Bitmain Co-Founder Dismissed & Argues Layoffs Aren’t Necessary 

The co-founder of Bitmain, Micree Ketuan Zhan has left the mining firm after being dismissed by Jihan Wu, the CEO of the company. Since then, Zhan has publicly opposed layoffs at the miner.

No Layoffs

Being one of the biggest crypto mining firms in the world, it’s hard to keep things private to just the company. News has surfaced that suggests the firm is getting ready to slash half of its workforce, with rumours furthering this to occur before the next Bitcoin halving in May. the co-founder has made claims that he is “firmly opposed to layoffs” in a post published to Weibo.

Looking outside of the claims that the mining firm doesn’t actually to cut 50 per cent of its workforce, Zhan made the argument that such a move would essentially be a bullet to head for the company.

He went onto add:

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

The co-founder then continued saying that the cash situation for Bitmain is no issue and there is a significant amount of digital assets at the firm - implying there is enough to keep staff on. 

As per CoinTelegraph, a spokesperson for Bitmain said:

“Depending on market conditions and business developments, we continue to make adjustments to our staff. As a result, we also are continuously on the lookout for new talent and welcome applicants from all walks of life.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!