Bitmain Exits Amsterdam Citing Focus on Long-Term Scalable Business Strategy - BITCOIN NET MAGZ

Bitmain Exits Amsterdam Citing Focus on Long-Term Scalable Business Strategy

- 22.00
Bitmain Exits Amsterdam Citing Focus on Long-Term Scalable Business Strategy

Bitmain, which in November announced the first in what has become a string of cost-saving measures by shutting down a blockchain creation centre in Israel, said that the movement was a part of its longer-term roadmap.

The company has reportedly suffered as a consequence of diminished sustainability of Bitcoin mining in recent weeks, with Bitcoin (BTC) now gearing $3,600.

"As we build a long-term, scalable and sustainable company, we're making adjustments to our own employees and operations. This includes the decision to shut our Amsterdam and Israel offices," the announcement reads, including:
 
    "We are really focusing on things that are core to our mission and not things that are "

Bitmain hasn't responded to Cointelegraph's request for further comment by press time.

Since Cointelegraph reported, the choice to leave Israel followed rumors Bitmain was likely much larger staff layoffs that could amount to over half of its 2,500-strong work force.

The business has yet to confirm any rumors, while other sources have stated its plans to conduct an initial public offering (IPO) are also in trouble because of regulatory doubt .

A documented senior executive reshuffle is seeing co-CEOs Jihan Wu and Micree Zhan Ketuan proceed to co-chair rankings, together with manager of product technology Wang Haichao supposedly place to fill the vacancy.

Last week saw Bitmain farther scale back its ambitious mining operations at a website in Texas, which had formerly seen guarantees of 500 million investments in the local market.

 

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