Chinese-based cryptomining firm Bitmain is shutting down the operations of Bitmaintech Israel, its research and development (R&D) center in Ra’anana, Israel, according to reports from local news outlet Globes.
The R&D center, which produced Bitmain’s first Israeli mining pool ConnectBTC, was launched in 2016 to explore meaningful use cases of blockchain technology, as well as artificial intelligence for the company’s Sophon project.
As the market continues its bearish run, Bitmaintech will reportedly close down its operations and lay off 23 of its employees, including Gadi Glikberg, Bitmain’s vice president of international sales and marketing, who held a managing role at the center.
Figure 1: BTC-USD, Hourly Candles, Shakeout Prior to Markup
Figure 2: BTC-USD, 15-Minute Candles, Reaccumulation Trading Range 
