The next phase in what shows up to be a staff loss for Bitmain is that roughly 50 workforce are planned to go this week. The messages adhere to reports of China’s LinkedIn version caution of a huge wave of redundancies focusing on half of Bitmain’s 2,500-strong employees, with rumors presently circulating on Twitter after being uploaded by the founding partner and commentator Dovey Wan.
According to Wan, such social media reports are “usually very high accuracy, posted by employees themselves.”
The BCH developers who were reportedly discharged of their duties formed the Copernicus team of Bitmain and worked on the Bitcoin Cash GO client of the company. “Only 1 week notice. Some had just joined the company,” Mow added.
Earlier this month, Bitmain announced the complete closure of its blockchain development laboratory in Israel as low prices of Bitcoin (BTC) and altcoins lead to 23 job losses.
Debate surrounding plans to conduct an initial public offering (IPO) in Hong Kong in the meantime continues as rumors regulators are worried about the volatile state of crypto markets developed in mainstream media last week.
Bitmain is yet to present official comments on employee layoffs or IPO progress.