Crypto mining firm Bitmain is cutting off staff despite reported corporate overhaul

Beijing-based crypto mining giant Bitmain is said to be laying off a considerable number of its staff. Just a few month after it applied to go public on the Hong Kong Stock Exchange, a discussion was started recently over at Maimai, a Chinese social networking site for professionals very much akin to LinkedIn.

In the said post, a company representative who wished to remain anonymous confirmed that indeed Bitmain is undergoing several business reshuffling to allow the company to refocus its strategies towards building a long-term, sustainable and scalable business.

There 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,” the company representative said.

Also in the said thread, several verified company representative was reported to have confirmation the layoff which will begin on the week of December 24. Another tweet from  another verified Bitmain staff said that the layoff will involve over 50% of the entire Bitmain manpower including those offices outside China.

Another verified source said that being a crypto mining firm, it would not be too hard to predict who will be suffering most from the massive layoff. Bitmain’s other services, aside from crypto mining is blockchain and artificial intelligence. It would obviously implement the layoff to its other services rather than its core service.

But the said source was quick to retort that there will also be some minor adjustments in Bitmain’s mining equipment line. This is to ensure that the firm has few instances of redundant positions, hereby increasing its efficiency. Interestingly, despite the confirmed layoff, BItmain is still actively hiring staff.

The question now is whether Bitmain is doing this massive layoff as a strategic move or simply because it can no longer sustain its operations?