Crypto lay-offs: As Employee Firing becomes Intense, Other Crypto firms Step-up to Offer Opportunities

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Crypto lay-offs: As Employee Firing becomes Intense, Other Crypto firms Step-up to Offer Opportunities

Over past one-year crypto, the industry has been successful in pulling a lot of talent. But recent downfall in prices has forced certain verticals of the industry to lay off talent diverging from others that continue to hire.

Mining fires while #BUIDL companies hire

The recent downturn in crypto prices has forced a lot of companies, especially in the crypto mining space to lay off a lot of talent. This is due to the non-viability of mining bitcoins at current market prices which have left a big hole in most of the company’s profit and loss statements forcing to shut down operations.

Recent news flow of lay that shook the street was that of Bitmain which, according to reports, was giving pink slips to nearly 85% of its staff.

In a recent statement issued, the company mentioned that it would be undergoing “some adjustment to our staff this year” as it continues to build a sustainable business

Another prominent name outside the mining vertical was that of Huobi group that too announced laying off certain of its staff. South China Morning Post reported a spokeswoman for Huobi Group, operator of one of the world’s biggest cryptocurrency exchanges, said on Wednesday that the company is “optimizing staffing” by cutting its worst-performing employees.

Earlier this week there was news that Consensys may consider letting go of its employees, and is spinning out startups it backs in the past. This news came after Consensys sent letters to its staff, which mentioned the plans of the company to streamline and reinforce a company’s business style between the increasingly “crowded” competitive blockchain space.

While there has been pessimism on the street with respect to these layoffs, the scenario in other parts of the industry is not that bleak.

While Twitter was full with Bitmain and Huobi lay off news, a small tweet from Bancor gives a ray of positivity. The Dapp recently tweeted about hiring while it continues to BUIDL

The companies that are still in “BUIDL” mode continue to hire. There have been enough job openings in blockchain and cryptocurrency space where the demand is coming from exchanges to frontline technology companies.

A couple of weeks back it was reported that Facebook has been hiring for blockchain and cryptocurrency positions.

Earlier this month Mati Greenspan had also mentioned that his firm eToro was also in hiring mode and had also shared an analysis put forward by Glassdoor that mentioned crypto and blockchain jobs continue to grow

When the news of Consensys laying off reached the street, Justin Sun, CEO and founder of Tron, invited everyone affected at ConsenSys and Ethereum to send their resumes to the Tron Foundation.

Justin’s tweet went on to state the following:

With industry clearly in splits regarding managing their workforce, it can clearly be seen the businesses that have stuff to the “BUIDL” mantra are hiring and growing even when the competitors and market as the whole are sulking.

Will the human resource scenario in the industry improve? Is there enough job opportunities for those that have been laid off? Do let us know your views on the same.

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Two Sides Of Crypto Jobs Market: Some Fire While Others Hire
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Two Sides Of Crypto Jobs Market: Some Fire While Others Hire
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Over past one-year crypto industry has been successful in pulling a lot of talent. But recent downfall in prices has forced certain verticals of the industry to lay off talent diverging from others that continue to hire.
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Author: Nilesh Maurya

Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.

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Nilesh Maurya 689 Articles

Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.

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