{"id":365185,"date":"2018-12-10T16:59:36","date_gmt":"2018-12-10T16:59:36","guid":{"rendered":"https:\/\/uniquehot.com\/?p=365185"},"modified":"2019-03-11T20:40:59","modified_gmt":"2019-03-11T20:40:59","slug":"crypto-bear-market-bitmain-layoffs","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-bear-market-bitmain-layoffs\/","title":{"rendered":"Crypto Bear Market Has Even Led $15 Billion Bitmain to Lay Off Employees"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">The ongoing <a href=\"https:\/\/uniquehot.com\/2018\/12\/06\/bitcoin-falls-to-lowest-weekly-level-eth-drops-below-100\/\">bear market<\/a> has begun to take its toll on a number of businesses, as many seek to close up operations, reduce staff, or make other changes that impact their ability to stay afloat. The latest cryptocurrency firm to feel pressure due to continued price decline, is the $15 billion-valued mining giant Bitmain.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Bitmain Closes Israeli Dev Center Due to Crypto \u201cShake Up\u201d<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">After a mere two years in operation, <a href=\"https:\/\/uniquehot.com\/tag\/bitmain\/\">Bitmain<\/a> will be shutting down its <a href=\"https:\/\/uniquehot.com\/2017\/04\/06\/bitmain-adds-new-connectbtc-mining-pool-israel\/\">development center in Ra\u2019anana, Israel<\/a>, citing continued turmoil and uncertainty in the cryptocurrency market. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">&#8220;The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation,\u201d said Bitmain VP International Sales and Marketing Gadi Glikberg\u00a0who also serves as the Branch Manager at Bitmain\u2019s Israeli development center.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/uniquehot.com\/2018\/11\/13\/bitmain-restructures-leadership-board-positions-ahead-of-ipo\/\">Bitmain Restructures Leadership Board Positions Ahead of IPO<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">According to <a href=\"https:\/\/en.globes.co.il\/en\/article-bitmain-closing-israeli-development-center-1001264083#utm_source=RSS\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Globes Israel<\/a>, the\u00a0Ra\u2019anana office has 23 employees who will be laid off in the process. Glikberg himself is also leaving the company in the wake of the closure.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Back in September, before Bitcoin\u2019s price broke through the critical support floor of $6,000 and plummeted yet another 40% from <a href=\"https:\/\/uniquehot.com\/2018\/12\/08\/what-caused-bitcoin-to-drop-to-a-new-yearly-low-factors-and-trends\/\">previous 2018 lows<\/a>, Glikberg appeared unfazed, suggesting that the \u201cmarket will find a way to perfect itself\u201d when discussing the influence falling prices had on sales of Bitmain\u2019s Antminer ASIC miners. In the same <a href=\"https:\/\/www.financemagnates.com\/cryptocurrency\/interview\/exclusive-bitmain-vp-not-worried-by-sales-the-market-will-find-a-way\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">interview<\/a>, Glikberg revealed that he had aimed to expand his team to up to 30 employees before the year\u2019s end and was anticipating growth into 2019. However, the tides have turned and many business have been forced to either shut down, or alter their business operations significantly to remain competitive in the current market climate.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">ConsenSys and Coinbase: Other Crypto Giants Struggling to Survive<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">It\u2019s not just Bitamin that is suffering amidst the current downtrend in cryptocurrencies. This past week, blockchain innovation firm ConsenSys laid off over 13% of its 1,200 employees in a major restructuring the company is calling <a href=\"https:\/\/uniquehot.com\/2018\/12\/05\/consensys-ceo-is-planning-company-restructure-following-bear-market\/\">ConsenSys 2.0<\/a>. The company\u2019s founder Joseph Lubin, who also helped co-found Ethereum, said the the market was extremely \u201ccompetitive\u201d and the company would need to \u201cretain, and in some cases regain, the lean and gritty startup mindset that made us who we are.\u201d<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/uniquehot.com\/2018\/12\/05\/consensys-ceo-is-planning-company-restructure-following-bear-market\/\">ConsenSys CEO is Planning Company Restructure Following Bear Market<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\"><a href=\"https:\/\/uniquehot.com\/tag\/coinbase\/\">Coinbase<\/a>, who generated a whopping $1 billion in revenue during 2017\u2019s bull market, also laid off nearly 3% of its workforce this past October. It\u2019s especially surprising for Coinbase to be dropping employees as the firm\u2019s CEO <a href=\"https:\/\/uniquehot.com\/2018\/11\/14\/how-brian-armstrong-ceo-of-coinbase-became-a-crypto-billionaire\/\">Brian Armstrong<\/a> has said that bear markets are a time to \u201cbuild a strong foundation so we can thrive in the next growth cycle.\u201d The company was also recently <a href=\"https:\/\/uniquehot.com\/2018\/10\/03\/coinbase-to-be-valued-at-8-billion-after-500m-investment-crypto-community-bullish\/\">valued at $8 billion<\/a> after a successful $500 million round of investment.<\/span><\/p>\n<div class=\"content\">\n<pre>Featured image from Shutterstock.<\/pre>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The ongoing bear market has begun to take its toll on a number of businesses, as many seek to close up operations, reduce staff, or make other changes that impact their ability to stay afloat. The latest cryptocurrency firm to feel pressure due to continued price decline, is the $15 billion-valued mining giant Bitmain. Bitmain Closes Israeli Dev Center Due to Crypto \u201cShake Up\u201d After a mere two years in operation, Bitmain will be shutting down its development center in Ra\u2019anana, Israel, citing continued turmoil and uncertainty in the cryptocurrency market. &#8220;The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation,\u201d said Bitmain VP International Sales and Marketing Gadi Glikberg\u00a0who also serves as the Branch Manager at Bitmain\u2019s Israeli development center. Related Reading |\u00a0Bitmain Restructures Leadership Board Positions Ahead of IPO According to Globes Israel, the\u00a0Ra\u2019anana office has 23 employees who will be laid off in the process. Glikberg himself is also leaving the company in the wake of the closure. Back in September, before Bitcoin\u2019s price broke through the critical support floor of $6,000 and plummeted yet another 40% from previous 2018 lows, Glikberg appeared unfazed, suggesting that the \u201cmarket will find a way to perfect itself\u201d when discussing the influence falling prices had on sales of Bitmain\u2019s Antminer ASIC miners. In the same interview, Glikberg revealed that he had aimed to expand his team to up to 30 employees before the year\u2019s end and was anticipating growth into 2019. However, the tides have turned and many business have been forced to either shut down, or alter their business operations significantly to remain competitive in the current market climate. ConsenSys and Coinbase: Other Crypto Giants Struggling to Survive It\u2019s not just Bitamin that is suffering amidst the current downtrend in cryptocurrencies. This past week, blockchain innovation firm ConsenSys laid off over 13% of its 1,200 employees in a major restructuring the company is calling ConsenSys 2.0. The company\u2019s founder Joseph Lubin, who also helped co-found Ethereum, said the the market was extremely \u201ccompetitive\u201d and the company would need to \u201cretain, and in some cases regain, the lean and gritty startup mindset that made us who we are.\u201d Related Reading |\u00a0ConsenSys CEO is Planning Company Restructure Following Bear Market Coinbase, who generated a whopping $1 billion in revenue during 2017\u2019s bull market, also laid off nearly 3% of its workforce this past October. It\u2019s especially surprising for Coinbase to be dropping employees as the firm\u2019s CEO Brian Armstrong has said that bear markets are a time to \u201cbuild a strong foundation so we can thrive in the next growth cycle.\u201d The company was also recently valued at $8 billion after a successful $500 million round of investment. Featured image from Shutterstock.<\/p>\n","protected":false},"author":517,"featured_media":365187,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[953,1393,7162,17234,2538],"class_list":["post-365185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitmain","tag-coinbase","tag-consensys","tag-gadi-glikberg","tag-israel"],"acf":[],"yoast_head":"\n<title>Crypto Bear Market Has Even Led $15 Billion Bitmain to Lay Off Employees<\/title>\n<meta name=\"description\" content=\"The latest crypto firm to feel pressure due to continued price decline and bear market, is the $15 billion-valued mining giant Bitmain.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/crypto-bear-market-bitmain-layoffs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Bear Market Has Even Led $15 Billion Bitmain to Lay Off Employees\" \/>\n<meta property=\"og:description\" content=\"The latest crypto firm to feel pressure due to continued price decline and bear market, is the $15 billion-valued mining giant Bitmain.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/crypto-bear-market-bitmain-layoffs\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-10T16:59:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-11T20:40:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2018\/12\/crypto-shutterstock_262478570.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"5251\" \/>\n\t<meta property=\"og:image:height\" content=\"4200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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