June 19, 2024

Bitmain will cut half staff for Chinese New Year

Bitmain will cut half staff for Chinese New Year

According to local media reports, Chinese miner manufacturer Bitmain will lay off some of its employees as part ofpreparations for the next bitcoin halving in May.

Bitmain, one of the world's largest manufacturersmining equipment, launched the “Workforce Optimization Plan”. Final staff reduction lists should be prepared before the annual Bitmain meeting on January 17th.

A Bitmain official said: 

“Depending on market conditions and business development, we continue to adjust staff. As a result, we are also constantly looking for new talents and welcome candidates from all walks of life. ”

According to management, this step should mainly help the company better prepare for the May Bitcoin halving, which can provoke significant market volatility.

Another area of ​​optimization will be the field of artificial intelligence, which was developed by former CEO Mikri Zhan, since this industry does not bring profit to the company at all. 

In addition, fluctuations in the price of military-technical cooperation, increasedRegulatory oversight, first-quarter losses and a failed IPO attempt in Hong Kong weighed on the company's performance last year. At the same time, the company has more than 2,500 employees worldwide. The new CEO of Bitmain, Jihan Wu, considers this number to be twice as high and seeks to carry out “staff optimization.”