• Bitcoin
  • NFT
  • Binance
  • ETH
  • DeFi
  • Metaverse
  • IDO
  • Coinbase
  • Solana
  • ETF
  • FTX
  • GameFi
Newsletter
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
CoinLive
No Result
View All Result
Home Crypto News

Bitmain, the “king of coin mining,” is slow in paying out worker salaries

189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

The company’s working funds movement worsened, and Bitmain announced a delay in paying out all personnel.

Bitmain, the “king of coin mining,” is slow in paying out worker salaries. Photo: Bitcoinist

Related articles

Binance “surrendered” by paying a fine of $4.3 billion

Binance “surrendered” by paying out a fine of $four.three billion

November 21, 2023
Tether plans to invest $500 million to build a Bitcoin mining camp

Tether ideas to invest $500 million to make a Bitcoin mining camp

November 17, 2023

Bitcoin mining giant Bitmain has delayed paying out September salaries to all personnel, revealing the weakness of its recent money overall health.

Exclusive: Bitmain, the biggest maker of Bitcoin mining machines, issued a discover on October three stating that since the company’s working funds movement has not however turned optimistic in September, it has determined to suspend the payment of element of the salary of all personnel in September. … pic.twitter.com/B4h4sWvQQS

— Wu Blockchain (@WuBlockchain) October 8, 2023

Bitmain is mentioned to have been drastically impacted by “infighting” concerning founders Wu Jihan and Zhan Ketuan. Since then, the organization that after held far more than 70% of the international Bitcoin mining marketplace has created efforts to clean up its money condition, like reforming its compensation in the to start with quarter of this 12 months.

However, the over efforts seem to have failed. Bitmain’s September announcement confirmed that its working funds movement had turned damaging and that its miners’ progress was beneath typical. Therefore, they have to delay the payment of salaries based on the real condition.

According to shut sources, Bitman last but not least refunded the September salary on the afternoon of October seven. Additionally, the organization also paid bonuses to personnel on September thirty.

In The World Digital Mining Summit took location in Hong Kong final month. Bitmain has launched its most up-to-date Bitcoin miner Antminer S21.

August 2023, Bitmain announced investment agreement worth $54 million in Core Scientific, A significant North American mining organization has gone bankrupt. As a end result, Bitmain proposed to invest in 27,000 S19j XP bitcoin miners from Core Scientific.

This prepare is regarded a prospective lifesaver for Bitmain. However, with the recent developments, it will be complicated to comprehensive the over agreement. And it stays to be viewed no matter if the Core Science deal, if finished, will deliver a lot-essential money transform to Bitmain or exacerbate the company’s challenges.

According to statistics from The blockThe company’s typical income per TH/s has fallen forty% given that May, coinciding with the decline in Bitcoin selling price and raise in complete hashrate across the network.

Bitmain’s typical income per TH/s from October 2022, as compiled by The Block

Coinlive compiled

Maybe you happen to be interested:

Join the discussion on the hottest troubles in the DeFi marketplace in the chat group Coinlive Chats Let’s join the administrators of Coinlive!!

Tags: BitmainCoinEmployeekingMiningpayingsalariesslow
Share76Tweet47

Related Posts

US Congress Moves to Introduce New Crypto Legislation

by shark
June 2, 2025
0

US Congress advances CLARITY Act for digital asset regulation, affecting crypto markets and investor confidence.

Singapore’s MAS to Curb Overseas Crypto Activities by 2025

by shark
June 2, 2025
0

Singapore's MAS mandates local crypto firms to halt overseas operations without a DTSP license by June 2025, influencing international markets.

Metaplanet Acquires 1,088 Bitcoin, Total Reaches 8,888 BTC

by shark
June 2, 2025
0

Metaplanet Inc. has expanded its Bitcoin holdings significantly, strengthening its market position.

Metaplanet Acquires Additional 1,088 Bitcoins

by shark
June 2, 2025
0

Metaplanet Inc.'s purchase of 1,088 bitcoins highlights growing corporate interest in digital assets. The firm aims to hold 10,000 BTC...

Elon Musk Announces Encrypted XChat on X Platform

by shark
June 2, 2025
0

Elon Musk launches XChat on X with encryption, vanishing messages, and media capabilities.

Load More

Tags

analysis announces Bank billion Binance Bitcoin Blockchain BTC CEO Coin Coinbase Crypto cryptocurrencies Cryptocurrency DeFi ETH Ethereum Exchange Finance FTX fund game General News Information Investment Latest Launch launches market Metaverse million Network News NFT platform Price project Protocol Review SEC Solana Token trading users wallet

Recent Posts

  • US Congress Moves to Introduce New Crypto Legislation
  • Singapore’s MAS to Curb Overseas Crypto Activities by 2025
  • Metaplanet Acquires 1,088 Bitcoin, Total Reaches 8,888 BTC
  • Metaplanet Acquires Additional 1,088 Bitcoins
  • Elon Musk Announces Encrypted XChat on X Platform
  • Upcoming $5M+ Token Unlocks for ENA, TAIKO, NEON
  • ETHGlobal Prague 2025 Hackathon Finalists Announced
  • Silk Road Founder Receives $31.4M Bitcoin Donation
  • About
  • FAQ
  • Contact Us
  • IGO
  • Altcoin
  • Terra
  • Launchpad
  • P2E
  • META
  • AXS
Email us: [email protected]

© 2021 CoinLive - Crypto News 24/7

No Result
View All Result
  • Home
  • Crypto News
  • Market Analysis
  • Learn

© 2021 CoinLive - Crypto News 24/7