According to Globes newspaper report, the research department of the mining giant Bitmain, located in Israel, is closing: 23 employees fell under the reduction, due to the financial difficulties of the company, just 3 years after the formation of the team.

The head of the disbanded unit, Gadi Glikberg, who previously held the position of Vice President of Bitmain, noted that “the cryptocurrency market in the last few months is in confusion”, so the company “is forced to adapt the focus to the current situation”.

Just six months ago, Glickberg confirmed the expansion of the research team and planned to hire 40 new employees, including “blockchain researchers, experienced developers, and security and marketing specialists.”

Recall that in late September, Bitmain filed an official application for an initial public offering (IPO) of shares on the Hong Kong stock exchange. However, a month before it became known that in preparation for the IPO, Bitmain exchanged a significant part of its cryptocurrency savings for BCH coins. At the beginning of this month, there has been rumors that in the 3rd quarter of this year, the company Bitmain suffered the largest losses in its history in the amount of 740 million dollars, due to unrealized products and the fall in the price of Bitcoin Cash after the hardfork.

Last week, the Miami-based Corporation United American Corp, which owns large data centers in Quebec, filed a lawsuit in Federal court in the United States, including the company Bitmain, accusing It of violating the law. At the end of November, a collective lawsuit was also filed against the mining giant with accusations of mining at the expense of customers.


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