Bitcoin ASIC manufacturer Bitmain pauses employee salary payments: Report
The firm cited difficulty in achieving "net positive cash flow," in making the decision. Bitcoin application-specific integrated circuit (ASIC) manufacturer Bitmain has paused employee salary payments for September and beyond. According to recent local news reports, citing multiple Bitmain employee s familiar with the matter, the firm has allegedly cut all "bonuses and incentivizes" for its staff and still has not paid remuneration due since last month. In addition, employee s face a 50% cut to their base salary . A message allegedly from Bitmain reads: "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." Founded in Beijing, China, in 2013, Bitmain is one of the world's largest Bitcoin mining ASIC manufacturers, with an...