Bitmain Resolves Delayed Staff Wage Payments for September
According to recent reports, Bitmain, the largest Bitcoin mining manufacturer in the world, has finally made the delayed wage payments for its staff in September. The China-based company had previously suspended a portion of employee salaries for that month due to its operating cash flow not turning positive. Bitmain issued an internal notice on October 3, explaining the situation and stating that partial September wage payments would be paused until after the October 7 holiday. The company emphasized the need for supervisors and team members to work towards achieving their objectives.
Social Media Post and Repayment
The issue of delayed wage payments was also shared on the Chinese social networking app Miamai, but the post was later deleted. However, on October 7, Bitmain announced that it had repaid the September wages and also settled the performance salary of some employees. Additionally, the basic salary for September had been released normally. Journalist Colin Wu provided an update on this development.
Bitmain’s Recent Activities
Bitmain recently launched its latest Bitcoin mining machine, the Antminer S21, at the World Digital Mining Summit. The company also revealed plans to invest $54 million in Core Scientific, a bankrupt Bitcoin mining firm. However, average bitcoin miner revenue per TH/s has fallen by 40% since May, which aligns with the decrease in bitcoin price and the rising total hashrate on the network.
Hot Take: Bitmain Overcomes Salary Payment Challenges
Bitmain successfully resolved its salary payment challenges by making delayed wage payments for September. Despite facing operating cash flow issues, the company temporarily suspended partial wage payments but assured employees that they would be resumed after a specific date. This incident highlights both the financial difficulties and resilience of one of the largest Bitcoin mining manufacturers. The cryptocurrency industry’s volatility, including price fluctuations and network changes, can impact companies like Bitmain. However, with its recent product launch and investment plans, Bitmain continues to navigate the challenges and opportunities in the Bitcoin mining sector.
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