{"id":11251,"date":"2018-12-11T00:00:00","date_gmt":"2018-12-11T00:00:00","guid":{"rendered":"https:\/\/crypto-economy.com\/2018\/12\/11\/bitmain-forced-to-close-israeli-development-center-due-to-the-crypto-bear-market\/"},"modified":"2018-12-11T00:00:00","modified_gmt":"2018-12-11T00:00:00","slug":"bitmain-forced-to-close-israeli-development-center-due-to-the-crypto-bear-market","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bitmain-forced-to-close-israeli-development-center-due-to-the-crypto-bear-market\/","title":{"rendered":"Bitmain Forced To Close Israeli Development Center Due to the Crypto Bear Market"},"content":{"rendered":"<p lang=\"en-US\" style=\"text-align: justify\">The bear market continues to charge lower this week as it sees mining hardware manufacturer <strong><a href=\"https:\/\/crypto-economy.com\/bitmain-and-its-new-generation-of-miners-antminer-s15-and-t15\/\" target=\"_blank\" rel=\"noopener\">Bitmain<\/a><\/strong> close its development center in Israel.<!--more--><\/p>\n<p lang=\"en-US\" style=\"text-align: justify\">Headed by one of Bitmain\u2019s VPs (in charge of sales and marketing) Gadi Glikberg,<strong> Bitmaintech Israel<\/strong> is one of the three development centers operated by Bitmain.<\/p>\n<p lang=\"en-US\" style=\"text-align: justify\">The other two are based in Amsterdam and Hong Kong. Bitmaintech Israel has been in operation for two years and was based just outside of Israel capital Tel Aviv in a city called Ra&#8217;anana. The center had about 23 staff members who will now be laid off while <strong>Glikberg<\/strong> is reportedly leaving Bitmain.<\/p>\n<p lang=\"en-US\" style=\"text-align: justify\">In a statement released early Monday morning, written by Glikberg and addressed to the 23 employees of Bitmaintech Israel,<\/p>\n<p lang=\"en-US\" style=\"text-align: center\"><em>\u201cThe crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation.\u201d<\/em><\/p>\n<p lang=\"en-US\"><a href=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2022\/12\/bitmain-closed.jpg\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-131107\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2022\/12\/bitmain-closed.jpg\" alt=\"the backdrop of the declining Bitcoin price\" width=\"696\" height=\"433\" \/><\/a><\/p>\n<p lang=\"en-US\" style=\"text-align: justify\">Apparently, the decision by one of the largest companies in blockchain scene to downsize was made in the backdrop of <strong><a href=\"https:\/\/crypto-economy.com\/bitcoin-volatility-btc-more-than-tripled-in-the-last-30-days\/\" target=\"_blank\" rel=\"noopener\">the declining Bitcoin price<\/a><\/strong> which has gone on a winding spiral since mid-November losing close to 50% of its value in three weeks.<\/p>\n<p lang=\"en-US\" style=\"text-align: justify\">Bitmaintech Israel was more of a research center. Its 23 employees were tasked with developing blockchain technology, developing the<strong> Connect BTC<\/strong> mining pool \u2013 one of Bitmain\u2019s mining pools, developing AI for the <strong>Sophon<\/strong> project. The subsidiary was also tasked in researching on developing more efficient processor chips for the ASIC machines produced by its parent company.<\/p>\n<p lang=\"en-US\" style=\"text-align: justify\">Bitmain is the largest global manufacturer of Bitcoin mining ASIC machines situated in China. It also runs the biggest Bitcoin mining pool <strong>AntPool<\/strong>.<strong><a href=\"https:\/\/crypto-economy.com\/bitmain-ipo\/\" target=\"_blank\" rel=\"noopener\"> Bitmain had been planning to conduct an IPO this year<\/a><\/strong> but this endeavor has since been dropped due to the declining profit margins caused by the crypto bear market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The bear market continues to charge lower this week as it sees mining hardware manufacturer Bitmain close its development center in Israel.<\/p>\n","protected":false},"author":4,"featured_media":11253,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[4602,4916,4910,5001],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/11251"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=11251"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/11251\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/11253"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=11251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=11251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=11251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}