Micree Ketuan Zhan, the co-founder of Bitmain who was recently dismissed by Bitmain's current CEO Jihan Wu, has publicly opposed layoffs at the firm.

As Bitmain — the earth's largest cryptocurrency mining house — is reportedly planning to cutting its workforce by 50% before the side by side Bitcoin (BTC) halving, Zhan claimed that he is "firmly opposed to layoffs" in a Jan. 6 Weibo mail service addressed to Bitmain employees.

Zhan argues that Bitmain cannot lose its leadership in a highly competitive market

Apart from claiming that Bitmain does not demand to lay off its team, Zhan argued that such a movement would basically exist suicide for the company. He wrote:

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

Zhan argued that Bitmain's greenbacks flow is healthy, and "there is a substantial corporeality of virtual cryptocurrency." Zhan, who is Bitmain's biggest shareholder with a reported 60% stake, outlined the visitor'due south leading position in the highly competitive cryptocurrency mining market. He stressed that cutting Bitmain's staff in half would just allow other mining firms to grab upwards Bitmain'due south market share.

Bitmain reportedly started cutting staff this morning

Meanwhile, Bitmain "staff optimization" allegedly started this morn, co-ordinate to local reports on January. half dozen. Bitmain has reportedly provided its employees with a bounty plan, while some employees take signed a termination agreement. Additionally, a number of headhunters have purportedly started communicating with resigned Bitmain employees.

When reached for comment, a Bitmain spokesperson stated, "Depending on market place conditions and business concern developments, we go along to make adjustments to our staff. As a consequence, we besides are continuously on the spotter for new talent and welcome applicants from all walks of life."


"Bitmain Drama"

The news brings a fresh twist in a series of events referred to equally "Bitmain Drama" by the crypto community. Subsequently Zhan was dismissed by Bitmain CEO Jihan Wu in November 2019, the executive afterward initiated courtroom proceedings against the company in a bid to restore his voting control of the firm.

Meanwhile, Wu recently resurfaced every bit Bitmain CEO later on both he and Zhan announced plans to pace downwards from their co-CEO positions in January 2019.