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China tech

China's Bitmain looks to cut half its staff: reports

Maker of cryptocurrency mining hardware faces dip in demand due to lower payouts

Bitcoin will undergo a "halving" in May that reduces payouts for mining -- performing the computations needed to circulate the cryptocurrency.   © Reuters

GUANGZHOU -- Bitmain Technologies, the world's leading producer of cryptocurrency mining hardware, plans to slash its workforce by around half, local media reports say.

The potential layoffs at the Chinese company come as the price of bitcoin hovers below $8,000, having plunged from the peak of roughly $20,000 two years ago.

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