Bitcoin

Hive

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 The firm cited difficulty in achieving "net positive cash flow," in making the decision.
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<div class="cointelegraph">
 <p>Bitcoin application-specific integrated circuit (ASIC) <a rel="noopener noreferrer nofollow" title="manufacturer" href="https://thebittimes.com/tag/manufacturer.html">manufacturer</a> Bitmain has paused <a rel="noopener noreferrer nofollow" title="employee" href="https://thebittimes.com/tag/employee.html">employee</a> <a rel="noopener noreferrer nofollow" title="salary" href="https://thebittimes.com/tag/salary.html">salary</a> <a rel="noopener noreferrer nofollow" title="payments" href="https://thebittimes.com/tag/payments.html">payments</a> for September and beyond.</p>
 <p>According to recent local news reports, citing multiple Bitmain <a rel="noopener noreferrer nofollow" title="employee" href="https://thebittimes.com/tag/employee.html">employee</a>s familiar with the matter, the firm has allegedly cut all "bonuses and incentivizes" for its staff and still has not paid remuneration due since last month. In addition, <a rel="noopener noreferrer nofollow" title="employee" href="https://thebittimes.com/tag/employee.html">employee</a>s face a 50% cut to their base <a rel="noopener noreferrer nofollow" title="salary" href="https://thebittimes.com/tag/salary.html">salary</a>. A message allegedly from Bitmain reads:&nbsp;</p>
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  "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."
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 <p>Founded in Beijing, China, in 2013, Bitmain is one of the world's largest Bitcoin mining ASIC manufacturers, with an estimated 70% market share during its peak. The firm's Antminer ASIC series currently leads the industry in terms of hash rate computations for mining Bitcoin.</p>
 <p>In August, Bitcoin miner Hive announced the purchase of 2,000 Bitmain S19 XP ASIC miners for immediate deployment in its rigs. The S19XP ASIC miners have a listed price of $4,653 on Bitmain. Hive says that after its integrations, the firm's mining rigs will generate a combined $80 per megawatt hour in revenue, including both old and non-Bitmain models.&nbsp;</p>
 <p>In 2021, Jihan Wu, co-founder of Bitmain, announced the settlement of a year-long ownership dispute with co-founder Micree Zhan. Under the agreement, Wu would resign as chairman and CEO of Bitmain, and sell his ownership stake to Zhan for $600 million. At the time, Bitmain planned for an initial public offering at a $5 billion valuation by late-2022. Such plans are believed to have been shelved due to the ongoing bear market.</p>
 <p><strong>Magazine:&nbsp;3AC fugitives in disarray as OPNX faces new peril</strong></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-asic-manufacturer-bitmain-pauses-employee-salary-payments-report-tbt65677.html">https://thebittimes.com/bitcoin-asic-manufacturer-bitmain-pauses-employee-salary-payments-report-tbt65677.html</a></p>

Bitcoin ASIC manufacturer Bitmain pauses employee salary payments: Report

TheBitTimes

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