Persistent rumors that blockchain platform Bitcoin.com has laid off half its staff were quashed today by founder Roger Ver. He told Decrypt that only, approximately, 10% of staff had been let go as a result of the economic crisis.
“Bitcoin.com had 84 people as of April 30 2019 and now we have 76 people in April 2020,” said Ver. “There were some layoffs, but absolutely nothing like what is being reported by the trolls online.”
Bitcoin.com founder Roger Ver blames "Bcash" trolls for the misinformation. Image: Decrypt
Recent reports drew on data from Candor, a professional network that tracks hiring freezes and layoffs amid the coronavirus crisis. They suggested that Bitcoin.com had dispensed with up to 50% of its workforce.
Tough times for CEO of $BCH, @rogerkver. CEO of Bitcoincom left, they're going for a "leaner" approach but according to a report on https://t.co/Sh1m9AaQIB they've fired 50% of the staff. Lets hope that he is forced to sell the bitcoin domain that he's using to scam people soon. pic.twitter.com/CLK0HdRz5l
News outlet zyCrypto also said it had examined information available on Bitcoin.com's official LinkedIn page, to suggest that “half of the 131 employees are now out of work."
However, the company has let go of its former CEO Stefan Rust.
In a Medium post, Rust said, “I have been in bitcoin since 2013 and that won’t change. I will continue to stay engaged in the ecosystem and work to grow distribution for supply and demand for BCH and SLP. But I have to admit to enjoying the change in pace from 200% 20 hours 6 days a week, to “sheltering at home with my family” — they might disagree ;).”
Ver also told crypto news site Coinspice that Bitcoin.com is to become a “a leaner, more guerrilla team.”
The cuts follow a market crash in the price of Bitcoin Cash and other cryptocurrencies. The price of Bitcoin Cash fell from a high of $488 in February to a low of $140 in March—a 71% drop. Since then the price has recovered up to $240.
The prices are relevant because Bitcoin.com operates mining pools, which make money from mining cryptocurrencies. But Bitcoin Cash miners are about to take a further hit with the upcoming Bitcoin Cash halving—due within the next 48 hours.
Some sites speculated that the impending BCH halving could be the reason for the layoffs, with mining on the network only profitable as long as the prices remain high.
Halvening stats for BCH, as people asked me several times:
- First blocks with lowered reward: 630 000 - Approximate halving time: Wednesday April 8th, around 12:30PM EDThttps://t.co/XQLbqdPF3D
But Ver was adamant that the rumors about mass layoffs were the work of anti-BCH trolls.
“The anti peer to peer cash trolls hate BCH because they are afraid it will undermine their get rich quick ponzi scheme that BTC has been turned into,” he insisted.
“There were some layoffs, but nothing remotely close to what some of the “Bcash” trolls online are saying.”
But whether concerns about the network are justified will soon become clear, when the halving takes place and miners surrender to enter the more profitable Bitcoin network, as has been suggested.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Top college football prospect Matai Tagoa’i is set to join football stars like Russell Okung, Odell Beckham Jr., and Trevor Lawrence by receiving his compensation in Bitcoin.
The linebacker will be paid part of his earnings via the Strike app after signing a “name, image, and likeness” (NIL) deal with the University of Southern California (USC).
The exact details of his package are not known, but some college football players, such as Shedeur Sanders, have received estimated payouts of up to $4....
The world’s largest asset manager BlackRock just debuted a new advertisement proselytizing the virtues of Bitcoin, but rather than cheer on the Bitcoin ETF issuer for its efforts, Bitcoiners aren’t happy.
The video, which is housed on the iShares Bitcoin Trust (IBIT) ETF page on BlackRock’s website, spends three minutes walking viewers through the evolution of money and key fundamentals of Bitcoin.
One of those fundamentals is Bitcoin’s 21 million fixed token supply.
While the video explains t...
El Salvador may have reached a deal with the International Monetary Fund that will see the tiny country scale back its Bitcoin law—but it’s still going to “HODL.” And it might even step up its BTC buys.
That’s according to Stacy Herbert, the head of El Salvador’s National Bitcoin Office, who wrote on X (formerly known as Twitter) Thursday that the country may even continue buying the cryptocurrency at an “accelerated pace” going forward.
El Salvador in 2021 made Bitcoin legal tender along with...
