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Bitmain Addresses Cash Flow Woes, Pays Delayed September SalariesBitmain Addresses Cash Flow Woes, Pays Delayed September Salaries
Source: AdobeStock / piter2121
China-based Bitcoin (BTC)mining machine manufacturer Bitmain has resolved a recent salary delay issue by finally paying its employees for the month of September.
This move comes after Bitmain issued an internal notice on October 3, informing its staff of the delay in salary payments for that month due to apparent cash flow challenges, crypto news outlet The Block reportedon Monday, citing Chinese media reports.
According to the report, Bitmain claimed in a notice to employees that the reason for the delayed payment was that its operating cash flow had not met expectations.
“Given the current state, especially with our mining progress not matching our standards, the executive management team has chosen to pause partial September wage payments,” the internal notice reportedly stated.
It added:
“We anticipate resuming these after the Oct. 7 holiday, contingent on prevailing circumstances. It's imperative for supervisors and team members to work towards achieving our objectives.”
The employee notice was also reportedly shared on the Chinese social networking app Miamai, but was later deleted by the author.
On social media platform X, the China-based crypto journalist Colin Wu confirmed the reports that Bitmain has withheld part of its employees’ pay, although he noted that the delay only affected performance bonuses for “some people.”
“[…] the basic salary has been released normally on Sept. 30,” he added.
Bitmain has not issued an official statement on the matter.
Bitmain recently launched its latest Antminer S21 Bitcoin mining machine at the World Digital Mining Summit and announced plans to invest $54 million in the bankrupt Bitcoin mining firm Core Scientific.
With the currently low Bitcoin spot prices, however, both mining profitability and the price manufacturers can charge for mining machines has come under pressure, contributing to the tough situation Bitmain has found itself in.Bitmain suspends employee pay amid financial turmoilBitmain, a major player in the Bitcoin mining industry, has suspended employee salaries in response to financial struggle and poor progress on its mining operations.
According to reportsfrom internal employees at the company, this suspension includes both performance and basic wages, and impacts all Bitmain staff. This drastic action echoes previous struggles for the company, which once held over 70% of the global Bitcoin mining machine market share.
Bitmain’s financial difficulties are not new. The company is said to have suffered considerably due to “infighting” between its two founders, Wu Jihan and Zhan Ketuan, over control, which severely impacted its hold on the market. Recent efforts to restore financial health included a salary reform in the first quarter of this year, where the original fixed salary was split into a basic salary and a performance salary linked to rank.
However, these measures have failed to turn around Bitmain’s fortunes. In a company notice issued in September 2023, Bitmain confirmed that its operating cash flow had turned negative and that the progress of its mining machines was not up to standard. This has led to the suspension of salaries, with the company stating that payments may resume after the holiday on October 7, depending on the situation. As of October 8, however, employees had not received their unpaid wages, and their 2022 year-end bonuses remain unpaid.
This news comes as Bitmain is attempting to get back on its feet through a significant business move. In August, Bitmain was consideringan equity stake in Core Scientific, a major North American crypto mining company, as part of the latter’s bankruptcy restructuring plan. The proposed agreement, still subject to final documentation and court approval, involves Bitmain acquiring 27,000 S19j XP bitcoin miners from Core Scientific.
The plan could be a potential lifeline for Bitmain. However, the suspension of employee salaries underscores the uncertainty of the company’s future. It remains to be seen whether the Core Scientific deal, if finalized, could bring about the much-needed financial turnaround for Bitmain, or if the company’s financial woes will continue to worsen.
The post Bitmain suspends employee pay amid financial turmoilappeared first on CryptoSlate.
Bitcoin ASIC manufacturer Bitmain pauses employee salary payments: ReportBitcoin application-specific integrated circuit (ASIC) manufacturer Bitmain has paused employee salary payments for September and beyond.
According to recent local news reports, citing multiple Bitmain employees familiar with the matter, the firm has allegedly cut all “bonuses and incentivizes” for its staff and still has not paid remuneration due since last month. In addition, employees face a 50% cut to their base salary. A message allegedly from Bitmain reads:
“For the month of September, the company has yet to achieve a net positive cash flow, especially in the orders of [new] ASICs. The Executive Management Team therefore decided that salaries for the month of September will be paused, to be reviewed after October 7 after the holiday.”
Founded in Beijing, China, in 2013, Bitmain is one of the world’s largest Bitcoin mining ASIC manufacturers, with an estimated 70% market share during its peak. The firm’s Antminer ASIC series currently leads the industry in terms of hash rate computations for mining Bitcoin.
In August, Bitcoin miner Hive announcedthe purchase of 2,000 Bitmain S19 XP ASIC miners for immediate deployment in its rigs. The S19XP ASIC miners have a listed price of $4,653 on Bitmain. Hive says that after its integrations, the firm’s mining rigs will generate a combined $80 per megawatt hour in revenue, including both old and non-Bitmain models.
In 2021, Jihan Wu, co-founder of Bitmain, announcedthe settlement of a year-long ownership dispute with co-founder Micree Zhan. Under the agreement, Wu would resign as chairman and CEO of Bitmain, and sell his ownership stake to Zhan for $600 million. At the time, Bitmain planned for an initial public offering at a $5 billion valuation by late-2022. Such plans are believed to have been shelved due to the ongoing bear market.
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