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Crypto Miners
Mining

Compass Mining Leadership Steps Down Following Alleged Non-Payment Debacle

Compass Mining reportedly owns over half a million in electricity bills, but two of the company’s leaders stepped down.

Compass Mining – a US-based mining service that hosts Bitcoin miners on behalf of clients – has recently announced that both CEO Whit Gibbs and CFO Jodie Fisher would be stepping down, effective immediately.

The statement also informed users that CTO Paul Gosker and Chief Mining Officer (CMO) Thomas Heller would be taking over as temporary leaders until a more permanent solution could be found.

Compass Mining tweet

We recognize that there have been multiple setbacks and disappointments that have detracted from that objective. Through this restructuring, the company is wholly focused on regaining the goodwill of our stakeholders and the community, as well as delivering on our mission of providing best-in-class service for miners of all sizes. These changes are being implemented to achieve the next level of growth for Compass Mining

Brief Warning For Customer

Although this information is still unconfirmed. Dynamicsmining also said that they will give more privileges to their customers . However, as the mining service provider allegedly did not inform their clients of the serial numbers of said machines, Dynamics is unable to do much for them at this moment.

Over Half a Million in Unpaid Bills

Although the current dispute with Dynamics cannot be ascertained to be the main catalyst behind Compass’ troubles – particularly since they had to sell off about $30 million worth of hardware administered by Russian crypto mining company Bitriver – a sudden move to end the firm’s business relationship with DynamicsMining probably played a significant part. Not to mention the legal costs the split could incur if the situation is not solved amicably.

DynamicsMining has stated on Twitter that Compass currently owes them $1.2mln in electricity bills, of which they have only paid $665k. The statement points out further alleged irregularities in the recently terminated partnership, with a promise of more receipts as proof. DynamicsMining plans to move forward with legal action on the basis of breach of contract unless an amicable agreement can be reached.

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About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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