Bitmain, a China-based ASIC hardware manufacturer, has suspended its Bitcoin mining operations in Rockdale in the Texas county of Milam, Texas Public Radio (TPR) reports.

Steve Young, Milam’s County Judge, had released a public statement saying all Bitmain employees, save a handful, have been retrenched. All operations have been suspended.

“I’m really disappointed because we had advertised this. We had waited for this. We had wanted this. We had welcomed this,” Young said.

“This was huge, we need some positive news here. We need some jobs here. We need tax base here and this was a step in the right direction.”

Young later added that Bitmain had told him it will continue with “a less ambitious facility”. Young reasons that Bitmain is cutting back due to Bitcoin’s huge plunge in value over 2018.

Bitmain have explained to Young that its reduction in operations have applied across the company, not just in Rockdale.

“Bitmain would like to ramp up the site at a slower pace and scale based on market conditions,” said its spokesman in an email to Young.

Bitmain has reportedly let go of more than half its global headcount. Last year, it also shut its development center in Israel.