Crypto Mining, Cryptocurrency News, Latest News, Law and Legislation, Market Analysis

Bitmain-Tech Shuts Its Existing Blockchain Related Operations In Israel.

In line with a recent report ‘published‘ by Israeli news outlet ‘Globes,’ Chinese crypto mining hardware manufacturer ‘Bitmain’ is closing its development center in Israel and firing its native staff.

Bitmaintech Israel, founded back in the year 2016 to explore the employment of blockchain technology, work on the Connect BTC mining pool, and develop the infrastructure behind Bitmain’s AI [Artificial Intelligence] project named ‘Sophon’ – will close its operations following this week. All twenty three existing staff would also be fired, the Globes reported.

Head of the Israeli branch as well as Bitmain vice chairman of international sales and marketing ‘Gadi Glikberg,’, is also resigning. Globes reports that Glikberg joined the closure to the recent ‘crypto market collapse‘:

“The crypto market has undergone a shake-up within the past few months, that in turn has forced Bitmain to look at its various existing activities around the world and to refocus its business in accordance with the present situation.”

Bitmaintech Israel has not  currently replied for any comments, as by the reporting time.

Bitmain is additionally presently facing 2 lawsuits. One of which includes a section action proceeding of $5 Mln targeted on unauthorized mining that was filed within the North District Court of California against Bitmain’s United States- and China-based entities.

The second lawsuit was supposedly filed against Bitmain by Bitcoin.com, Roger Ver along with the Kraken Bitcoin Exchange. The case alleges that the defendants conjointly used unfair strategies and practices to govern the Bitcoin Cash [BCH] network for their personal profits.

Earlier in Dec, Israel has seen a crackdown on unreported crypto earnings. In line with native business newspaper ‘Calcalist’, Israeli tax authorities opened tax accounts for many Israelis who allegedly hid their cryptocurrency-related revenues. As cryptocurrencies are treated as a monetary asset in Israel, they’re subject to a tax slab of 25% for personal investors.

Leave a Comment

Your email address will not be published. Required fields are marked *