By The Chinese cryptocurrency mining giant, Bitmain is set to shut down yet another one of its overseas offices. Bitmain recently announced that it’s going to be shutting down their office in Amsterdam as part of their ongoing adjustments to their business operations.
In a statement given to a number of publications, a Bitmain representative stated that, despite the Amsterdam office not being shut down as of yet, the decision has already been made with the necessary processes in play.
He added:
“As we build a long-term, sustainable and scalable business, we are making adjustments to our staff and operations. This includes the decision to close our Amsterdam and Israel offices.”
As of the time of press, Bitmain had not yet divulged the timeline of the planned closure or the number of employees which will be affected. As per information gleaned from Linkedin, at least nine people have been identified as employees of the mining firm in Amsterdam, and their responsibilities are focused on operations and development of the firm’s flagship mining pool – BTC.com
The firm added:
“We are really focusing on things that are core to our mission and not things that are auxiliary. We will continue to hire the best talent from a diverse range of backgrounds.”
Back in early December 2018, Bitmain also confirmed that they were shutting down their Israeli office, which resulted in the firm laying off over twenty staff members whose core roles were the development of blockchain technology and AI. The firm went on to divulge that the reason for these business decisions was the steep decline of the cryptocurrency market in 2018.
Last week Thursday, Texas Public Radio reported that Bitmain had ceased mining operations in Rockdale in the Milam County, mere months after announcing the new site which was said to bring in 400 new jobs by way of a $500 million investment.
Bitmain went on to confirm the reduction of staff at the Rockdale mining farm stating:
“no location/teams are excluded from the company-wide cutbacks, but also stated that they were not wholly abandoning the site.”
County judge for Milam County – Steve Young stated that all the Bitmain staff except for a human resources director and two engineers have indeed been laid off while all “all operations had been suspended.”
Young was quoted as saying:
“I’m really disappointed because we had advertised this. We had waited for this. We had wanted this. We had welcomed this.”
This news comes hot on the heels of a time where the mining company has drastically been making cutbacks at their home base which includes their staff who are focused on their miner equipment, AI as well as their mining pool companies, following their rapid expansion efforts in 2018.
Could Bitmain’s reign as a mining giant come to an end? Let us know your thoughts by commenting below.
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