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

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

20200107N Bitcoin halving REUTERS

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

TAKASHI KAWAKAMI, Nikkei staff writer

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

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