Bitmain, one of many world’s largest Bitcoin application-specific built-in circuit (ASIC) producers, has suspended worker wage funds from September, in line with a Tuesday report by China-based tech information outlet Leiphone.
See associated article: Hamas crypto donation accounts frozen by Israel police
- The agency has additionally reduce all bonus incentives for its employees, on high of the worker salaries since final month, the information outlet reported citing unnamed Bitmain staff.
- “For the month of September, the corporate has but to realize a web constructive money stream, particularly within the orders of [new] ASICs,” Bitman allegedly mentioned in an inner observe. Workers reportedly face an extra 50% reduce to their base wage.
- Bitmain didn’t instantly reply to Forkast’s request to touch upon this story.
- Crypto mining companies have been pressured by the present crypto bear market. Bitmain cut the price of its S19 Professional mining rig to US$19 per terahash again in September 2022, which is a 41% low cost.
- Bitmain was based in Beijing in 2013 and is among the world’s largest Bitcoin mining ASIC producers. The agency has quite a few subsidiaries within the U.S., Singapore, Malaysia and Kazakhstan.
- Bitmain was fined US$3.6 million for alleged tax violations in China in April.
See associated article: CMCC Global raises US$100 mln to launch Hong Kong Web3 fund