Bitcoin mining equipment manufacturer Bitmain temporarily suspends employee salaries

Bitmain, one of the largest manufacturers of Bitcoin mining equipment, suspended employee salary payments in September due to a bearish cryptocurrency market reducing sales of mining equipment. their. According to the report citing documents sent to employees, Bitmain has eliminated bonuses and incentives and instituted a 50% cut in base pay for workers until at least October 7. In the first quarter of this year, Bitmain implemented employee and salary structure reforms and added “age points” in performance evaluations. Above the basic age, the older you are, the more points will be deducted. Bitmain employees said that in the latest salary adjustment plan, the initial fixed salary is adjusted into 2 parts: basic salary + performance salary and performance salary linked by rank. The performance salary ratio for T3x, T4x and T5x is 30% and 30%, 50%, 70% respectively. Bitmain is said to have been significantly affected by “infighting” between founders Wu Jihan and Zhan Ketuan. Founded in Beijing, China in 2013, Bitmain is one of the world's largest Bitcoin mining equipment manufacturers with an estimated market share of around 70% during its peak. The company's Antminer ASIC series currently leads the industry in hash rate calculations for Bitcoin mining. In 2021, Jihan Wu, co-founder of Bitmain, announced the settlement of a year-long ownership dispute with co-founder Micree Zhan. Under the agreement, Wu will step down as chairman and CEO of Bitmain and sell his ownership stake to Zhan for $600 million. At the time, Bitmain had planned an initial public offering at a $5 billion valuation by the end of 2022. Such plans were reportedly shelved due to the ongoing bear market .