Bitmain can't pay employees Amid Sales Slump πŸ’ΈπŸ“‰

Bitmain Struggles with Payments Amid Sales Slump πŸ’ΈπŸ“‰

The world's leading Bitcoin mining hardware producer faces financial challenges.

Key Points:

  • Payment Delays: Bitmain, the top global producer of cryptocurrency mining hardware, hasn't paid September salaries, as reported by Chinese tech media outlet Leiphone. πŸš«πŸ’°
  • Reason: Disappointing sales and negative cash flow, especially in ASIC orders, have led to this situation. πŸ“ŠβŒ
  • Company Decision: An internal message from Bitmain stated that September salaries are "paused" and will be reviewed after October 7. πŸ“…πŸ”
  • 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. πŸ­πŸ”
  • Loyalty Scheme: In August 2022, Bitmain introduced a reward system for loyal customers, especially those who made orders before the "Crypto winter" downturn. πŸŽβ„οΈ
  • 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. πŸ“‰πŸš«
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