Crypto Mining Giant Bitmain Is Collapsing

Crypto Mining Giant Bitmain Is Collapsing. Chinese crypto mining giant, Bitmain, is closing the Israeli research and development arm of its organization. Firing all the 23 local employees.

Bitmaintech Israel: established in 2016 to investigate the use of blockchain technology. Hence, It deals with the Connect BTC mining pool. They build up the framework behind Bitmain’s artificial intelligence (AI) project Sophon.

Local media outlet, Globes, reports that Bitmain is going to fire all of Israel’s 23 employees due to the continued financial problems the division has been facing this year. It will be officially ending its operations which started just three years ago.

Crypto Mining Giant Bitmain Is Collapsing-“The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation.”

Gadi Glikberg, Israeli branch head, as well as Bitmain’s vice president of international sales and marketing, is also leaving. Globes reports that Glikberg linked the closure due to the ongoing deflated price of Bitcoin $3494.55 -0.36% and other cryptocurrencies

Over the past three years, we have built an amazing team with the highest performance capabilities in the field. Our development plans included a lot of work on the field of onboarding and digital access to the general public.”

During the last six months, Glikberg had announced the expansion of its Israeli team, looking to hire more than 40  “Blockchain researchers, senior software and security engineers, marketing personnel, Python and JavaScript programmers, and QA personnel.” So it is obvious that plans have changed drastically!

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