Compass Mining is looking for direction after the resignation of top managers
Compass Mining is looking for direction after the resignation of top managers
- Compass was recently accused of not paying a electricity bill
- crypto miner sold Bitcoin to cover the operating costs
cryptocurrency mining and hosting company Compass Mining reduces personnel after two top managers have resigned last week and encounters that it has "grown too quickly".
While the Compass website does not indicate a certain number of employees, LinkedIn lists 83 employees. This indicates that about 13 people have lost their jobs.
"Although painful, these changes will make it compass, in this developing market, which has challenged many of our industry colleagues to remain agile and well positioned," wrote the Interims CEOS.
"Of all the decisions that we had to make as new CEOs, this will be by far the most difficult, and we take on full responsibility for all changes that were made under our leadership."
Compass appointed Heller and Gosker on June 28, after the former CEO Whit Gibbs and CFO Jodie Fisher resigned. There was no clear reason for her resignation, compass recognized Disappointments ”that the company has paid off its goal of making crypto mining easy and accessible.
At the end of June, the company saw ming with allegations from the Hosting company Dynamics facing mining due to alleged non-payment of electricity compensation. Compass denied the claims and said that Dynamics only operated about 1 % of his contractually agreed capacity."Compass has fulfilled all of his obligations from his contracts with dynamics, including its financial obligations," said a statement .
The downturn in the cryptocurrency markets, together with a liquidity crisis in the crypto loan area, has forced several companies to reduce costs or to relieve employees. Exchange and lenders such as Coinbase, Blockfi, Gemini, Crypto.com, Vauld and Bullish are just a few of the known names.
Bitcoin-Miner seem to be on the chopping block and sold Bitcoin because their income collapsed together with the bear market, said Marcus Sotiriou, analyst at the Digital Asset broker global block.
driven by the latest market turbulence and increasing energy costs, Core Scientific said on Tuesday 7,202 Bitcoin sold it for about 167 million US dollars-and left only 1,959 bitcoin and about 132 million US dollars in cash. In the meantime, Argo-Blockchain , Bitfarmen , and ClaScansprark also sold their Bitcoin reserves to cover the operating costs.
The post -compass MINING Searches for "Direction after Top Execs Resign" first appeared on block works.
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