China-based crypto mining maker Bitmain has been facing criticism for its decision to layoff half of its employees before bitcoin halvening. The existing employees of the company might find it difficult to find jobs. The co-founder of Bitmain, Micree Zhan, who was removed from the company, has also criticized this decision.
Bitmain plans to optimize the organization by laying off half the staff.
As the bitcoin halving approaches, Bitmain plans to optimize the organization by laying off half of its staff. The managing partner of Primitive Ventures Dovey Wan tweeted a picture of the company’s employees protesting and holding a banner, which reads” protesting against Bitmain’s illegal layoffs.” This is not the first time Bitmain is taking such a step. Earlier in 2018, the Chinese company conducting a similar layoff.
Micree Zhan calls Bitmain’s decision to layoff half the staff suicidal.
The co-founder of Bitmain, who is currently not serving as the executive of the company called this decision by Bitmain to fire 50% of the employees “suicidal.” He said that the company doesn’t need to lay off half the employees. He also added that Bitmain should look into integrating Artificial Intelligence and machine learning rather than firing employees.