Bitcoin Mining Firm Bitfarms Lays Off Staff Due to Coronavirus Pandemic

Highlights

  • Bitfarms – Publicly traded crypto miner cuts staff.
  • Permanent measures to decrease overhead effects.
  • Bitfarms CFO John Rim said, “Once fully implemented over the next several weeks, we expect the cost-saving measures to reduce our monthly general and administrative expenses by approximately 20 to 25%.”

Bitfarms a mining firm of Cryptocurrency, Canada based TSX Venture Exchange has taken the decision of cost-cutting by reducing its staff due to Coronavirus Pandemic.

On Monday, Bitfarms announced that this is a short time decision and will be revised after some period. To support the Government’s fight against COVID-19 for “long term viability”. Bitfarms has also executed ” permanent measures ” to diminish overhead costs.

John Rim, Bitfarms  CFO said, “Once fully implemented over the next several weeks, we expect the cost-saving measures to reduce our monthly general and administrative expenses by approximately 20 to 25%,”

“withstand short-term volatility in mining economics and remain profitable through the long-term, including potential challenges relating to the upcoming Bitcoin halving.” to help Bitfarms.

Block reward will reduce from 12.5 to 6.25 bitcoins, the hotly – anticipated bitcoin halving event which is planned next month.

It’s not confirmed how many people will lose their jobs and what is the latest count of employees in Bitfarms.

Presently Bitfarms works with five computing centers in Quebec, Canada, “powered by clean and competitively priced hydroelectricity ” per announcement.

COVID-19’s  outbreak and Remarkable drop of bitcoin price on 12 March, it has been able to “significant” drop of bitcoin price on March 12, it has been able to “optimize mining operations in real-time to maintain maximum computer capacity.”

From March 19, the average hashrate maintained by the Bitfarms was approx 750 Petahash per second (PH ).

Emiliano Grodzki, interim CEO and Chief Strategy Officer state’s, “Our scale and quality of operations has allowed us to continue to generate positive cash flow in these difficult times”.

Recently a number of firms that join Bitfarms also cut off their staff, including Galaxy Digital and  Bitcoin.Com. Posted  15% of new joinings for the global workforce, currently reduces it’s 10% staff.

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