Bitmain announced they’re shutting down their Israeli division due to the decline in cryptocurrency prices in 2018. They are one of a handful of recent crypto projects to announce their layoff schedule with the downturn in crypto prices this year. Steem, Consensys and other less notable companies have also had to lay off employees and slash their burn rate to get through this crypto winter. The image above is reportedly leaked from Bitmain's investor deck.





The significance of Bitmain's division shutdown is that Bitmain is one of the largest operations in the world of cryptocurrency. They have been subject to much speculation over their financial condition as it was revealed in the summer that Bitmain was holding large amounts of Bitcoin Cash as multiple potential IPO investors publicly denied involvement with Bitmain.





Is this just a blip on the radar for Bitmain, or the beginning of the end?



