Bitmain to follow a Personnel Optimization Program ahead of Bitcoin halving
Bitmain, the application-specific integrated circuit chips manufacturing company, has recently launched a “personnel optimization program” under which Jihan Wu, the CEO has asked the department managers to submit an “optimization list” before the company’s annual meeting on January 17.
Some company officials, on the condition of anonymity, said that the company is operating with healthy cash flow and the optimization is just like a “weight-loss exercise” to deal with the halving, and can be said as a corrective action to the company chairman, Micree Zhan’s business expansion plan.
The crypto mining industry is currently under pressure of the Bitcoin-halving process, and to simplify the organizational structure for the winter, Bitmain is laying its focus on the main business and maintaining a leading edge in technology.
If we compare Bitmain with its competitor Whatsminer, the former takes the lead in hiring almost 1000 more people than its latter counterpart, all due to the number of employees being relatively redundant. Industry experts believe that the trend of bitcoin is unclear at present and the halving in May 2020 is only adding to the uncertainties for the miner manufacturers.
After the control on Bitmain was regained, an almost 20% increase in the salaries of the company employees was observed. A customer conference followed soon after, at Chengdu, wherein three strategies were launched to lower the entry barrier for miner buyers, and this is something we can call a double shot.
This option does not only reduce the psychological threshold for buyers to buy machines and teach fellow miners on the proper techniques to use the financial tools for mitigating risks but also promote the new company Matrixport among the general public.
Some of the common mining machines, Antminer S17 were reported to be shipped on a large scale to replace the older S9 version which is quite near to its shutdown price.
Bitmain officials also revealed that the AI business had already found a suitable joint venture, though the deal was vetoed by Micree Zhan, and was one of the major reasons for the personnel cutting. As per statements received from sources, the Bitmain’s AI business will be the focus of optimization as this is something that does not generate profits. The miner business is in full swing and it will be safe to be at the leading edge of technology in the industry.
On the New Year’s Day speech, Canaan, another crypto mining giant from China, also disclosed that the architecture of their second-generation AI chip K510 is based on RISC-V multi-core heterogeneous processor. Additionally, a self-developed new computing module GNNE was also integrated after the improvisation of the original KPU. The second-generation chip is also optimized to facilitate 5G communication with a multi-channel HD and in-depth camera interface, which will be applied in the field of smart retail, ADAS assisted driving and finance as well.