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Crypto Exchange Lemon Cash Reduces its Team by 38%

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Crypto Exchange Lemon Cash Reduces its Team by 38%


One of the popular cryptocurrency platforms in Argentina – Lemon Cash – dismissed 38% of its total workforce to endure the current difficult times.

CEO Marcelo Cavazzoli assured the layoffs have no relation to the recent collapse of FTX and thanked his team for their hard work over the years.

The Next Victim

In a recent “open letter to the community,” Cavazzoli announced that Lemon Cash reduced its workforce by around 100 employees, representing 38% of the staff:

“Today, I have sad news to share with you, the one that no entrepreneur wants to give. I decided to reduce the size of our team by 38%.”

While the executive feels “great pain” for taking that decision, this could ensure Lemon Cash’s mission in the long term. The firm has not planned any investments in the next few months and the layoffs seem like the only way to minimize costs during the current adverse macroeconomic reality.

“This is the right decision to make the company sustainable,” Cavazzoli added.

The CEO further outlined that the staff amendments did not come as a result of FTX’s meltdown. However, he disclosed that the distressed trading venue had invested in Lemon Cash in the past, while the latter had a “tiny” exposure to Alameda Research.

The Argentinean entity does not hope to recover that allocation and assured that it has no impact on its over one million customers.

Subsequently, Cavazzoli expressed his gratitude toward his team and vowed to continue the hard work so Lemon Cash could keep its position in the region:

“I will be forever grateful to the team that accompanied us on this mission. I assure you that I will work every day to make it a reality.”

The Dismissal Spree

The crypto winter has triggered a wave of layoffs across the entire industry, and numerous exchanges have already taken such measures.

Gemini – a US-based trading venue spearheaded by billionaire twins Cameron and Tyler Winklevoss – dismissed 10% of its team in June and an additional 7% in July.

One of the giants in the field – Coinbase – laid off 18% this summer. CEO Brian Armstrong argued that the global economy appears to be entering into recession after a decade of economic boom, which is why such changes are essential for the entity’s survival.

CryptoCom, Bybit, Huobi, BitMEX, BlockchainCom, and many others have also put their names on the list.

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Crypto Derivatives DEXs Reposition for Life After FTX

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Crypto Derivatives DEXs Reposition for Life After FTX


That’s driven lots of new interest to some of the earliest decentralized players. Dan Gunsberg, creator of Solana-based derivatives exchange Hxro, said that in recent weeks he’s seen a boom in interest for his trading platform, which he claims cannot fall prey to the same pain points that felled FTX and its sister company, Alameda.


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Price analysis 12/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

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Price analysis 12/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

Bitcoin and altcoins are beginning to flash signals of a potential trend change, but a handful of downside risks remain.


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Bitcoin’s Total Hashrate Slides Lower in December as BTC Miners Struggle for Profits – Mining Bitcoin News

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Bitcoin's Total Hashrate Slides Lower in December as BTC Miners Struggle for Profits

While bitcoin prices have been lower than the estimated cost of bitcoin production, the network’s hashrate has dropped a great deal since mid-November. Presently, the total hashrate dedicated to the Bitcoin network is coasting along at 236 exahash per second (EH/s) after dropping below the 200 EH/s range six days ago.

Bitcoin’s Hashrate Slips Lower

The first week of November 2022 was brutal for digital currency prices as FTX’s collapse rippled across the entire industry in a negative fashion. Prior to the FTX fallout, bitcoin was trading above the $20K zone and the network’s total hashrate was coasting along at roughly 270 to 290 exahash per second (EH/s) before the blowout.

There was a quick burst of increased hashrate the day after FTX filed for bankruptcy and BTC’s total hashrate tapped an all-time high on Nov. 12, 2022. At block height 762,845, bitcoin miners managed to get the hashrate to briefly rise to a whopping 347.16 EH/s. Since then, the hashrate has divebombed and slid below the 200 EH/s range on Nov. 26.

Bitcoin's Total Hashrate Slides Lower in December as BTC Miners Struggle for Profits

Presently, bitcoin miners have managed to rise above the 200 EH/s region, to the current 236 EH/s recorded at 10:15 a.m. (ET) on Dec. 2, 2022. The drop in hashrate indicates that unprofitable mining entities have been forced to shut down machines, while only the strong operators survive.

At the time of writing, the estimated cost of bitcoin production ($16,956) is awfully close to the leading crypto asset’s spot market value ($16,897). Previously, the cost of bitcoin production was $18,313 on Nov. 30, which was significantly higher than BTC’s spot market value. With a drop in BTC production costs, it makes it easier for current operators to survive.

Bitcoin miners are also expecting a large mining difficulty reduction between 6.56% to 7.9% lower than today’s difficulty rating on or around Dec. 5, 2022. Presently, the estimated mining difficulty reduction could be the largest difficulty drop the network has seen in 2022. Since Nov. 30, up until Dec. 2, 2022, roughly 80 exahash of hashpower has been removed from the network’s total hashrate.

Tags in this story
Bitcoin, Bitcoin (BTC), Bitcoin Miners, Bitcoin mining, bitcoin mining sector, block rewards, block times, Blocks, braiins.com, cash reserves, Change in Difficulty, Cost of Production, Cryptoslate, difficulty change, difficulty retarget, glassnode, Hash Price, Macromicro.me, Miners, mining, Mining BTC, Mining Difficulty, Mining Operations, Mining Pools, Mining Report, pay down debt, selling BTC

What do you think about the current state of Bitcoin’s hashrate? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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