Bitmain closing Amsterdam Office as it tries to cut costs

Bitmain Technologies, the world’s largest manufacturer of crypto mining hardware, has decided to close its office in Amsterdam – as the China-based firm claims to be adjusting its business model.

At present, Bitmain’s Amsterdam office is still open, however the multinational company has confirmed that it will shut down its operations in the European city. A Bitmain representative told CoinDesk: “As we build a long-term, sustainable and scalable business, we are making adjustments to our staff and operations. This includes the decision to close our Amsterdam and Israel offices.”

As recently as July, CryptoGlobe reported that Bitmain’s management team had announced its plans to “triple the size” of its development centre in Israel. The mining giant said then that it would hire 40 more specialists to work at its Israel-based offices because the firm was eyeing a “golden opportunity” to “plan, build, and grow.”

Bitmain has also placed its mining operations in Rockdale, Texas on hold. Announced last Friday, the mining hardware manufacturer said it would not be moving forward with its plans to hire 400 workers and invest $500 million to establish an office in Milam County.