Crypto giants are planning staff cuts

Bitmain Technology and Huobi Group have announced plans to lay off employees, reports the South China Morning Post (SCMP).

Bitmain calls its decision a necessary change for the purpose of restructuring, due to the downturn in the market. The company intends to focus on its core business and is closing all non-essential departments. There are rumors that the company will lay off almost half of its employees. 

Similarly, Chinese exchange Huobi Group, which employs more than 1,000 people, also intends to reorganize its structure for next year by cutting redundant employees.

The unexpected market crash has affected many companies, leading to some layoffs and layoffs.

Earlier this month, according to CCN, ConsenSys also restructured and laid off 60% of its workforce in an attempt to optimize its business in a bear market.

“We must maintain, and in some cases restore, the position of startups in a highly competitive environment,” ConsenSys CEO Joseph Lubin said in a letter to his employees.

The blockchain of social platform Steemit was also affected. Citing the collapse of the cryptocurrency market, Ned Scott, CEO of Steemit, said the startup is laying off 70% of its team, noting that it is becoming increasingly difficult to improve the blockchain with the "increasing costs of running full Steem nodes" and lower fiat profits.