Bitfarms, a Canadian-listed cryptocurrency mining company, lays off employees on the grounds of the new crown epidemic

Bitfarms, a cryptocurrency mining company that has been listed on the GEM of the Toronto Stock Exchange of Canada, has laid off employees on the grounds of the impact of coronavirus. Bitfarms issued a layoff announcement that the move was “temporary” to comply with government guidelines to help fight the spread of coronavirus, and the company also implemented “permanent measures” to reduce overhead costs to maintain “long-term viability” . Bitfarms Chief Financial Officer John Rim said that once the permanent measures are fully implemented in the next few weeks, the cost-saving measures are expected to reduce the monthly general management expenses by about 20% to 25%. Bitfarms withstands short-term fluctuations, maintains long-term profitability and meets the potential challenges related to the upcoming Bitcoin halving. “