Just five days before the Bitcoin Cash halving, Bitcoin.com has allegedly fired half of its staff
Reports show close to 50% of the workforce at Bitcoin.com, one of the largest proponents of Bitcoin Cash (BCH), has been let off following the effects of the Corona Virus. According to Corona Virus’ job tracker alert, Candor, nearly 50% of the workforce at the mining pool and website venture has been sacked amidst the upcoming block reward halving on April 8th, 2020.
Bitcoin.com ‘fires’ half of the workforce
The increasing pressure on Bitcoin.com is clearly showing after recently losing their long term CEO, Roger Ver (still works as Executive Chairman) form the day to day running of the company, now 50% of the 132 employees, as shown on their LinkedIn page, are reported to have left the company.
In a tweet, WhalePanda, a crypto-journalist, wrote:
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
The correlation with upcoming halving
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. The “leaner” approach being adopted by the company may be heavily influenced by the next block reward halving estimated at block 630,000 – roughly five days away. As the miner reward drops from 12.5 BCH to 6.25 BCH in line with the Bitcoin halving, the company is expected to suffer financially as the low prices of the token eat into its mining profits. Could this have led to the massive “sack”?
The Bitcoin Cash halving will closely be followed by Bitcoin Satoshi Vision (BSV a day later, in what gives a teaser of the happenings following Bitcoin’s halving this May. We’ll keep an eye out for these events for you!
- John Bollinger: Bitcoin And Litecoin Look Interesting But Maybe He Forgot The Digital Asset’s Trend Remains Gloomy
- Bitcoin Price Stepped Up, Bulls Will Propel The Benchmark Cryptocurrency Up To A High Of $7,300