Bitmain, a major player in Bitcoin mining hardware, made a surprising announcement on October 3: it would temporarily suspend a portion of September salary payments due to ongoing negative cash flow.
The internal notice, later confirmed by certain employees, shed light on the company’s challenges, particularly emphasizing that its mining operations had failed to meet expectations.
The message from the EMT read, “Given the current state, especially with our mining progress falling short of our standards, the EMT has opted to temporarily suspend partial September wage payments. We anticipate resuming these payments after the October 7th holiday, depending on the prevailing circumstances. It’s crucial for supervisors and team members to work together towards achieving our POTA.”
This decision, following a recent conference in Hong Kong where Bitmain introduced its advanced S21 mining machine, raised concerns in the crypto community. The internal notice cited challenges, particularly underperformance in mining operations, and urged employees to meet company goals known as POTA (goal-oriented mission).
The move highlights the crypto industry’s volatility, affecting even leading players like Bitmain. The full impact on employees and the mining ecosystem remains uncertain, emphasizing the importance of financial adaptability in the crypto world.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
