Ousted Co-Founder Of Crypto Mining Firm Bitmain Opposes Layoffs

Micree Ketuan Zhan, the co-founder of Bitmain who was just late unemployed by Bitmain’s present CEO Jihan Wu, has in public opposed layoffs on the agency.

As Bitmain – the world’s largest cryptocurrency mining agency – is reportablely preparation to chop its work force by 50% earlier than the following Bitcoin (BTC) halving, Zhan claimed that he’s “firmly opposed to layoffs” in a Jan. 6 Weibo put up self-addressed to Bitmain workers.

Zhan argues that Bitmain can’t lose its direction in a extremely aggressive market

Apart from claiming that Bitmain doesn’t want to put off its work force, Zhan argued that such a transfer would chiefly be suicide for the corporate. He wrote:

“To all employees of Bitmain: I am firmly opposed to layoffs! We don’t need to lay off people! We cannot play suicide!”

Zhan argued that Bitmain’s money move is wholesome, and “there is a substantial amount of virtual cryptocurrency.” Zhan, who’s Bitmain’s superlative shareholder with a reportable 60% stake, distinct the corporate’s main place inside the extremely aggressive cryptocurrency mining market. He confused that fade Bitmain’s workers in half would simply permit different mining companies to seize up Bitmain’s market share.

Bitmain reportablely began fade workers this morning

Meanwhile, Bitmain “staff optimization” allegedly began this morning, in line with native reviews on Jan. 6. Bitmain has reportablely supplied its workers with a compensation plan, whereas some workers have signed a termination settlement. Additionally, plenty of headhunters have purportedly began speaking with resigned Bitmain workers.

When reached for remark, a Bitmain spokesperson said, “Depending on market conditions and business developments, we continue to make adjustments to our staff. As a result, we also are endlessly on the lookout for new gift and welcome applicants from all walks of life.”

“Bitmain Drama”

The information brings a contemporary twist in a collection of occasions referred to as “Bitmain Drama” by the crypto group. After Zhan was unemployed by Bitmain CEO Jihan Wu in November 2019, the chief later on initiated court docket proceedings con to the corporate in a bid to revive his balloting direction of the agency.

Meanwhile, Wu just late resurfaced as Bitmain CEO after each he and Zhan introduced plans to step down from their co-CEO positions in January 2019.

Ousted Co-Founder Of Crypto Mining Firm Bitmain Opposes Layoffs

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