Bitmain, Huobi Confirms Staff Layoff
Cryptocurrency mining giant Bitmain and foremost crypto exchange Huobi reportedly affirmed its intention to lay off staff amidst the 2018 crypto market price rout. Hong Kong English – language newspaper South China Morning Post (SCMP) detailed the employee trim plans on 26 December.
Beijing – based Bitmain Technology, which ruled the mining hardware manufacturing sector this year, is quoted by SCMP as saying that it is experiencing “some adjustment to our staff this year.” As detailed previously, several Chinese commentators have also claimed that Bitmain has expelled its entire Bitcoin Cash (BCH) team of developers, some of whom have only recently joined the firm.
Bitmain reportedly stated:
“A part of [building a sustainable business] is having to really focus on things that are core to that mission and not things that are auxiliary. As we move into the New Year we will continue to double down on hiring the best talent from a diverse range of backgrounds.”
The Huobi Group has also confirmed plans to “optimize” its staff by firing underprivileged employees using similarly low-key language. Nevertheless, the company — which operates from Beijing and oversees the Singapore-based Huobi crypto exchange — reportedly stressed that it continues to employ onboard “for its core businesses and emerging markets.”
Although the exact figures for the planned layoffs remain unclear, SCMP notes that as of June 2018, the IPO filing of Bitmain revealed that the company employed a total of 2,594 full – time employees— including According to SCMP, Huobi has more than one thousand employees.
SCMP cites an anonymous Bitmain employee saying that the redundancies cover the sweep of the various divisions of the company. However, the source did not know the number of planned job cuts.
Earlier this month, Bitmain announced the closure of its development center in Israel and the firing of local staff, citing the crypto market’s “shake-up” in recent months.
In the past week, reports have also shown that the blockchain software technology company ConsenSys makes significant cuts to its employees. The unconfirmed reports are in line with the recent letter from company CEO Joseph Lubin to the staff, in which he stated that the company would act to streamline and strengthen its business style in order to remain “lean and gritty” on a competitive market.
Although major industry players restructure their businesses to tense weather, a recent survey found that jobs for blockchain developers continue to be one of the fastest growing emerging roles in the US.