There was a report it was reported that Bitcoin mining company Bitmain was astonished to experience an economic crisis. Here’s the information that you must be aware of.
Bitmain is the world’s top producer of Bitcoin mining equipment is astonished to announce that it is suspending certain employees’ salaries for September because of a lack of an increase in cash flow.
Numerous internal sources have confirmed the statement that was published on the 3rd of October and dated October 3rd, is correct.
The news comes just following Bitmain’s annual conference held at Hong Kong, where it presented its newest product known as it’s S21 Bitcoin mining equipment. The announcement was widely sought-after by crypto enthusiasts and the crypto community, since Bitmain remains to be an important part in the fast-growing cryptocurrency mining market.
The mining industry for cryptocurrency is currently struggling with low prices for hash. Hash price is the estimated earnings per petahash of hash capacity for miners. The downturn is putting enormous stress on miners across the globe which is forcing them to review their strategies and adjust to the evolving circumstances.
As Bitcoin supply decreases Miners are facing two main issues: sourcing energy more efficiently and sustainably, as well as using more sustainable mining equipment.
It was speculated that Bitmain’s recently released Antminer S21 devices could be helpful for miners in this respect. It’s not clear how the financial turmoil that has been reported to have started within the company’s financial crisis will affect its production of the device.