Bitmain closes Israeli development arm citing bear market

posted 6 months ago
Cryptocurrency mining giant Bitmain is closing down its Israel-based research and development arm. The firm’s R&D center is reportedly being closed due to the general downturn in the crypto markets. All 23 employees, including Bitmain’s vice president for sales and marketing Gadi Glikberg – who led the Israeli project – have been laid off.

“The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation,” Glikberg reportedly told local employees.
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