Chinese crypto mining giant Bitmain confirmed the restructuring of the company in order to “build a long-term, sustainable and scalable business.”<\/p>\n
In a statement<\/a> to Coindesk, a Bitmain representative said:<\/p>\n \u201cThere 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.”<\/strong><\/p><\/blockquote>\n The discussion of the company cutting off staff first emerged in mid-December on Maimai, China\u2019s equivalent to LinkedIn, where one anonymous user posted a thread asking if anyone had insider information about a possible layoff at Bitmain soon.<\/p>\n This post came to public attention via a tweet by Dovey Wan, a Founding Partner at Primitive Ventures, a crypto-focused investment fund:<\/p>\n \u26a0\ufe0f\u26a0\ufe0f\u26a0\ufe0f<\/p>\n there\u2019s post on Chinese Linkedin (usually very high accuracy, posted by employees themselves) saying Bitmain will start a layoff the coming week … ???<\/p>\n A separate rumor said the plan is for more than 50% of its headcount ???! pic.twitter.com\/b0ZSBuPX4d<\/a><\/p>\n \u2014 Dovey Wan ? (@DoveyWan) December 23, 2018<\/a><\/p><\/blockquote>\n\n