Mining company Bitfarms layoffs on the grounds of coronavirus effect

Bitfarms, one of Canada's largest Bitcoin mining companies, has laid off employees on the grounds of the impact of the coronavirus. Bitfarms said the move was "temporary" and in line with government guidance to help fight the spread of coronavirus. Bitfarms also implemented “permanent measures” to reduce overhead costs to ensure that the company continues to be in a good position and maintain long-term viability.

John Rim, Chief Financial Officer of Bitfarms, said: "Once fully implemented in the next few weeks, we expect cost-saving measures to reduce our monthly general management expenses by about 20% to 25%. In addition, this measure will help Bitfarms Withstand short-term fluctuations in the mining economy and maintain profitability in the long run, including potential challenges related to the upcoming halving of Bitcoin.