According to Chinese cryptocurrency writer and blogger Colin Wu, Bitmain, the world’s largest producer of Bitcoin mining equipment, has stopped paying some of its employees’ salaries for the month of September. Given the company’s poor operational cash flow for the month, this choice was made.
Non-issue?
On October 3, Bitmain published a notification outlining the suspension of some of September’s pay owing to the company’s financial difficulties.
This follows the business’s recent presentation of its newest S21 mining equipment at a convention in Hong Kong.
The issue was quickly resolved, though, and Bitmain paid the September pay back on October 7. The company made it clear that it had simply withheld select employees’ performance salaries, which have already been paid. On September 30, all basic salaries were paid out on time.
Bitmain’s other activities
Bitmain has been active in the business world recently. On September 22, insolvent Bitcoin miner Core Scientific revealed intentions to spend $77 million on 27,000 Bitmain servers.
Bitmain is expected to receive $53.9 million in common CORZQ shares as part of the agreement.
Furthermore, Bitmain is projected to buy a $54 million share in the miner as Core Scientific navigates its Chapter 11 procedures.
