Bitmain Struggles with Payments Amid Sales Slump 💸📉
The world's leading Bitcoin mining hardware producer faces financial challenges.
- Payment Delays: Bitmain, the top global producer of cryptocurrency mining hardware, hasn't paid September salaries, as reported by Chinese tech media outlet Leiphone. 🚫💰
- Reason: Disappointing sales and negative cash flow, especially in ASIC orders, have led to this situation. 📊❌
- Company Decision: An internal message from Bitmain stated that September salaries are "paused" and will be reviewed after October 7. 📅🔍
- Market Dominance: Founded in 2013, Bitmain has dominated the ASIC production market, holding up to 70% share during peak times. Their Antminer ASIC series is a leader in Bitcoin mining computations. 🏭🔝
- Loyalty Scheme: In August 2022, Bitmain introduced a reward system for loyal customers, especially those who made orders before the "Crypto winter" downturn. 🎁❄️
- IPO Plans: Bitmain had plans in 2021 for a $5-billion valuation IPO by the end of 2022. However, the current bearish crypto market might have postponed these plans. 📉🚫