Bitmain Fires Employees for Leaking Salary Information
Bitcoin ASIC manufacturing giant, Bitmain, has reportedly terminated the employment of four individuals who leaked salary information. The company cited the “illegal publication of the company’s announcement on salary release” as the reason behind this decision. Bitmain emphasized its “Management Standards for External Information Disclosure” in a notification to employees, reiterating the requirement to refrain from sharing any company information without proper authorization.
Bitmain’s Salary Delay Issue
Last week, certain Bitmain employees expressed concerns about salary arrears and unpaid 2022 bonuses due to cash flow problems. This information was obtained from China’s workplace networking site, Maimai Community. It was revealed that half of the base salary and performance-based wages could be withheld due to poor cash flow. The company allegedly stated that salaries for September would be paused and reviewed after October 7.
Consequences for Violating Company Policy
In response to employees disclosing salary delay information on social media, Bitmain issued an internal disciplinary notice leading to their dismissal. The company also reported the incident to the educational institutions attended by the interns involved, hinting at potential legal consequences.
Investment in Core Scientific
Bitmain has not publicly commented on these developments. However, in September, the company made a significant investment of $53.9 million in Core Scientific to support mining operations. As part of this agreement, Bitmain will provide 27,000 Bitmain S19J XP 151 TH bitcoin mining servers to Core Scientific in exchange for $23.1 million in cash and $53.9 million in Core Scientific common stock.
The company has also recently unveiled its latest mining device, the S21 Antminer series.
Hot Take: Bitmain Takes Swift Action Against Salary Leakers
Bitmain’s decision to fire employees who leaked salary information reflects the company’s commitment to maintaining strict internal communication protocols. By emphasizing the importance of adhering to their “Management Standards for External Information Disclosure,” Bitmain sends a clear message to its employees about the consequences of unauthorized sharing of company information. This incident also highlights the financial challenges faced by Bitmain, as employees raised concerns about salary arrears and unpaid bonuses. With its recent investment in Core Scientific, Bitmain aims to support its mining operations and potentially improve its cash flow situation.
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