Huobi set to follow Bitmain with staff layoffs following extended bear market

26 Dec, 2018 | Updated: 26 Dec, 2018
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Huobi set to follow Bitmain with staff layoffs following extended bear market

Following the recent announcement from Bitcoin mining company Bitmain, who stated that they will be looking to layoff staff amid the bear market of 2018, Huobi have announced that they will be following suit and laying off staff. 

South China Morning Post have reported that Huobi will be looking at laying off staff following the bear market of 2018. Huobi's announcement comes after bitcoin Mining giant Bitmain also announced that they will be releasing staff. 

Read: Update: Bitmain confirms layoffs, Bitcoin miners continue to pull out

Spokeswoman for Huobi stated that the company is “optimising staffing” by cutting its worst-performing employees, while also stating that the company will be looking at hiring people for the company's core business and emerging markets.

Huobi is said to have over 1000 employees currently and have declined to state how many staff will be laid-off. The recent announcement comes as no surprise following layoff announcements from several cryptocurrency companies this year including Steemit and ConsenSys.

Recap: Coinbase’s laying off staffs could be related to decreasing demand

While most of the biggest companies in the industry continue to down size, significant decreases in the industry can be expected after seeing the total market cap of the industry drop over $500 billion since January 2018. Co-founder of Kenetic Capital commented on the news stating “Downsizing is a natural cycle in new, rapid growth industries, and unfortunately blockchain is no exception.” 

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Read more about: Huobi Bitmain

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