Bitmain closes Isreal Research Center

Falling courses are also a problem for companies

Not only many investors suffer from the current situation on the market. Large companies such as Bitmain, one of the largest companies in the blockchain and cryptocurrency industry, are also feeling the effects of prices that have been falling for almost a year. Now the first consequences were felt - the research center in Israel (Ra'anana) has to close.

23 employees lose their jobs

This is not only a big setback for Bitmain. Also the 23 employeesn of the research center lose their jobs, including the Israel manager Gadi Glikberg"The current market situation forces Bitmain to investigate its worldwide operations and to realign its activities according to the current situation." Which since courses declining almost a year cause despair not only for many private investors. In the meantime, companies are also forced to realign their focus and are taking consequences. Also Steemit, a blockchain-based social media platform, recently had to 70% of their employees fired.

Bitmain remains the largest manufacturer of mining hardware

Despite this negative news, it doesn't mean the end of the company. After all, the provider of the largest manufacturer of mining hardware worldwide with a market share of over 70%. The "Antminer"are special graphics cards that are aimed at mining cryptocurrencies. As an additional Source of income the company operates one of the largest mining pools. In addition, a few weeks ago, plans were published to launch Bitmain on the stock exchange. 2017 Bitmain generated one $ 1,2 billion profit - With $ 2,5 billion in sales. For 2018 the company expects a profit of $ 2-3 billion. But recently, US punitive tariffs have not made life easy for them: the United States levies 25 percent tax on imported miners.

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