Cryptocurrency

Bitmain Is Closing Another Overseas Office

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A China-based major cryptocurrency mining company, Bitmain has chosen to lock one more office established on the foreign lands, this time in Amsterdam. This decision is considered as one more step towards remolding its business frameworks and focus back to the core.

In an announcement, Bitmain representative said that, while the organization has not yet shut its Amsterdam project, the decision has been made and the required procedure is in progress.

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He further said that as the company is building a long term, and sustainable business framework, they are making some crucial adjustment to the staff and projects. This comes with the choice to close the company’s Amsterdam and Israel offices too.

Bitmain has not yet determined the specific course of events of the closure, or the fixed number of employees who will be laid off.

As per the information is shown on the LinkedIn profile of the company, at present, nine employees seem to be working with Bitmain’s Amsterdam office.

The representative further said that the company is at present focusing on its core business and not on the things which are secondary to it. The company will be looking for the best talent in the market in order to create the best out of its core services and products.

This is not the first closure of Bitmain’s office though. Last year end, the company closed its office in Israel and laid off more than 20 employees. Most of these people were functioning into the blockchain technology development and the AI. The company blamed the crypto falling market of 2018 behind its decision.

What’s more? On Thursday, Texas Public Radio revealed that Bitmain had halted its mining activities in Rockdale in the state’s Milam County, only months after it reported the new site that was said to bring 400 employments through a $500 million project.

Bitmain confirmed the workforce cut undertaken at Rockdale’s mining project, saying that specific no region or groups of people are saved from the cutbacks. However, the company also cleared that it is not letting go Rockdale site.

On the matter, a Milam County judge said that the majority of Bitmain’s staff at the mining site, bar two engineers and a human resource executive, had been laid off, and all the activities had been suspended.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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