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.
Reports in China are now saying that Bitmain layoffs are likely to be as high as 85%, not 50%. All non-essential business units are cut. Teams working on AI initiatives are decimated. #BitmainIPO https://t.co/wOrfUYukpg
— Samson Mow (@Excellion) December 26, 2018
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
— Bancor (@Bancor) December 26, 2018
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
The Crypto industry is booming!!
Despite the bear market and despite regulatory uncertainty startups are hiring at a rapid pace.
— Mati Greenspan (@MatiGreenspan) December 3, 2018
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:
Everyone in @ConsenSys and @ethereum please send your resume to [email protected] and embrace your new opportunity! You are mostly welcome to join our fast-growing and well-funded #TRON family. #TRX $TRX #ETH https://t.co/kzwFpyO31w
— Justin Sun (@justinsuntron) December 22, 2018
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.
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.