Crypto ASIC manufacturer Bitmain unable to pay its employees

Bitmain was founded in 2013 in Beijing and is one of the largest Bitcoin mining ASIC manufacturers worldwide, holding about a 70% market share during its height. The company’s Antminer ASIC series is currently the industry leader in Bitcoin mining hash rate computations.

Bitcoin mining company Hive announced in August that it had purchased 2,000 Bitmain S19 XP ASIC miners for quick deployment in its rigs, which are listed for $4,653 on Bitmain. Hive said that after the mining rigs are integrated, it will generate $80 per megawatt hour in combined revenue, including its old and non-Bitmain miners.

Bitmain co-founder Jihan Wu announced in 2021 that the company settled a year-long ownership feud with co-founder Micree Zhan. The agreement would see Wu resign as chairman and CEO while selling his $600 million ownership stake to Zhan.

At that time, Bitmain had planned for an initial public offering at a $5-billion valuation by late 2022. However, those plans are believed to have been abandoned due to the current bear market.