Two Chinese Cryptocurrency giants have confirmed plans to lay off employees amid the 2018 price rout of the crypto markets.
Following the recent announcement from Cryptocurrency mining giant Bitmain, who stated that they will be looking to layoff staff amid the bear market of 2018, Huobi has also announced that they will be following suit and laying off staff.
Beijing-based Bitmain Technology, which has dominated the mining hardware manufacturing horizon this year, is quoted by SCMP as saying in a statement that it is undergoing “some adjustment to our staff this year” — a statement reportedly prompted by Chinese social media coverage of looming layoffs at the firm.
The planned layoffs come amid a bear market in cryptocurrencies. Bitcoin has lost more than $170 billion in market value this year, falling in excess of 70%. In total, nearly $500 billion has been wiped off the value of around 2,000 cryptocurrencies.
Bitmain and Huobi’s moves follow a trend by other international industry players including social network Steemit and software production studio ConsenSys, which is laying off 13% of its 1000 employees. Bitmain has this year proposed going public in Hong Kong.