The giant mining the cryptic Bitmain currency is reportedly planning to reduce employment by another fifty percent.
On December 2, the Chinese daily Wushuo Blockchain reported that the mining equipment manufacturer Bitcoin (BTC) Bitmain has launched a "staff optimisation plan" that will allow it to lay off a significant portion of its workforce before the next reduction by half in May.
The world's largest manufacturer of cryptocontamine-mining machinery is said to hold its annual meeting on 17 January and the redundancies are expected to be completed before that date.
Those who are familiar with the case assume that the reason for the redundancies is the approaching halving of the number of new coins awarded to miners. Dovey Wan, the co-founder of Primitive Ventures, wittily called the Bitmain layoffs "the first half of 2020".
By December 2018, Bitmain had already gone through a series of mass layoffs, which also affected about 50 percent of its employees. Bitmain said at the time that the layoffs were part of building a sustainable business and that they would continue to double in hiring the best talent from different backgrounds.
