Significant layoffs at the Bitfury mining facilities near Drumheller and Three Hills were made last week, the cryprocurrency company has announced.
Bitfury, the parent company of Hut 8 which operates the cryptocurrency mining facilities, told the Mail the company is “evaluating ways to better empower our company to perform efficiently.”
“As part of those efforts, we are streamlining our operations in order to help us advance strategic plans to develop innovative software and hardware solutions and focus on other emerging technologies. This week’s actions reflect those efforts,” said Bitfury managing director Jeffery Mason in an email.
The value of Bitcoin has dropped considerably over the last 12 months – a bitcoin was worth over $17,000 on January 14 last year, but on Monday the price was just over $4,800. The cryptocurrency faces competition in a diversified crypto market with other digital currencies, and the nature of bitcoin is also vulnerable to investor sentiment.
One of the employees laid off by the company, who wished to remain anonymous, said there was 21 people laid off. The news came after crews worked throughout December to install new parts into the computers there.
“Don’t get me wrong, I knew it was going to happen eventually with the price of bitcoin dropping as fast as it did,” he said in a message.
