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Crypto miner Bitfarms lays off staff citing coronavirus effects



Cryptocurrency mining firm Bitfarms, which is listed on Canada’s TSX Venture Exchange, has cut staff citing coronavirus effects. Announcing the news on Monday, Bitfarms said the move is “temporary” in line with government guidance to help combat the spread of coronavirus. Bitfarms has also implemented “permanent measures” to reduce overhead costs to maintain “long term viability." “Once fully implemented over the next several weeks, we expect the cost saving measures to reduce our monthly general and administrative expenses by approximately 20 to 25%,” said Bitfarms CFO John Rim. Rim further said that cost-cutting measures would help Bitfarms “withstand short-term volatility in mining economics and remain profitable through the long-term, including potential challenges relating to the upcoming Bitcoin halving.” The hotly-anticipated bitcoin halving event, which will reduce block reward from 12.5 to 6.25 bitcoins, is expected to occur next month. Read More...