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Bitmain Pauses Employee Salary Payments and Cuts Bonuses and Incentives

Bitmain, a Bitcoin ASIC manufacturer, has reportedly halted employee salary payments for September and beyond, as well as cutting bonuses and incentives. The company allegedly has not paid remuneration due since last month and employees face a 50% cut to their base salary. Bitmain has cited a lack of net positive cash flow, particularly in new ASIC orders, as the reason for the pause in salary payments. Bitmain is one of the world's largest Bitcoin mining ASIC manufacturers, with an estimated 70% market share during its peak.

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