The cryptocurrency is known for its volatility, but it seems that the effect has extended to the staff of major mining company Bitmain. After being warned of redundancies, the Bitmain executives decided to cut the whole of their Bitcoin Cash developers from their staff. This was reported via Blockstream CSO Samson Mow, based on information gathered from social media platforms in Japan.

This is not the first wave of staff losses that Bitmain has experienced, though there are 50 members that will be fired this week as well. The staff used to be around 2,400 workers, but the Chinese version of LinkedIn reports that the redundancies impacted about half of the staff. Now, it is almost a matter of deciding a PR route to take as Twitter becomes a storm of rumors, following a post by the founding partner of Primitive – Dovey Wan. Wan believes that the reports from social media often are “usually very high accuracy, posted by employees themselves.”

These fired employees were what made up the Copernicus team for Bitmain and were in the middle of a project – the Bitcoin Cash GO client. Mow noted, “Only 1 week notice. Some had just joined the company.”

Towards the beginning of this month, Bitmain had decided to close down the entire blockchain development lab that they had established in Israel. The move was made in a response to the low crypto prices across the market. As a result, 23 people lost their employment with Bitmain.

At the moment, it still looks like Bitmain is hoping to hold their initial public offering (IPO), which is planned to be held in Hong Kong. However, the regulators in the crypto space look like they are becoming more worried about how the crypto market is proving its volatility right now.

So far, there are no comments from Bitmain about the progress they have made on the IPO, or about the layoffs that they had to do.

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