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According to internal sources quoted by the Chinese press, Bitmain, a major manufacturer of Bitcoin mining machines, has stopped paying salaries and other incentives. In a notice reportedly confirmed by employees, Bitmain said its September cash flow has not turned positive.
The company's report states that it has been concerned especially with the new mining equipment orders and decided to delay some of its September wages, subject to developments in the situation. By Sunday, Bitmain workers had not received their last month's salary or the yearend bonus in 2022, as far as they were concerned. According to Leifeng Tech News, the suspension affects all staff's performance pay as well as half of their salaries.
On Oct. 8, 2023, Odaily Planet Daily insiders reported that Bitmain fulfilled commitments by disbursing some of the pending September wages. The Region's report notes that taking into account the current situation, the company promised to make payments following the October 7 holiday. Bitmain has introduced a new salary structure for the first quarter of this year. The initial fixed wages were divided into two parts, one of which was an ordinary salary and another a performance pay tied to the rank of employees in the company.
Bitmain once held over 70% of the market for application-specific integrated circuit (ASIC) mining units but the business was affected by a conflict between its co-founders Jihan Wu and Micree Zhan that also included clashing over a reported “personnel optimization plan.”
The manufacturer of the mine rig was trying to get back a piece of lost ground. The company recently introduced a new line of high-efficiency S21 products into its Antminer product range. Moreover, the company announced an investment of USD 54 million in hosting provider Core Scientific in August.
Several crypto companies have been looking for ways to reduce their expenses, which include labor costs, in the face of a bear market and increasing regulatory challenges. For instance, the world's biggest digital currency exchange, Binance, has been rumored to be laying off workers.
It is reported that Bitmain was fined by the Chinese authorities in April this year for allegedly failing to withhold and pay individual income taxes on benefits given to its employees, such as travel allowances. The news comes at a time when reports of stepped-up tax inspections are emerging in the sector.
The company's report states that it has been concerned especially with the new mining equipment orders and decided to delay some of its September wages, subject to developments in the situation. By Sunday, Bitmain workers had not received their last month's salary or the yearend bonus in 2022, as far as they were concerned. According to Leifeng Tech News, the suspension affects all staff's performance pay as well as half of their salaries.
On Oct. 8, 2023, Odaily Planet Daily insiders reported that Bitmain fulfilled commitments by disbursing some of the pending September wages. The Region's report notes that taking into account the current situation, the company promised to make payments following the October 7 holiday. Bitmain has introduced a new salary structure for the first quarter of this year. The initial fixed wages were divided into two parts, one of which was an ordinary salary and another a performance pay tied to the rank of employees in the company.
Bitmain once held over 70% of the market for application-specific integrated circuit (ASIC) mining units but the business was affected by a conflict between its co-founders Jihan Wu and Micree Zhan that also included clashing over a reported “personnel optimization plan.”
The manufacturer of the mine rig was trying to get back a piece of lost ground. The company recently introduced a new line of high-efficiency S21 products into its Antminer product range. Moreover, the company announced an investment of USD 54 million in hosting provider Core Scientific in August.
Several crypto companies have been looking for ways to reduce their expenses, which include labor costs, in the face of a bear market and increasing regulatory challenges. For instance, the world's biggest digital currency exchange, Binance, has been rumored to be laying off workers.
It is reported that Bitmain was fined by the Chinese authorities in April this year for allegedly failing to withhold and pay individual income taxes on benefits given to its employees, such as travel allowances. The news comes at a time when reports of stepped-up tax inspections are emerging in the sector.
