Bitmain, a Bitcoin application-specific integrated circuit (ASIC) manufacturer, has stopped employee salary payments for September and beyond, stated Cointelegraph.
With insights from recent local news reports, multiple Bitmain employees knew about the matter. It is believed that the firm has allegedly cut all “bonuses and incentives” for its staff and still has not paid remuneration due since last month. In addition, employees face a 50% cut to their base salary.
“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,” Bitmain explained.
Furthermore, the firm’s Antminer ASIC series is expected to lead the industry in terms of hash rate computations for mining Bitcoin, Cointelegraph concluded.
(With insights from Cointelegraph)
