Bitmain pays delayed staff wages after apparent cash flow issues: report

Bitmain, the world’s largest Bitcoin mining manufacturer, has now made up its delayed staff wage payments for September, according to local media reports yesterday.

The China-based company previously issued an internal notice on Oct. 3, confirmed by its staff, stating that it had suspended payment of a portion of employee salaries in September as the company’s operating cash flow had not yet turned positive for the month, according to crypto reporter Colin Wu.

“Given the current state, especially with our mining progress not matching our standards, the executive management team has chosen to pause partial September wage payments,” Bitmain reportedly wrote in the note. “We anticipate resuming these after the Oct. 7 holiday, contingent on prevailing circumstances. It’s imperative for supervisors and team members to work towards achieving our objectives.”

The issue was also reportedly shared on the Chinese social networking app Miamai, though the post was later deleted by its author.

“On the afternoon of Oct. 7, Bitmain has repaid September wages, and stated that it only did not pay the performance salary of some people. It has also been repaid, and the basic salary has been released normally on Sept. 30,” Wu later updated.

Bitmain did not respond to a request for comment from The Block.

Bitmain launched its latest Antminer S21 Bitcoin mining machine at the World Digital Mining Summit last month. It also announced plans to invest $54 million in the bankrupt Bitcoin mining firm Core Scientific on Sept. 22.

Average bitcoin miner revenue per TH/s has fallen 40% since May, according to The Block’s data dashboard — coinciding with a fall in the price of bitcoin and the increasing total hashrate on the network.