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What is Compass Mining?
Compass Mining (CMP) is a brokerage/intermediary company that connects organizations with storage facilities, organizations with mining hardware, and organizations that want to purchase storage space or Bitcoin Mining tools. Compass Mining has many facilities in the United States and Canada, and several other countries.
Compass Mining provides services that operate bitcoin mines around the world and sells hashrate to retail customers on its website.
Compass Mining CEO and CFO resign
Compass Mining has announced that chief executive Whit Gibbs and CFO Jodie Fisher have resigned.
The board has appointed Chief Technology Officer Paul Gosker and Mining Director Thomas Heller as interim co-chairs and CEOs while conducting a search for permanent replacements.
"The company recognizes that there are many failures and disappointments that have affected that goal. Through this restructuring, the company is fully focused on regaining the goodwill of the company's and the community's stakeholders, as well as fulfilling the company's mission to provide the best service available to miners of all sizes. "
Compass Mining's tough business situation
Hosting company Dynamics Mining took to Twitter last week to announce it was terminating its contract with Compass Mining because it owed them more than $600,000 in bills. Dynamics also alleges compass mining employees tried to break into its Maine facility to steal machinery. Compass Mining has not officially commented on the allegations.
On June 24, Compass Mining closed its Discord channel with a one-day advance notice, with some customers taking to Twitter to say the move was intended to impede their ability to share information and complaints. Ceo Gibbs (who was also a co-founder with Gosker) told CoinDesk at the time that the company had problems communicating with its customers and that discord's move was aimed at improving customer service workflows.
A former Compass Mining employee shared:
"A lot of things are managed and done very poorly, which makes people feel shady."
Over the past year, customers have complained about Compass Mining delays in construction in South Carolina, Nebraska and Ontario.
Earlier this year, the company lost access to about $30 million in equipment money after the Biden administration imposed sanctions on Russian company BitRiver.
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