Chinese crypto mining giant Bitmain is going to get rid of its European business branch located in Amsterdam.
According to the news report, the company representative confirmed that the Bitmain management decided to shut down its Amsterdam office. Specifically, this division remains online now, but the procedure has been already launched.
As Bitmain spokesperson explaining the closure stated that this decision is a part of the current business revision, which included operations adjustments targeting long-term and effective business. In this context, it was decided to close the offices in Israel and Amsterdam.
Still, the exact dates when the Amsterdam-based office stops operations, as well as related layoffs, are yet to be unveiled by the company.
For reference, the closure of Israel division was announced in early December 2018. The producer fired more than 20 employees. The reason behind this decision was the crypto market slump observed in 2018, as the company commented.
There are also rumours that the company is going to give up plans for commissioning of large mining asset in the USA. The funding may amount to some $500 million, while the project could create at least 400 new jobs in the market.
Notably, it was reported last week that Bitmain suspended mining at Rockdale asset.