Bitmain, a major player in the Bitcoin mining industry, has suspended employee salaries in response to financial struggle and poor progress on its mining operations.
According to reports from internal employees at the company, this suspension includes both performance and basic wages, and impacts all Bitmain staff. This drastic action echoes previous struggles for the company, which once held over 70% of the global Bitcoin mining machine market share.
Bitmain’s financial difficulties are not new. The company is said to have suffered considerably due to “infighting” between its two founders, Wu Jihan and Zhan Ketuan, over control, which severely impacted its hold on the market. Recent efforts to restore financial health included a salary reform in the first quarter of this year, where the original fixed salary was split into a basic salary and a performance salary linked to rank.
However, these measures have failed to turn around Bitmain’s fortunes. In a company notice issued in
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