The fall in the price of bitcoin and the overall market capitalization of the crypto market has led to several cryptos relates companies shutting down for good. Interestingly, not only small companies were affected by the awful market conditions. Major blockchain focused companies were also affected. A notable mention is Bitmain. The bitcoin mining giant has closed down its office in Israel, citing turbulent market conditions.



Most Valuable



Bitmain which is also the most valuable crypto company on earth has proven that the intense bear market has affected everyone in the industry.



A recent report made it known that Bitmaintech Israel, a development centre set up by the China-based Bitmain about two years ago has been closed down. The report also made it known that a centre is a place of work to 23 different employed who will also get laid off. This includes Gadi Glikberg, Bitmain ‘s VP.



Bitmain has listed the unending bear market has the major reason behind its actions. This was made known in the address given to the employee by Glikberg.



He stated that:

“The crypto market has undergone a shakeup in the past few months, which has forced Bitmain to examine its various activities around the globe and refocus its business in accordance with the current situation.”



Recently, it was made known that Bitmain has suffered a huge loss amounting to not less than $700million, due to a poor business decision of storing up BCH in order make it possible for the coin to perform better than its competition, the Bitcoin SV.



The Israeli branch of Bitmain getting closed is a notable section of the company. According to a recent report, the Israel branch is said to only “focus its efforts toward developing the Connect BTC mining pool and the artificial intelligence (AI) technology used in Bitmain’s “Sophon” project.



Recently, it was made known that Bitmain has suffered a huge loss amounting to not less than $700million, due to a poor business decision of storing up BCH in order make it possible for the coin to perform better than its competition, the Bitcoin SV.

