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10/12/18 11:00 UTC-4

Bitmain Research Center in Israel closes due to "crypto-market instability"

Bitmain, Chinese crypto-mining giant, closes its development center in Israel and fires local employees. On this on Monday, December 10, reported Globes, the Israeli news agency.

Bitmain – founded in 2016 to explore the use of blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
technology, work on Connect BTC’s miningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
pool and develop the infrastructure behind the Bitmain Sophon project – will close this week. All 23 employees will be dismissed, according to Globes.

Gadi Glikberg, head of the Israeli branch, as well as vice president of international sales and marketing of Bitmain, also leaves his post. Globes reports that Glikberg linked the closure with the recent collapse of the crypto-market: "Over the past few months, the cryptocurrency market has experienced a shake-up, which caused Bitmain to analyze its activities around the world and reorient its business in accordance with the current situation."

 

Bitmain trial

Also currently, Bitmain is facing two lawsuits. The first, a class action lawsuit in the amount of $ 5 million, aimed at unauthorized mining, was filed in the Northern District Court of California against Bitmain in the United States and China.

The second lawsuit was filed against Bitmain, Bitcoin.com, Roger Ver and Kraken. The case alleges that the defendants shared illegal methods to manipulate the BCH network in their favor.

The situation on the market has globally influenced many, and for some it served as the collapse of their future work. Bitmain is only one of the affected companies that is forced to close its research center.

Back in July of this year, Globes announced plans to expand the company's Israeli office. It was assumed that Bitmain would additionally introduce 40 blockchain researchers, senior software and security specialists, marketing specialists, Python and JavaScript programmers, and quality assurance specialists.

Editor: Alyona Nabok

See also: "IBM collaborates with Abu Dhabi National Oil Company"

#research center #Bitmain #Israel #crypto-market

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