Bitcoin Mining Giant Bitmain Closes Israeli Branch amid Market Woes

[PRIBO247]

With the bitcoin price trading more than 80 percent below its all-
time high, not even Bitmain, the world’s largest cryptocurrency
mining firm and the crypto industry’s most valuable company, has
been immune from the slaughter.
According to Israeli business publication Globes , the China-based
Bitmain has closed Bitmaintech Israel, the development center it
set up two years ago in Ra’anana. All 23 employees at the office
will be laid off, and Bitmain VP Gadi Glikberg, who headed the
center up, will also depart the firm.

Bitmain blamed the layoffs on the prolonged cryptocurrency bear
market that began at the turn of the year and worsened with each
passing month. Per the report, Glikberg told employees:
“The crypto market has undergone a shakeup in the past
few months, which has forced Bitmain to examine its
various activities around the globe and refocus its
business in accordance with the current situation.”
While Bitmain’s core business involves developing and
manufacturing cryptocurrency mining equipment, the firm’s office
in Israel had focused its efforts toward developing the Connect BTC
mining pool and the artificial intelligence (AI) technology used in
Bitmain’s “Sophon” project.
The decision to close its office in Ra’anana represents a stark
reversal from July when Bitmain was reportedly seeking to triple
the size of its Israeli development center, which at the time had 15
employees.

However, in addition to the general decline in cryptocurrency
prices, Bitmain has also reportedly faced headwinds from poor
business decisions that continue to weight on its balance sheet as
it grinds toward its long-planned initial public offering (IPO), for
which it filed registration documents earlier this year. The firm
also recently underwent a significant shakeup on its board of
directors.

Source : https://www.ccn.com