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<ul><li>Bitmain suspends salary payments and slashes base pay by 50% due to crypto market struggles.</li><li>The decline in mining profitability and reduced miner rewards put pressure on Bitmain’s sales.</li><li>Other major crypto firms have faced similar challenges, with some resorting to workforce reductions.</li></ul>Bitmain, a prominent manufacturer of Bitcoin mining equipment, has decided to suspend salary payments to its workforce for the month of September, with the possibility of extending this measure due to the adverse impact of the cryptocurrency bear market on its earnings.<a href="https://www.leiphone.com/category/zaobao/xCmk4l2MjEnj8JcJ.html" rel="noopener noreferrer nofollow">Reports</a> citing internal communications with employees reveal that Bitmain has chosen to eliminate bonuses and incentives, implementing a temporary 50% reduction in base pay for its staff, at least until October 7th.The communication reportedly mentioned that:The company is still striving to attain a net positive cash flow, particularly concerning orders for its signature Bitcoin mining rigs, known as ASICs.Bitmain, headquartered in Beijing, holds a dominant position in the market for application-specific integrated circuit (ASIC) miners designed specifically for Bitcoin mining. Its Antminer series has consistently set industry standards for mining computing power._______________________________________________________________Stay connected with us on <a href="https://news.google.com/publications/CAAqBwgKMLrrowwwzOOyBA" rel="noopener noreferrer nofollow">Google News</a>, , <a href="https://twitter.com/NewssCryptos" rel="noopener noreferrer nofollow">Twitter</a>, and to stay updated on the latest developments and engaging discussions in the realm of Crypto News.Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.Originally published at <a href="https://cryptosnewss.com/crypto-mining-giant-bitmain-cuts-employee-pay-due-to-bear-market-struggles/?_gl&#61;1*es26e*_ga_KG07WY2HEC*MTY5NjkxMjY5Mi4xLjEuMTY5NjkxMzA1MS4wLjAuMA.." rel="noopener noreferrer nofollow">https://cryptosnewss.com</a> on October 10, 2023.

Crypto Mining Giant Bitmain Cuts Employee Pay Due to Bear Market Struggles

Cryptos Newss

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