Chinese cryptocurrency mining titan Bitmain confirmed the restructuring of the company in order to “build a long-term, sustainable and scalable business.”
In a statement to CBNN, a Bitmain representative said:
“There has been some adjustment to our staff this year as we continue to build a long-term, sustainable and scalable business. A part of that is having to really focus on things that are core to that mission and not things that are auxiliary.”
The discussion of the company cutting off staff first emerged in mid-December on Maimai, China’s equivalent to LinkedIn, where one anonymous user posted a thread asking if anyone had insider information about the possible layoff at Bitmain soon.
This news makes Bitmain another major industry company that is undergoing reshuffles amid months of cryptocurrency market decline, joining others such as ConsenSys and Steemit. Previously, layoffs were confirmed by Bitmain, but outside of mainland China, where the firm’s core operations are based.