Micree Ketuan Zhan, the co-founder of Bitmain who was just lately dismissed by Bitmain’s current CEO Jihan Wu, has publicly opposed layoffs on the
Micree Ketuan Zhan, the co-founder of Bitmain who was just lately dismissed by Bitmain’s current CEO Jihan Wu, has publicly opposed layoffs on the agency.
As Bitmain — the world’s largest cryptocurrency mining agency — is reportedly planning to chop its workforce by 50% earlier than the following Bitcoin (BTC) halving, Zhan claimed that he’s “firmly against layoffs” in a Jan. 6 Weibo post addressed to Bitmain workers.
Zhan argues that Bitmain can’t lose its management in a extremely aggressive market
Other than claiming that Bitmain doesn’t want to put off its group, Zhan argued that such a transfer would mainly be suicide for the corporate. He wrote:
“To all workers of Bitmain: I’m firmly against layoffs! We need not lay off individuals! We can’t play suicide!”
Zhan argued that Bitmain’s money movement is wholesome, and “there’s a substantial quantity of digital cryptocurrency.” Zhan, who’s Bitmain’s largest shareholder with a reported 60% stake, outlined the corporate’s main place within the extremely aggressive cryptocurrency mining market. He confused that chopping Bitmain’s employees in half would simply enable different mining corporations to seize up Bitmain’s market share.
Bitmain reportedly began chopping employees this morning
In the meantime, Bitmain “employees optimization” allegedly began this morning, in line with native reports on Jan. 6. Bitmain has reportedly offered its workers with a compensation plan, whereas some workers have signed a termination settlement. Moreover, plenty of headhunters have purportedly began speaking with resigned Bitmain workers.
When reached for remark, a Bitmain spokesperson acknowledged, “Relying on market circumstances and enterprise developments, we proceed to make changes to our employees. In consequence, we are also repeatedly looking out for brand new expertise and welcome candidates from all walks of life.”
“Bitmain Drama”
The information brings a contemporary twist in a sequence of occasions referred to as “Bitmain Drama” by the crypto group. After Zhan was dismissed by Bitmain CEO Jihan Wu in November 2019, the manager subsequently initiated court docket proceedings in opposition to the corporate in a bid to revive his voting management of the agency.
In the meantime, Wu just lately resurfaced as Bitmain CEO after each he and Zhan announced plans to step down from their co-CEO positions in January 2019.