Big Continental layoffs because “the company is too difficult”? The two founders are fighting another war of words.

Bitcoin miners’ number one maker, Beatland, is under cutting jobs. On January 6th, there were rumors that the company’s optimization was launched on the morning of January 6th, and that the compensation scheme was N1 and options, with the ratio of personnel optimization being about 1/3. “I was told on January 6th that The layoffs were made, but I was already in action on Thursday. “A former employee of the New Land, who had just been laid off, told The News that, according to the news he had heard, the rate of layoffs was as high as 50 per cent.

The employee also said he received the layoff on the grounds that “the company is too difficult.” He was not satisfied with the compensation package, and he received only the compensation package for the N1, compared with the n-2 compensation for last year’s layoff.

The two founders exchanged letters over the layoffs

On January 6th Mr Zhan, one of the founders of Bitucontinental and the largest shareholder and former chairman, spoke out against job cuts after he was ousted.

In our WeChat Friends circle and on Weibo, the team posted an open letter entitled “A letter to employees: I am firmly opposed to layoffs.” “I’m firmly against layoffs!” he said. We don’t need to lay off workers! We can’t play suicide! “

Big Continental layoffs because "the company is too difficult"? The two founders are fighting another war of words.

Big Continental layoffs because "the company is too difficult"? The two founders are fighting another war of words.

An open letter from the Jenk Group’s Weibo

“It’s ridiculous,” Mr. Jencke said, referring to the idea that job cuts were being made in response to the pressure to halve Bitcoin five months later. He said January 2019 was the most difficult time for the continent, with operating indicators then improving month by month.

“In the past two months, although we haven’t seen the financial results, but I believe the operating indicators will not be any worse, the situation is much better than the beginning of 2019!” Jenk wrote.

As for the claim that the job cuts are “a correction to the former chairman’s massive layout of the AI business”, Mr Jencke said that less than half of the estimated 1,300 employees in the continent were employed in the AI business line. “With such a strong team to support such a strong and large AI business, how can the AI business because it is not yet profitable to optimize?” Jenk wrote.

As for the claim that the number of people than the super-continental relativeto the number of mine competitors is relatively redundant, Mr. Jencke said that one of the competitive advantages accumulated in the mining market is more people and more money than the mainland. People and money are necessary to ensure technological leadership. And he says there is still an objective profit margin on the continent, even if it is difficult to make a profit, and with the company’s current capital and asset reserves, the annual expenditure of $0.7 billion (the annual cost of hiring).

On the afternoon of January 6th, Wu Jihan, another founder and current chairman of the Bidu land, released a Circle of Friends of WeChat saying, “Don’t be shot, it’s not convenient to leave a name whereit you go.” In his most down time and he started a business with the people, but also used to throw, stubborn stubborn do not listen to reasonable advice, suicide operation caused by the loss of days do not block, to be able to continue to slip to beat the horse to survive. A competent and upright former colleague should not be a cannon fodder. “

Big Continental layoffs because "the company is too difficult"? The two founders are fighting another war of words.

Screenshot of Wu’s friend circle. Insider’s Confession

On January 7th, the Janker Group again released a circle of friends saying: “In the field of bitcoin mining machines, we are the pathfinders of the technical limits, the human cost is many times the followers, this is very reasonable!” He also said that the function of the Bitcoin chip is very simple, simple stackers can not play their fists, requires team leaders to have the ability to set up a stage on the tip of the needle, especially technical insight and management skills.

Big Continental layoffs because "the company is too difficult"? The two founders are fighting another war of words.

Screenshot of the Jenk Group Friend Circle. Insider’s Confession

Continued infighting in the big continental drama

The rivalry between the two tigers on the mainland dates back a long time.

As the two founders of the big two, Mr. Zhan and Mr. Wu, who have long held the role of CEOs, are said to be at odds over their routes, according to a previous report by The News. Wu Jihan advocated the continued development of digital currency, the development of new mining machines, the Zhanke group advocated the transfer of AI.

On March 26, 2019, the “double CEO” pattern was broken, with The Chairman of the Janke Group and Wu Jihan “retiring to the second line”.

But only seven months later, on October 28th, Wu made a strong return through the Blitz. During the business trip of the Jank Group, Wu Jihan dismissed all the duties of the Jank Regiment in the big mainland, and at the same time changed the legal representative and executive director of Beijing Bitucontinental Technology Co., Ltd., the operating entity of the large reverbecity, from the Janke Group to Wu Jihan.

On November 7th, a friend of the Jank group wrote that he had been “replaced as a legal representative” without knowing the law, and had been stabbed in the back by his “brothers”, who had ever been trusted, and said he would take up arms and return to the big continent.

At this point, the two sides officially “war” on the network.

At a shareholder meeting on December 9th, at a shareholder meeting in Bittcontinental, Mr. Janker offered to remove all of the company’s directors and elect them as sole directors, but it was rejected by other shareholders, including many investors.

On January 4this year, Bloomberg reported that the group had filed a lawsuit in an attempt to return to the continent. According to the report, the group filed a subpoena in December asking the Cayman Islands court to reverse the decision at the November general meeting, which deprived him of control of the comparable continental market, removing its original 10 voting rights per share and changing it to 1 vote per share.

At the same time, the big continental launch of personnel optimization.

Media reports suggest the optimization is in response to the trend towards halving Bitcoin and the former chairman’s efforts to expand his AI business.

According to the above-mentioned personal estimates of former employees in the mainland, the aI portion of the layoffs accounted for 70-80% and the mining machine part accounted for 20%-30%. But he said: ” (The reason for the layoff) may be to exclude people who are different from each else, and (the company) likes to be able to control the underlying knowledge.” “

Employee Perspective: Infighting does more harm than good

For workers on the big side, internal power struggles may not be a good thing.

The above-mentioned former employees of the Mainland believe that such a struggle is very affecting the listing and investor confidence, the company does more harm than good, but also caused a very large internal consumption.

“The whole company is not doing things, people panic, line chaos, quite irregular. And people are constantly changing, and there’s a lot of skepticism about the employer’s brand. He said.

But the employee also said: “It is a pity, but also bless the big mainland, hope to calm down as soon as possible.” “