Huobi Joins Bitmain In Laying Off Staff Amid Crypto Bear Market Conditions
Bitmain And Huobi To Lay Off Staff Amid Crypto Bear Market
Two crypto giants, the mining manufacturer Bitmain and the crypto exchange Huobi, were recently reported to lay off some of their staff amid the price drops that the market has faced in 2018, in which the price of Bitcoin went from almost $20,000 USD to less than $4,000 USD and the overall value of the market went as down as 87%.
The South China Morning Post has reported that Bitmain, which dominated its market during most of 2019, has affirmed that it is making adjustments to its staff this year and that it may lay off some people from the firm.
According to Bitmain, in order to create a really sustainable business, they have to focus on their “core mission” and to double down on “hiring the best talent”. The fact is that these are all fancy ways of talking about the fact that the bear market crisis and the drop in the price of cryptos is making the company needing to lay off staff.
Recently, Bitmain has let all of its Bitcoin Cash (BCH) staff go. Some people had just entered the company soon before the layoffs and they were affected.
Huobi Also Faces A Bad Time
Huobi has also decided to “optimize” its staff. Why these companies never are able to use a decent and clear language to talk about layoffs when they speak so much about transparency, nobody knows.
The company has followed the same path that Bitmain did and affirmed that the goal now is to offer the best possible services for its key markets.
The layoffs of both companies will be very big as Bitmain has over 2,500 people full time and Huobi had over 1,000. None of the two companies were able to inform how many people will be the victims of the mass layoffs.
Some emails revealed by the local media affirm that as much as 1,700 people may be fired on Bitmain, but this is not the official information we have.
Layoffs Affect The Whole Crypto Market
A few months ago, we reported that job openings in the crypto industry were reaching all-time highs. However, now it is clear that the reality is much bleaker. Companies like ConsenSys are also laying off most of their staff and Steemit was one of the companies that laid off more people: around 70% of its workforce.
The crypto industry will unfortunately only be ready to hire more people in 2019. Let’s all hope for a better year than 2018 was.