Bitmain to Lay off Another 50% of Staff
Main page News, Mining

Chinese BTC mining devices maker Bitmain may be considering laying off another 50% of its staff before the Bitcoin halving.

Local news outlet Wushuo Blockchain reported yesterday Bitmain has implemented a "staff optimization plan" that includes laying off a large number of its staff before the next Bitcoin halving, scheduled for May.

The layoff will reportedly be completed before the company's next meeting, which will take place on January 27.

It looks like the next halving of the reference cryptocurrency, which will reduce by half the reward that miners receive for mining a block, is the main reason why the Chinese company has made this decision, as the demand for mining devices will probably drop.

The Chinese giant already carried out a similar layoff in December 2018, when it decided to dismiss around 50% of its employees.

iHodl reported in December that a Chinese court had frozen $680,000 of Bitmain's assets.

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