There has been a huge shakeup at Bitmain as the cryptocurrency mining giant has reportedly sacked its staff of Bitcoin Cash (BCH) developers. This was reported by Blockstream CSO Samson Mow who cited sources privy to information.
This is the second in what appears to be a phase of staff losses for Bitmain as around 50 workers are expected to leave their positions this week.
This move is coming after reports on China’s version of LinkedIn warned about a major wave of redundancies reportedly targeting more than half of Bitmain’s workforce. It is important to note that this rumor is beginning to generate massive attention on twitter especially after the news was uploaded Primitive founding partner and commentator Dovey Wan.
Speaking on the development, Wan remarked that such social media reports are “usually very high accuracy, posted by employees themselves.”
The group of BCH developers who have now been relieved of their position had formed Bitmain’s Copernicus team and were reported to have been working on Bitmain’s Bitcoin Cash GO client.
Commenting on the sack, Mow added that, “only 1-week notice. Some had just joined the company.”
For those who have been following the recent happening in the crypto space, you’ll recall that Bitmain had earlier in this month announced the total shutdown of its blockchain development lab in Israel. This was as a result of the low prices of Bitcoin and other altcoins in the crypto markets. That move alone resulted in the loss of 20 jobs
Elsewhere, there has been so much controversy over plans to conduct an initial public offering (IPO) in Hong Kong. This controversy stems from the fact that regulators are concerned about the volatile state of cryptocurrency markets.
At the moment, Bitmain has not released any official response regarding staff layoffs or IPO progress.