Bitmain Cuts Salaries and Pauses Payments Amid Cash Flow Struggles
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Bitmain has paused employee salary payments for September and beyond, citing difficulty achieving positive cash flow.
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Employees face 50% base salary cuts along with elimination of bonuses and incentives.
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Bitmain is one of the world's largest Bitcoin mining ASIC manufacturers.
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In August, Hive purchased 2,000 Bitmain S19 XP miners for deployment in mining rigs.
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Co-founder Jihan Wu resigned as chairman/CEO in 2021 after settling ownership dispute with co-founder Micree Zhan.