Chinese mining giant, Bitmain, has closed its branch Bitmaintech Israel in Ra’anana. It was set up two years ago as a company which specialized in developing blockchain technology, AI technology and controlled one of the mining pools Connect BTC in Israel.
The branch was headed by Gadi Glikberg, who held the title of VP International Sales and Marketing. He and his 23 employees will be laid off. The reason of closing the branch is that Bitcoin trading price fell down by more than 80% since its all-time high, while Ripple’s XRP and Ethereum decreased by more than 90% since the peak of their prices.
Glikberg commented on the situation: “The 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.”
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