The recent news about Bitmain was out on December 10, by an Israeli business relating news outlet familiar as Globes. Bitmaintech Israel came into existence in 2016. The team at Israel was exploring the use cases incorporating blockchain technology.
They were operating on a Connect BTC mining pool and focusing to design an infrastructure behind Sophon. Sophon is an artificial intelligence (AI) project at Bitmain. However, the firm is closing its services this week. Moreover, they fire around 23 employees working with the firm.
The head at Israeli branch and the vice president at Bitmain, Gadi Glikberg was looking over the department of international sales and marketing is also leaving Bitmain. The news reports claim that Glikberg reveals the reason behind closure is a collapse of the recent crypto market,
The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation.
The mining firm Bitmain is also ongoing two lawsuits. The initial lawsuit is a class action of $5 million for unauthorizes mining. The next lawsuit filing was done against Bitmain, Roger Ver, Bitcoin.com, and Kraken Exchange. This case states that the defendants collaboratively accomplish unfair means to manipulate the Bitcoin Cash network to enjoy benefits.
Back in early December, Israel saw a huge crackdown on crypto earnings. The local newspaper Calcalist says that Israeli tax agencies open tax accounts for a majority of Israelis to conceal cryptocurrency revenues. However, cryptocurrencies act as a financial asset in the area of Israel. Moreover, they are subject to around 25 percent tax for private investors.
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