Cryptocurrency mining giant Bitmain is closing down its Israel-based research and development arm.

According to a report from financial news source Globes, Bitmaintech Israel, the firm’s R&D center in the city of Ra’anana, is being shuttered 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. Only a few months ago, the firm had reportedly been planning to hire over 40 people at the center across research, engineering and marketing roles.

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