologies, the cryptocurrency mining giant headquartered in Beijing who are responsible for the vast majority of ASIC mining devices, has undergone a series of mass layoffs due to the dramatic cryptocurrency bear market which has resulted in a slump in the profitability of Bitcoin mining.
According to a statement released on January 14, the latest move Bitmain made was to cease all operations at their Amsterdam operation in the Netherlands. This decision falls in line with the company’s long-term roadmap to create a more sustainable and scalable business.
Bitmain’s first massive layoff came in November 2018, with the shutdown of a large blockchain development center in Israel so that the company could reduce costs and focus on their long-term roadmap.
As stated by a Bitmain spokesperson familiar with the matter:
“As we build a long-term, sustainable and scalable business, we are making adjustments to our staff and operations. This includes the decision to…