Bitmain closed offices in Israel due to market contraction
This decision was made in view of the losses that have occurred in the acquisition of mining machines for cryptocurrencies
One of the manufacturers of machines for cryptocurrency mining, Bitmain, announced the closure of its affiliate in Israel.
This decision was made due to the decrease that the market has presented in the last month. The Globes report stated that the reason for the closure of the development center of the city of Ra’anana is due to the negative performance of the cryptocurrency market.
Following this decision, a total of 23 employees were dismissed from the company. This measure arises after the announcement made by the company a few months ago in which the plan to expand its staff in the fields of research, engineering and marketing was explained.
“The cryptocurrency market has gone through a very hard period in recent months, which forced Bitmain to examine several of its activities around the world and refocus its business according to the current situation,” the organization said.
The company BitmainTech Israel was inaugurated in 2016, and since then it served with a space for the launch of the ConnectBTC mining pool in April of last year.
K. Tovar
Source: Globes
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