Bitmain: Bitcoin Mining Giant to Sack 50% of Its Workforce

Bitcoin mining giant Bitmain is going to sack almost half of its staffers by the end of this week, sources from the Chinese media reported.

The Beijing company today laid off a team which was working on the development of Bitcoin Cash client. The news broke to the wire when Samson Mow, Blockstream Chief Strategy Officer, and former BTCC Chief Operational Officer, tweeted about it. Mow claimed:

Bitmain has quietly laid off their entire Copernicus team. Only 1-week notice. Some had just joined the company. Layoffs just in time for Christmas.

Rumors gained more credibility as people, claiming to the ex-employees of Bitmain, started sharing their exit stories on LinkedIn.  Dovey Wan, managing director at Danhua Capital, brought the matter to notice via her series of tweets.