Bitmain, one of the world’s largest Bitcoin application-specific integrated circuit (ASIC) manufacturers, has suspended employee salary payments from September, according to a Tuesday report by China-based tech news outlet Leiphone.
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The firm has also cut all bonus incentives for its staff, on top of the employee salaries since last month, the news outlet reported citing unnamed Bitmain employees.
“For the month of September, the company has yet to achieve a net positive cash flow, especially in the orders of [new] ASICs,” Bitman allegedly said in an internal note. Employees reportedly face an additional 50% cut to their base salary.
Bitmain did not immediately respond to Forkast’s request to comment on this story.
Crypto mining firms have been pressured by the current crypto bear market. Bitmain cut the price of its S19 Pro mining rig to US$19 per terahash back in September 2022, which is a 41% discount.
Bitmain was founded in Beijing in 2013 and is one of the world’s largest Bitcoin mining ASIC manufacturers. The firm has numerous subsidiaries in the U.S., Singapore, Malaysia and Kazakhstan.
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