Bitmain, one of the largest producers of crypto mining capacities, reportedly plans layoffs within the company, including its Beijing branch.
The company has confirmed the rumours about the business reorganization, which will cover China-based departments. As commented Bitmain spokesperson, they have revised business model and decided to focus on the main targets – stable, long-term and scalable business, with the staff optimization being made in 2018.
According to the news reports citing the company, the job cuts were commenced on December 24. The layoffs can exceed 50% of the company employees. Moreover, the company is said to consider 100% shutdown of some of its divisions. Along with the layoff process, it was also launched a discussion of the compensation programme for the people that will have to leave the company.
The source in the know stated that these measures are taken in all areas of the business, including Bitmain mining pool and production of mining facilities. The company management is striving to boost operational performance via such type of the reorganization.
It is worth mentioning that following the recent business growth Bitmain's staff amount to some 3,100 employees which even higher than ICO specification. Moreover, the company remains open for new talents.