All bonuses have also been reduced
Bitmain, one of the world’s largest manufacturers of ASIC miners for mining Bitcoin and other cryptocurrencies, has suspended employee wages since September, as reported by Chinese news agency Leiphone.
Bitmain has also cut all bonuses for its employees in addition to employee salaries since last month, which was confirmed by several company employees.
“For September, the company has yet to achieve net positive cash flow, especially on new ASIC orders,” Bitmain said in an internal note. Employees are reportedly facing a further 50% reduction in their base pay
largest manufacturer of mining equipment Bitmain does not have money to pay salaries to employees
Crypto mining companies have found themselves under pressure from the current cryptocurrency bear market. Bitmain reduced the price of its S19 Pro mining rig to $19 per terahash back in September 2022, which represents a 41% discount.
Bitmain was founded in Beijing in 2013. The company has numerous subsidiaries in the USA, Singapore, Malaysia, and Kazakhstan.
In April, Bitmain was fined US$3.6 million for alleged tax violations in China.
