HashFast, an embattled Bitcoin mining startup, announced on Thursday that it has fired half of its employees as a way to save money.
“In order to improve our cash flow, as well as focus on ASICs, we made the difficult decision to reduce our workforce by eliminating marketing and customer service roles, as well as some engineering functions,” Amy Abascal, the company’s director of marketing, wrote in a blog post. “The total reduction was 50 percent of the current staff. This was a fiscally responsible way for us to slow our burn rate, get customers hashing, and continue developing amazing technology.”
On Tuesday, Ars profiled the San Francisco startup and chronicled the numerous arbitration cases and lawsuits that the company has pending against it. Many customers have accused the firm of outright fraud, and some are upset that when the company failed to fulfill its orders, it would not refund the amount in bitcoins as it had previously promised.
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