Bitcoin.com Lays Off 50% of Workforce
There’s been a ton of speculation leading up to the Bitcoin Halving over what will happen if the price doesn’t recover. In fact, after the savage sell-off last month that hammered all markets, the Bitcoin network adjusted its mining difficulty from 16.55TN to 13.91TN on March 26.
Bitcoinist reported last week that many miners began to move away from Bitcoin Cash to mine BTC instead. It seems that the miner capitulation from its network may have affected BCH badly.
Its price may be following a similar recovery right now in line with the leading cryptocurrency, but its creators and advocates aren’t sending out very bullish signs.
Tech professional network Candor compiled a list of companies that are either freezing hiring due to the coronavirus or that have actively laid off staff. According to its findings, not only is Bitcoin.com freezing on hiring but it has actually axed half its team.
Tough times for CEO of $BCH, @rogerkver.CEO of Bitcoincom left, they’re going for a “leaner” approach but according to a report on https://t.co/Sh1m9AaQIB they’ve fired 50% of the staff.Lets hope that he is forced to sell the bitcoin domain that he’s using to scam people soon. pic.twitter.com/CLK0HdRz5l
— WhalePanda (@WhalePanda) April 3, 2020
Bitcoinist was able to reach out and speak to sources familiar with the matter. They confirmed that the numbers sounded accurate.
Work in the Time of Coronavirus
It should be noted that Bitcoin.com isn’t the only company to be trimming costs. Bitfury is apparently also letting employees go and Ripple has currently imposed a hiring freeze.
Drastic times call for drastic measures. However, a downscaling of such magnitude doesn’t bode well for any company–not least one that is a protocol as well. Bitcoin Cash may be bigger than Bitcoin.com and larger than Roger Ver. But with miners already jumping ship before the BCH halving and such grim news to come out of this camp, the future of BCH looks a little uncertain.
What do you make of the Bitcoin.com lay-offs? Add your thoughts below!
Images via Shutterstock, Twitter @WhalePanda