Bitmain, a leading Bitcoin application-specific integrated circuit (ASIC) manufacturer, has reportedly suspended salary payments for its employees since September.
Bitmain Has Stopped Paying Salaries And Incentives To Employees, Citing Cash Flow Issues
Bitmain, a leading Bitcoin application-specific integrated circuit (ASIC) manufacturer, has reportedly suspended salary payments for its employees since September and eliminated bonuses and incentives.
The salary hold was purportedly caused by a lack of positive cash flow, particularly in new ASIC orders. The company allegedly stated that compensation would be reassessed following the Chinese holiday, and employees could face a 50% pay cut.
Bitmain, which was founded in Beijing in 2013, controlled the Bitcoin mining ASIC market at one point, accounting for an estimated 70% market share. Its Antminer ASIC series is frequently used for Bitcoin mining. Bitmain's plans for an IPO at a $5 billion value by late 2022 are thought to have been halted due to the bear market.
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