Bitmain Paused Employee Salary Payments For September - Local Reports
Bitcoin application-specific integrated circuit (ASIC) manufacturer Bitmain has temporarily halted employee salary payments for September, ceased all staff bonuses, and is considering 50% cut to basic wages, according to several local news outlets.
According to local reports citing multiple Bitmain employees, the company has still has not paid all remuneration due since last month and allegedly cut all bonuses and incentives for its staff. In addition, unconfirmed reports state that the company's 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,” a message allegedly from Bitmain reads.
On October 8, 2023, Odaily reported that Bitmain fulfilled its commitments by disbursing September wages.