WOO Network Repurchases Shares in 3AC Settlement

Bitmain Pays Employees Following Salary SuspensionBitmain, the Beijing-based Bitcoin mining equipment manufacturer, has somewhat resolved its cash flow issues, having recently suspended employee salaries in response to ongoing financial struggles and sluggish progress in its mining operations.Photo by Thought Catalog on UnsplashCash flow challengesNews of the payment issue emerged via employee reports online on Monday. The suspension encompassed both performance-based and basic wages, affecting all Bitmain personnel. The dire situation has marked a critical juncture for the ASIC manufacturer, which once held a commanding 70% share of the global Bitcoin mining machine market.Chinese crypto reporter Colin Wu had also outlined the firm’s difficulties on social media. In a subsequent post on X (formerly Twitter), Wu stated:”On the afternoon of October 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 September 30.”More recent reports by local news media in China indicated that the firm has proceeded to pay part of its staff salaries.Internal conflictsBitmain’s financial woes are not new. The company has been plagued by internal conflicts between its co-founders, Wu Jihan and Zhan Ketuan, resulting in a debilitating power struggle that severely eroded its market dominance. Earlier efforts to restore financial stability included a restructuring of employee compensation in the first quarter of this year. Under this reform, the original fixed salary was divided into a basic salary and a performance-based component linked to rank.Regrettably, these measures have proven insufficient to reverse Bitmain’s fortunes. In a company announcement issued in September 2023, Bitmain acknowledged that its operating cash flow had plunged into negative territory, and the performance of its mining machines fell short of expectations.Consequently, the company suspended employee salaries, with the prospect of resuming payments contingent upon developments after the October 7 holiday.It emerged in April that the firm had been fined for tax code violations in China.Core Scientific dealIn August, Bitmain explored the possibility of acquiring an equity stake in Core Scientific, a prominent North American crypto-mining company, as part of Core Scientific’s bankruptcy restructuring plan. This proposed agreement, pending final documentation and court approval, entails Bitmain acquiring 27,000 S19j XP Bitcoin miners from Core Scientific.The Core Scientific deal represents a potential lifeline for Bitmain. Nevertheless, the suspension of employee salaries underscores the prevailing uncertainty surrounding the company’s future. Whether the completion of the Core Scientific transaction will usher in the much-needed financial turnaround for Bitmain remains uncertain as the company grapples with its ongoing financial challenges.Bitmain’s decision to suspend employee pay highlights the gravity of the situation and the urgency of finding a sustainable solution to its financial woes. The outcome of the Core Scientific deal could determine Bitmain’s fate as it strives to regain its once-dominant position and secure its financial stability. In the meantime, the firm continues to develop the latest generation of Bitcoin mining equipment.

NiceHash targets Asian market through EasyMining platform launchNiceHash, a Slovenian bitcoin mining and hashpower marketplace, has launched its crypto mining platform in Asia, known as EasyMining.Cloud-based crypto miningEstablished in 2014 by two Slovenian university students, NiceHash stands as the largest cloud-based crypto-mining hashpower marketplace globally. Boasting over 250,000 daily active miners and a user base spanning 190 countries, the platform serves as a link between hashing power suppliers and consumers, operating within the framework of the sharing economy.NiceHash published a press release from Singapore on Tuesday to announce the Asian product launch. The company has already established collaborations in the region, with Singaporean mining equipment designer iPollo appearing as a featured partner on the firm’s website.Photo by Traxer on UnsplashProduct offeringAt the core of NiceHash’s offerings is the facilitation of crypto trading and global hashpower. It claims to provide an innovative and seamless connection between miners and hashpower providers. Whether it’s mining with CPU, GPU or ASIC equipment, platform users can engage in the process to earn cryptocurrencies or sell surplus computing power, presenting an opportunity for profit without the need for an extensive data center.NiceHash employs various security measures to ensure the validity and safety of transactions. These include SSL encryption, 2-factor authentication and email notifications, enhancing the security of accounts and payments. The cost of NiceHash mining is set at 0.001 BTC, offering a range of 34 mining algorithms and supporting various coins to cater to the interests of a broad user base.The firm offers a QuickMiner service, an automatic mining program that simplifies the mining process for subscribers. Through the use of this application, miners and hashpower renters can kick-start their operations immediately.Miners and providers have the ability to trade hashpower on the platform, with dynamic pricing adjusting every 10 seconds based on cryptocurrency values, hashpower availability and miner demand.For hashpower sellers, NiceHash offers the Profitability Calculator, a tool that enables users to calculate daily mining earnings by inputting their mining rig specifications and power costs. The platform supports CPU, GPU and ASIC mining, allowing miners to focus on the most profitable algorithm and token pairings.EasyMining, the latest addition to NiceHash’s repertoire and the product it is now offering in the Asian region, represents a significant step forward for the firm in simplifying cryptocurrency mining. The company claims that users can select their preferred cryptocurrency, letting the platform handle the mining process securely and effortlessly.Changing market conditionsCrypto platforms have had to be agile in 2023, as the underlying environment for crypto-centric offerings has been subject to rapid change in many jurisdictions. While NiceHash is making a concerted effort to etch out a market share within the Asian market through this product launch, it’s also had to withdraw its services from another market in recent months.On Sept. 27, the company informed its customers that it was withdrawing from the UK market. In a letter to users, it stated:”Due to the recent regulation changes in the United Kingdom we are no longer able to provide services to those residing in the United Kingdom.” . . . “We are working hard to be able to resume our services to UK residents as soon as possible.”The company withdrew all services from the UK market, including the exchange, mining, hashpower marketplace and wallets.

Deputy Prime Minister and Minister for Finance Lawrence Wong is slated to unveil the Singapore 2024 Budget Statement on Feb. 16. As Singapore prepares for the unveiling of its 2024 Budget, the city-state’s Web3 community is amplifying its call for crucial government backing. That’s according to a recent report by The Straits Times. The plea from Singaporean firms revolves around two pivotal areas: one, nurturing a proficient talent pool well-versed in blockchain technology; and, in addition to that, having a strength and depth in cybersecurity, so as to fortify defenses against cyber threats.Photo by David Pardo Bernal on UnsplashUrgent need for Web3 talentSome time ago, stakeholders in Singapore set out their stall in terms of the ambition of firmly establishing the city-state as a global hub for Web3 development. It’s off to a good start with many notable crypto and Web3 companies having established themselves in Singapore. However, broadening that industry hub to the fullest extent will involve overcoming the significant hurdles hindering the growth trajectory of Singapore’s Web3 sector. Top of the list is the scarcity of skilled professionals in the blockchain domain. Danny Lim, a core contributor at MarginX, a decentralized exchange, stressed the pressing demand for seasoned developers. Lim underscored the necessity of supporting Web2 developers transitioning into Web3 realms, especially those grappling with job displacement, to solidify Singapore’s status as a nucleus for groundbreaking blockchain ventures. Elaine Zhu, the general manager of the Asian division of blockchain infrastructure firm Parity Technologies, emphasized the critical need for blockchain education, expressing apprehension over the dwindling influx of new developers. In citing a recent report by crypto-focused venture capital firm Electric Capital which quantified developer activity across Web3, Zhu noted that the number of experienced developers in Singapore remains healthy. However, the report found that the number of newly qualified developers dropped by 52 percent last year. Bolstering cyber defensesAdditionally, the industry is clamoring for fortified cyber defenses to shield against the escalating threat landscape targeting digital assets. This focus on security underscores the broader challenge of ensuring the secure proliferation of Web3 technologies and digital currencies within Singapore’s technological ecosystem. A report by Singapore-based blockchain security firm Beosin last year found that exit scams are a growing concern in the crypto-sphere. At the end of last month, the Singapore Police Force, alongside the Cyber Security Agency of Singapore (CSA), issued an advisory in order to raise awareness regarding crypto-centric cyber attacks. Ong Chengyi, representing Chainalysis, hailed Web3 as pivotal for long-term growth and advocated for sustained governmental support to enhance the sector’s capability in mitigating risks using advanced technological solutions. Ong remarked:“We hope to see more public-private collaboration to bolster Singapore’s defences against crypto crime and cyber threats more generally, through the utilization of data and technology.” Angela Ang of TRM Labs echoed that sentiment, emphasizing the imperative for heightened regulatory support to nurture the expansion of digital assets. Ang stated:“To deliver clarity to businesses at scale, whether it’s through licensing decisions or implementation guidance, the Government must invest in both human capital and technology throughout the regulatory process.”