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Bitmain is Reportedly to Lay Off 700 Employees from Its Beijing Office

China’s bitcoin mining giant Bitmain is set to lay off nearly 700 employees from its head office in Beijing, according to the Chinese Blockchain media outlet Deepchain, although the firm has refuted the “mass layoff” rumor on Monday, saying it is a normal staff turnover based on the business performance.

An employee from Bitmain confirmed that the company was cutting staff, and every department would be affected. He told Deepchain on December 24 that the Chinese mining giant possibly laid off 700 persons, and would keep only 300 employees in its Beijing office which currently houses over 1000 staff. “ Everyone is waiting for the official announcement.” The employee said.

The news follows a rumor swirling that Bitmain has fired its entire Copernicus team.  Blockstream CSO, Samson Mow, cited posts from Chinese LinkedIn, known as Maimai, published by company employees on Sunday, saying “ Bitmain has quietly laid off their Bitmain has quietly laid off their entire Copernicus team (#Bcash GO client). Only 1 week notice. Some had just joined the company. Layoffs just in time for Christmas.”

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Rumors gained more credibility as Dovey Wan, a well-known Asian cryptocurrency entrepreneur, said on Twitter on Saturday that Bitmain planned to lay off 50 percent of its staffers, citing sources from Chinese LinkedIn, too.

However, Bitmain denied the rumor yesterday, saying those reports were truth-twisting, and it is  a normal staff turnover based on the firm’s business performance at the end of the year. “We continue to welcome talents from all walks of life in the future.” The company told Deepchain.

In addition, another employee of the company disclosed details of the layoff payoff on Maimai. Bitmain offered at least two options of severance package, one is n+1 months’ salary plus 3 months’ stock option based on salary, plus one month’s social insurance and housing fund will be paid as for compensation ; the other is n+2 months’ salary and one month’s social insurance and housing fund.

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In fact, Bitmain’s layoff started half a month ago. As local media outlet Globes reported December 10, Bitmain has closed down its research division in Israel, and all 23 employees, including Bitmain’s vice president for sales and marketing Gadi Glikberg were laid off.

As the bear market continues, Bitmain is not the only company to cut jobs to batten down the hatches in preparation for what could be a long crypto winter. Consensys, the Ethereum-centric development consortium and Status, an Ethereum-based mobile app developer have recently announced large-scale job cuts.

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