{"id":171682,"date":"2023-10-10T22:51:39","date_gmt":"2023-10-10T17:21:39","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=171682"},"modified":"2023-10-10T22:51:39","modified_gmt":"2023-10-10T17:21:39","slug":"bitmain-reportedly-suspended-employee-salaries-from-september-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitmain-reportedly-suspended-employee-salaries-from-september-crypto-news\/","title":{"rendered":"Bitmain reportedly suspended employee salaries from September &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Bitmain, one of the world\u2019s largest Bitcoin application-specific integrated circuit (ASIC) manufacturers, has suspended employee salary payments from September, according to a Tuesday report by China-based tech news outlet Leiphone.<\/p>\n<p><strong><em>See related article: <\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/hamas-crypto-donation-accounts-frozen-israel-police\/\">Hamas crypto donation accounts frozen by Israel police<\/a><\/p>\n<h3 class=\"wp-block-heading\">Fast Facts<\/h3>\n<ul>\n<li>The firm has also cut all bonus incentives for its staff, on top of the employee salaries since last month, the news outlet <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.leiphone.com\/category\/zaobao\/xCmk4l2MjEnj8JcJ.html\">reported<\/a> citing unnamed Bitmain employees.<\/li>\n<\/ul>\n<ul>\n<li>\u201cFor the month of September, the company has yet to achieve a net positive cash flow, especially in the orders of [new] ASICs,\u201d Bitman allegedly said in an internal note. Employees reportedly face an additional 50% cut to their base salary.<\/li>\n<li>Bitmain did not immediately respond to <em>Forkast\u2019s <\/em>request to comment on this story.\u00a0<\/li>\n<\/ul>\n<ul>\n<li>Crypto mining firms have been pressured by the current crypto bear market. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/bitmain-cuts-mining-rig-prices\/\">Bitmain cut the price<\/a> of its S19 Pro mining rig to US$19 per terahash back in September 2022, which is a 41% discount.<\/li>\n<li>Bitmain was founded in Beijing in 2013 and is one of the world\u2019s largest Bitcoin mining ASIC manufacturers. The firm has numerous subsidiaries in the U.S., Singapore, Malaysia and Kazakhstan.<\/li>\n<\/ul>\n<ul>\n<li><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/china-fines-crypto-mining-rig-giant-bitmain-us3-6-million-for-tax-violations\/\">Bitmain<\/a> was fined US$3.6 million for alleged tax violations in China in April.<\/li>\n<\/ul>\n<p><strong><em>See related article: <\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/cmcc-global-raises-us100-mln-launch-hong-kong-web3-fund\/\">CMCC Global raises US$100 mln to launch Hong Kong Web3 fund<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitmain, one of the world\u2019s largest Bitcoin application-specific integrated circuit (ASIC) manufacturers, has suspended employee salary payments from September, according to a Tuesday report by China-based tech news outlet Leiphone. See related article: Hamas crypto donation accounts frozen by Israel police Fast Facts The firm has also cut all bonus incentives for its staff, on [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":171683,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-171682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/171682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=171682"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/171682\/revisions"}],"predecessor-version":[{"id":171684,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/171682\/revisions\/171684"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/171683"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=171682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=171682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=171682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}