Bitmain broke? The company is closing its Israeli branch

The Israeli branch of the research Department Bitmain will close in the near time, the company will have to lay off 23 employees due to the “confusion of the stock market”. Mining giant have to make concessions and cut back on their spending because of the very difficult financial situation. Recall that Bitmain is a huge loss because of investment in BCH and former providers no longer want to work with the firm because of the constant delays of payment for raw materials.

Bitmain is forced to go to extreme measures

Reports on the closure of units in the Israeli city of Raanana appeared this morning in a local publication Globes. The research Department is closed only three years after beginning their work. Twenty-three employees of the branch will have to look for a job, since Bitmain is not going to transfer them to other regions.

Now the former head of Gadi Glikberg blames the sharp fall of Bitcoin. The decrease in the price of cryptocurrencies can even jeopardize the question of the very existence of Bitmain.

The cryptocurrency market have been in turmoil the past few months. Bitmain is forced to reconsider some of their strategies in global terms. For three years we still managed to create a formidable team with a huge potential in the field crypt.

Image source — Travel Secrets

It is noteworthy that even six months ago, the Israeli division of the company felt quite normal. Glikberg then even wanted to expand his team, opening 40 vacancies for “blockchain professionals, developers, marketers and testers”.

Meanwhile, Bitcoin Cash have time to update the annual minimum. A major investment Bitmain drops and still cannot find its bottom. While the main people in the party Bitcoin Cash trying to push legally, even recently on Roger’s Faith and he Bitmain filed in court for alleged manipulation of the price BCH during hard forks of the coin.

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