Bitmain, the Bitcoin ASIC Manufacturer, Suspends Employee Salary Payments
Financial Difficulties at Bitmain
Bitmain, a leading producer of application-specific integrated circuits (ASICs) for Bitcoin mining, has recently faced financial difficulties. The company has suspended salary payments for its employees, starting from September and potentially extending beyond that month. Reports suggest that Bitmain has also cut bonuses and incentives for its staff, putting their financial stability at risk. In addition, there is a possibility of a 50% reduction in the employees’ base salaries.
The Message from Bitmain
According to a message allegedly from Bitmain, the company has not achieved positive net cash flow for September, primarily due to a decline in orders for new ASICs. As a result, the executive management team has decided to suspend salary payments for September. These payments will be reviewed after the holidays and finalized no later than October 7th. This decision reflects the company’s ongoing efforts to address its financial situation.
A Leading Player in the Bitcoin Mining Industry
Founded in Beijing, China, in 2013, Bitmain has established itself as one of the major players in the Bitcoin ASIC manufacturing industry. During its peak, the company held an estimated 70% market share. Bitmain’s Antminer ASIC series currently leads the industry in terms of hash rate calculation for Bitcoin mining.
Despite its recent financial challenges, Bitmain continues to innovate and contribute to the advancement of the Bitcoin mining sector. The company’s dedication to developing cutting-edge ASIC technology has propelled it to the forefront of the industry.
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