{"id":95527,"date":"2018-12-26T18:04:20","date_gmt":"2018-12-27T02:04:20","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=95527"},"modified":"2026-04-16T11:27:32","modified_gmt":"2026-04-16T10:27:32","slug":"bitcoin-bitmain-huobi-lay-off-workers","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-bitmain-huobi-lay-off-workers\/","title":{"rendered":"Bitcoin Companies Purge: Bitmain and Huobi Lay Off Workers"},"content":{"rendered":"<p>The crypto-winter is affecting billion-dollar players in the cryptocurrency market. After the much-publicized layoffs at <a href=\"https:\/\/cryptoslate.com\/companies\/consensys\/\">ConsenSys<\/a>, <a href=\"https:\/\/cryptoslate.com\/coins\/spankchain\/\">SpankChain<\/a>, and Steemit, mining equipment manufacturer <a href=\"https:\/\/cryptoslate.com\/companies\/bitmain\/\">Bitmain<\/a> is reportedly cutting down 50 percent of its total workforce, alongside shutting down its entire <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin-cash\/\">Bitcoin Cash<\/a> (BCH)-focused division.<\/p>\n<h2>Bitmain Bins BCH Division<\/h2>\n<p>As per a report on SCMP on Dec. 26, Bitmain\u2019s impressive year saw the mining giant make revenues of over $4 billion, grow its staff to 2,900 employees, attain a valuation of $8 billion, and work towards a listing on the Stock Exchange of Hong Kong (HKEX). But the riches are failing to prove sustainable for floating Bitmain\u2019s formidable workforce, in particular, its BCH division.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitmain has quietly laid off their entire Copernicus team (<a href=\"https:\/\/twitter.com\/hashtag\/Bcash?src=hash&ref_src=twsrc%5Etfw\">#Bcash<\/a> GO client). Only 1 week notice. Some had just joined the company. Layoffs just in time for Christmas. <a href=\"https:\/\/twitter.com\/hashtag\/BitmainIPO?src=hash&ref_src=twsrc%5Etfw\">#BitmainIPO<\/a> <a href=\"https:\/\/twitter.com\/HKEXGroup?ref_src=twsrc%5Etfw\">@HKEXGroup<\/a> <a href=\"https:\/\/twitter.com\/SCMPNews?ref_src=twsrc%5Etfw\">@SCMPNews<\/a> <a href=\"https:\/\/t.co\/Kt2Ce90sBW\">pic.twitter.com\/Kt2Ce90sBW<\/a><\/p>\n<p>&mdash; Samson Mow (@Excellion) <a href=\"https:\/\/twitter.com\/Excellion\/status\/1076942377963700224?ref_src=twsrc%5Etfw\">December 23, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Rumors about the planned layoffs were first leaked on local Chinese media. Bitmain swiftly issued its statement shortly thereafter, confirming the development but denying speculation of a 50 percent job cut. The statement added that \u201cadjustment to staff\u201d was impending after the rapid growth of the company in 2018, and ascertained that hiring will continue in areas it considers are \u201ccore to the mission and not auxiliary.\u201d<\/p>\n<p>The purge began with Bitmain\u2019s Israeli office when 20 staffers were left jobless after the research-only division was shut down. At the time of writing, however, no exact number of planned job cuts are known; but if comments from a current staffer are considered, the layoffs will be spread across all business verticals in Bitmain\u2019s business\u2014which has grown from manufacturing miners to producing hashing power for the Bitcoin and Bitcoin Cash networks, artificial intelligence (A.I.), and mining pools.<\/p>\n<p>Bitcoin Cash proponent Calvin Ayre, who engaged in a hash war with Bitmain and Roger Ver earlier this year, referred to Bitmain\u2019s decision to deploy massive hashing power as \u201cdisastrous.\u201d He further thinks the firm\u2019s days at the top are now over.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitmain&#39;s disastrous decision to hash dump has ruined their financial situation and has them dragged into US civil litigation.   They may survive this but their days at the top of the industry are over.  <a href=\"https:\/\/t.co\/oKu4igmudz\">https:\/\/t.co\/oKu4igmudz<\/a><\/p>\n<p>&mdash; Calvin Ayre (@CalvinAyre) <a href=\"https:\/\/twitter.com\/CalvinAyre\/status\/1077716524474028032?ref_src=twsrc%5Etfw\">December 26, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Another prominent crypto business, Hong Kong-based cryptocurrency exchange Huobi, is joining the ranks of crypto-businesses laying off employees to combat the bear market. The exchange handles hundreds of millions worth of trades each day, with the total volume on Dec. 26 exceeding $600 million.<\/p>\n<figure id=\"attachment_93810\" aria-describedby=\"caption-attachment-93810\" style=\"width: 247px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-93810\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/bitcoin-mining-bankrupt-social-300x158.jpg\" alt=\"\" width=\"247\" height=\"130\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/bitcoin-mining-bankrupt-social-300x158.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/bitcoin-mining-bankrupt-social-768x403.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/bitcoin-mining-bankrupt-social-1024x538.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/bitcoin-mining-bankrupt-social.jpg 1200w\" sizes=\"(max-width: 247px) 100vw, 247px\" \/><figcaption id=\"caption-attachment-93810\" class=\"wp-caption-text\">Related: <a href=\"https:\/\/cryptoslate.com\/bitcoin-miners-ruined-by-downturn-selling-hardware-by-the-pound-giga-watt-files-bankruptcy\/\">Bitcoin Miners Ruined by Downturn, \u201cSelling Hardware by the Pound\u201d; Giga Watt Files Bankruptcy<\/a><\/figcaption><\/figure>\n<p>Still, the income seems unsustainable to handle an employee-force of over 1,000 workers, most of which have joined this year. As per statements, Huobi has decided to fire the \u201cmost under-performing\u201d workers, althought metrics to define the term are not publically available. A spokesperson confirmed the development to SCMP, but similar to Bitmain\u2019s comments, stated hiring for core roles and the emerging markets division continues.<\/p>\n<p>Meanwhile, the hire-and-fire culture finding its way into the cryptocurrency sector comes as no surprise to Jehan Chu, a partner at Hong Kong-based Kenetic Capital, a crypto and blockchain-focused investment fund.<\/p>\n<p>Chu noted:<\/p>\n<blockquote>\n<p style=\"text-align: left;\">\u201cDownsizing is a natural cycle in new, rapid growth industries, and unfortunately blockchain is no exception.\u201d<\/p>\n<\/blockquote>\n<p>He added a similar observation was made during the internet boom in the early 2000s, which caused a drastic change in sentiment for the sector at the time but morphed into the world\u2019s biggest sector over time. Chu believes blockchain technology may mirror the path, and the recent price crash will give rise to an improved \u201cblockchain 2.0.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The crypto-winter is affecting billion-dollar players in the cryptocurrency market. After the much-publicized layoffs at ConsenSys, SpankChain, and Steemit, mining equipment manufacturer Bitmain is reportedly cutting down 50 percent of its total workforce, alongside shutting down its entire Bitcoin Cash (BCH)-focused division. Bitmain Bins BCH Division As per a report on SCMP on Dec. 26, [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":95539,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2376],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Companies Purge: Bitmain and Huobi Lay Off Workers<\/title>\n<meta name=\"description\" content=\"Bitmain is reportedly cutting down 50 percent of its total workforce, alongside shutting down its entire Bitcoin Cash (BCH)-focused division.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-bitmain-huobi-lay-off-workers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Companies Purge: Bitmain and Huobi Lay Off Workers\" \/>\n<meta property=\"og:description\" content=\"Bitmain is reportedly cutting down 50 percent of its total workforce, alongside shutting down its entire Bitcoin Cash (BCH)-focused division.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-bitmain-huobi-lay-off-workers\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-27T02:04:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-16T10:27:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/12\/layoffs-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Bitcoin Companies Purge: Bitmain and Huobi Lay Off Workers\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-bitmain-huobi-lay-off-workers\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-bitmain-huobi-lay-off-workers\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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