A Chinese mining company plans to hire three times its staff to expand its Ra'anana office operations. (South Sharon, Israel)
The decline of the cryptocurrency market, whose total capitalization has fallen 60% this year to around $250 billion, has scared off many investors. It turned out, however, that the main companies in the industry see this as an opportunity for development. The Chinese company Bitmain, for example, is planning to expand its development center in Israel and will soon hire more than 40 researchers, programmers, engineers and marketers to work under the leadership of Gadi Glickberg.
According to coinmarketcap, this largest of the mining pools has 43% of total market sharein the Bitcoin network. At the time of writing, Bitcoin is trading around $6,300 and has fallen 7% this week. According to the Digiconomist website, the Bitcoin mining industry generates annual revenues of $4.5 billion. The cost of mining Bitcoin is approximately $3.5 billion per year, so the market operates at about a 20% profit.
“Bitmain has been growing at a tremendous pace since last year, said Glickberg. - At this point, the hype that began in December 2017 has died down, people have calmed down, and this is a goldmine for large companies. In such an environment, it is possible to plan, build and grow, and the expansion of one of our best representative offices are a prime example of this.”
Bitmain is the largest company producing equipment for mining digital currencies, which uses ASIC technology. The company owns several brands, including Antminer, AntPool and the HashNest cloud mining system. The positions the team is looking to fill in Israel include blockchain researchers, senior developers, marketing staff, Python and JavaScript programmers, among others.
The Bitmain Development Center in Israel was founded in 2016. The center's employees were developing the ConnectBTC mining pool and developing AI as part of the Sophon project. Bitmain's clients in Israel include the Tel Aviv Stock Exchange (TASE)
According to en.globes.co.il
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