Renowned manufacturer of bitcoin mining ASICs, Bitmain, recently made headlines as it took stringent action against employees who violated company policies by disclosing sensitive salary information on social media platforms.
Bitmain Fires Employees
On October 8, several reports on the Maimai Community platform outlined the concerns of Bitmain employees about unpaid salaries. They also claimed that the company has not paid the bonus for 2022 to its employees due to challenges in the company’s cash flow.
Moreover, Bitmain allegedly implemented measures, permitting the withholding of up to half of the base salary for all employees and the full retention of performance-based wages, to mitigate financial pressures.
After the circulation of these reports, the company swiftly paid off some of its financial obligations to employees, settling the debts in question. However, the unauthorized appearance of employee salary data drew the disapproval of Bitmain’s management, resulting in the termination of employment for four individuals allegedly responsible for the leak.
This decision has reportedly affected two employees from the research and development department and two interns. The company states:
“In early October, the following employees violated company rules regarding distribution on online platforms. The salary information has had a serious negative impact on the company.”
Bitmain, in a public statement, noted its “Regulations on External Information Disclosure Management,” emphasizing that employees are prohibited from sharing any company information without proper authorization. Furthermore, Bitmain reportedly retained the right to pursue legal action against those involved, suggesting they should never be rehired. It stated:
“Bitmain announced the dismissal of four employees who leaked the contents of the above announcement due to the “illegal publication of the company’s salary release” announcement.”
Bitmain
Internal Information
Disciplinary notification
In early October, the following employees illegally published the company’s salary information on online platforms such as “Maimai”, causing serious negative impact on the company. This behavior violated the company’s “External Information Disclosure Management Regulations”, “Confidentiality, Non-Competition and Intellectual Property Agreement”, “Labor Contract”, “Employee Handbook” and other regulations.
EMT Decision:
Product Management Department, Circuit R&D Department, Li was fired immediately! He will never be hired! He will also notify his school of the disciplinary opinions.
Product Operations Department, Circuit R&D Department, Xie will be fired immediately! Will never be hired!
Strategic Development Ding, an intern in the Human and Financial Law Department of PMT, will be fired immediately! He will never be hired again!
At the same time, the company reserves the right to pursue other legal responsibilities of the above personnel.
Once again, we emphasize our “Management Standards for External Information Disclosure”:
Without the authorization of the company, nothing can be said and nothing can be given!
Bitmain EMT October 2023
Negative Operating Cash Flow in September
The company’s management cited negative operating cash flow in September, particularly due to a serious lag in the progress of some of the mining companies. This not only strained account funds but also hindered Bitmain’s ability to meet its obligations to counterparties, creditors, and employees.
Bitmain, based in China, may have faced challenges due to the government’s blanket ban on digital assets in 2021. With the entry of other industry giants like Intel into the market, Bitmain’s dominance in 2023 appears to be waning, which could be contributing to declining sales and profits.
Despite the reported negative cash flow, on September 22, during the 2023 World Digital Mining Summit, Bitmain announced its newest flagship, the Antimer S21. A report by HashRateIndex reveals that the company anticipates a minimum monthly production target of 50,000 units for the next eight months. However, it is prepared to ramp up production to as many as 100,000 units per month if demand justifies it.
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