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Bitcoin Mining Giant Bitmain Halted Employee Salaries

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Sun, 8/10/2023 - 14:22
Bitcoin Mining Giant Bitmain Halted Employee Salaries
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Bitmain, the world's largest manufacturer of Bitcoin mining machines, suspended the payment of part of the September salary of its employees, according to Chinese crypto journalist and blogger Colin Wu. This decision came in light of the company's negative operating cash flow for the month.

Non-issue?

Bitmain issued a notice on Oct. 3 detailing the suspension of partial September salaries due to the company's financial challenges.

This comes after the company's showcase of its latest S21 mining machine at a recent conference in Hong Kong.

Related

However, the situation saw a swift resolution as Bitmain repaid the September wages on Oct. 7. The firm clarified that it had only withheld the performance salary of some individuals, which has now been compensated. All basic salaries were disbursed as per schedule on Sept. 30.

Bitmain's other activities

In recent months, Bitmain has been active on the business front. On Sept. 22, bankrupt Bitcoin miner Core Scientific announced plans to purchase 27,000 Bitmain servers for a sum of $77 million.

As part of the deal, Bitmain is slated to receive $53.9 million in common CORZQ stock.

Furthermore, as Core Scientific navigates its Chapter 11 proceedings, Bitmain is anticipated to acquire a $54 million stake in the miner.

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