News Report
October 08, 2023

Bitmain Suspends the Part of September Salary Payment Due to the Cashflow Issues

In Brief

Bitmain has delayed partial September salary payments for its employees due to negative operational cashflow.

Bitmain Suspends the Part of September Salary Payment Due to the Cashflow Issues

Bitmain, a dominant force in the Bitcoin mining hardware industry, announced on October 3 that it would temporarily halt a portion of its September salary disbursements for all its employees.

The decision was attributed to the company’s operational cash flow remaining negative throughout the month.

This development has raised eyebrows within the crypto community, especially as Bitmain remains a major player in the mining landscape. Notably, this announcement came shortly after the company’s recent conference in Hong Kong where it unveiled its advanced S21 mining machine.

The notice circulated internally, which was later verified by certain employees, highlighted the company’s challenges, particularly underscoring that its mining operations hadn’t met expectations. The message from Bitmain’s Executive Management Team (EMT) expressed an urgency to meet specific targets and objectives, commonly referred to within the company as POTA (Goal-oriented, mission).

Bitmain’s directive emphasized:

“Given the current state, especially with our mining progress not matching our standards, EMT has chosen to pause partial September wage payments. We anticipate resuming these after the October 7th holiday, contingent on prevailing circumstances. It’s imperative for supervisors and team members to work towards achieving our POTA.”

This move has spotlighted the volatile nature of the crypto industry, even for its giants. The full consequences for Bitmain, its employees, and perhaps the wider Bitcoin mining ecosystem still await discovery.

Bitmain’s recent decision to delay part of its September salary payments underscores the unpredictability and challenges within the cryptocurrency industry. Even leading entities are not immune to operational hiccups or financial pressures. The situation serves as a reminder of the importance of financial agility and adaptability in the rapidly-evolving crypto landscape.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

More articles
Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Hot Stories

Olas Is Turning the Web into a Network of Agents

by Victoria d'Este
May 06, 2025
Join Our Newsletter.
Latest News

The Calm Before The Solana Storm: What Charts, Whales, And On-Chain Signals Are Saying Now

Solana has demonstrated strong performance, driven by increasing adoption, institutional interest, and key partnerships, while facing potential ...

Know More

Crypto In April 2025: Key Trends, Shifts, And What Comes Next

In April 2025, the crypto space focused on strengthening core infrastructure, with Ethereum preparing for the Pectra ...

Know More
Read More
Read more
Gate.io Launchpool Sees Strong Growth In April, Launching 23 Projects And Delivering High Yields Via Mainstream Token Staking
News Report Technology
Gate.io Launchpool Sees Strong Growth In April, Launching 23 Projects And Delivering High Yields Via Mainstream Token Staking
May 6, 2025
BitMart Celebrates 7th Anniversary With Successful ‘Web3 Convergence Night’ At Token2049 Dubai
Lifestyle News Report Technology
BitMart Celebrates 7th Anniversary With Successful ‘Web3 Convergence Night’ At Token2049 Dubai
May 6, 2025
BNB Chain Rolls Out Model Context Protocol To Enable AI Integration Across Its Ecosystem
News Report Technology
BNB Chain Rolls Out Model Context Protocol To Enable AI Integration Across Its Ecosystem
May 6, 2025
DeFi Without Borders: How Interoperability Is Shaping Next-Gen Finance
Hack Seasons News Report Technology
DeFi Without Borders: How Interoperability Is Shaping Next-Gen Finance
May 6, 2025