Bitmain, one of the largest manufactures for cryptocurrency mining equipment is now Closing its operation in Israel.

According to local Israeli publication, Bitmain had set up its development center started in 2016 at Ra’anana. And due to the fall of the cryptocurrency market, they had no choice but to shut down one of the centers.

A total of 23 employees and VP Gadi Glikberg will be laid off from the company. Glikberg said that due to the crypto bear market since few months these are the measures taken by the mining firm.

Glikberg added,

“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.”

The main focus of the crypto mining firm was to manufacture mining equipment. But thus they wanted to expand they reached out in Israel to start a development center. Here they worked with artificial intelligence (AI) technology to connect with cryptocurrency.

Also, Some time back we had seen Bitmain planning to launch a $3 billion IPO. The mining company had planned to launch this on the Hong Kong stock exchange.  

Loses due to bear market, not only Bitmain is closing its branch but several other cryptocurrency companies too. Companies working with cryptocurrency are waiting for the market to improve. if only the market improves then only it will be good for crypto businesses.

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