Bitmain, the world’s largest manufacturer of Bitcoin mining machines, suspended the payment of part of the September salary of its employees, according to Chinese cryptojournalist and blogger Colin Wu. This decision was made in light of the company’s negative operating cash flow during the month.
It is not a problem?
Bitmain issued a notice on October 3 detailing the suspension of partial September salaries due to the company’s financial challenges.
This comes after the company’s display of its latest S21 mining machine at a recent conference in Hong Kong.
However, the situation was quickly resolved when Bitmain returned September salaries on October 7. The company clarified that it had only withheld the performance salary of some people, which has now been compensated. All basic salaries were disbursed as scheduled on September 30.
Other Bitmain Activities
In recent months, Bitmain has been active on the business front. On September 22, bankrupt Bitcoin miner Core Scientific announced plans to purchase 27,000 Bitmain servers for a sum of $77 million.
As part of the deal, Bitmain is scheduled to receive $53.9 million in CORZQ common shares.
Additionally, as Core Scientific navigates its Chapter 11 proceedings, Bitmain is expected to take a $54 million stake in the miner.
