BTC Halving Impact? Bitmain Planning to Sack 50% of Its Staff

Though the “crypto winter” buzzword is not common lately, crypto mining hardware maker Bitmain is again planning to cut off half its workforce.

Reported by local industry news outlet Wushuo Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term, the decision was fueled by the upcoming halving of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, which is expected to occur in May.

Earlier than Bitcoin halving, Bitmain gonna further cut half of its personnel by Chinese New Year ? this might be the first "halving" of 2020 I guess ..

It's commonly beautified as "人员结构优化" (employee structure optimization) for Chinese companies — Dovey 以德服人 Wan ? ? (@DoveyWan) January 1, 2020

With the upcoming halving, Bitcoin’s mining reward will drop to 6.25 BTC per block from 12.5 BTC per block. Per the architecture of the digital currency’s blockchain, this is done in every four years to control the supply and demand of the digital currency.

Though historical trends show that Bitcoin’s price always surged significantly amid halving, still the market sentiment cannot be accurately predicted.

If the price is unchanged or even surged in two digits, it can make a significant impact on the mining operations, directly impacting Bitmain’s business.

Bitmain currently hires more than 1,000 employees, compared to only 100 by its rival Shenma Mining Machine. Per the report, the step will also streamline the organization's work structure.

A similar decision was taken in the past

Impacted by the plunge in the crypto market, the Chinese manufacturer also shed 50 percent of its staff by the end of 2018. The company even laid off the entire team working on the development of Bitcoin Cash client and closed its branch in Israel, sacking all the employees.

In a power tussle in the management, the company’s co-founder Micree Ketuan Zhan was ousted in October from the position of executive director.

Meanwhile, the company is also pushing for a public listing in the United States after a failed attempt in Hong Kong.