After a year of cryptocurrencies falling in price and having multiple issues from low volatility to negative publicity to opposing and aggressive regulations against them, the recent recess and bear run in the market could not be without some serious consequences even for giants in the field.
News of mining giant Bitmain and Huobi one of the prominent crypto-exchanges, laying off personnel should not come as a surprise, given the recent state of the crypto market. As Bitmain reported the need to lay off staff comes from keeping focus in core priorities and their mission, although the rumors suggest even a dramatic 50% of staff being let loose (the firm’s spokesman denied it though).
Huobi on the other hand mentioned that they are optimizing their team and only underachieving members are let off and stressed that more people will be on boarded for its core business and emerging markets in the future. There have even been reports that the company will ease off employees with 2 months’ compensation and paid social security in January 2019.
Regardless of current tightening up in eastern businesses and harsh economic reality arising for a lot of crypto-startups, the blockchain developer role is still the fastest growing in the United States, perhaps explaining that the demand for quality finally won over the demand for quantity.