Bitmain Exits Amsterdam Citing Focus on Long-Term Scalable Business Strategy

It remains unknown how many employees are affected by the latest closure in Amsterdam, which Bitmain has officially confirmed.

Cryptocurrency mining giant Bitmain Technologies has opted to reduce its operations in the Netherlands, the company said in a statement on Jan. 14.

Bitmain, which in November announced the first in what has become a series of cost-saving measures by shutting down a blockchain development center in Israel, said the move was part of its longer-term roadmap.

The company has reportedly suffered as a result of decreased profitability of Bitcoin mining in recent months, with Bitcoin (BTC) currently circling $3,600.

“As we build a long-term, sustainable and scalable business, we are making adjustments to our staff and operations. This includes the decision to close our Amsterdam and Israel offices,” the statement reads, adding:

“We are really focusing on things that are core to our…

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2019-01-14 12:54:00

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Written by Cointelegraph

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