Bitmain's development center in Israel is shutting down amid the bear market

Bitmain's development center that was set up in the Israeli city of Ra'anana two years ago is shutting down this week and laying off all 23 employees. Gadi Glikberg, a VP at Bitmain who helped set up the center, is also leaving the company according to Globes.

The development center was "developing blockchain technology, developing the Connect BTC mining pool, and developing artificial intelligence technology for the Sophon project."

Glikberg told his employees today: "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." (Source: Globes)