Today, Compass Mining, a well-known Bitcoin mining business, made the announcement that both its CEO and CFO would be retiring. The company declared that its “Board of Directors has accepted the resignation of Chief Executive Officer Whit Gibbs and Chief Finance Officer Jodie Fisher” in a statement posted by them. The CTO and Chief Mining Officer will take over for the duo immediately, and the company will start looking for long-term replacements.
Compass Mining allegedly failed to pay for the use of electricity.
The miner hosting contract between Compass and Dynamics2K was purportedly terminated on June 14th, 2022 because they “failed to pay the utility bill due” for energy. Evidence has emerged alleging that Compass sued the hosting company for holding its Bitcoin mining machines hostage at the Maine facility. Since then, Compass has published a formal response debunking Dynamic’s accusations of malfeasance.
Disgruntled Bitcoin users accuse others of doing more wrong
The Bitcoin mining company forgetting to pay energy bills is real, according to Bitcoin Plebs with direct access to Dynamics2K. Additionally, they claim that Compass attempted to break into a second data centre after being prevented at the first one in order to retrieve miners by force.
Impact of US Sanctions on Russia on Miners
Compass was obliged to end its hosting activities in Russia as a result of the Russia-Ukraine war and the ensuing US sanctions. According to sources, the corporation believed that they would be able to recoup costs and equipment in Russia, however certain clients have reported that this issue has not yet been resolved as of June 2022.
Will Foxley, the Compass Content Director, joined twitter spaces to discuss the lawsuit with the community. Despite the fact that Bitcoin News was unable to attend this discussion and that there is no audio file available on their page, @Coincologist claims that it barely lasted five minutes and that the Bitcoin mining business may be reorganising into a “media firm.”
Even if part of this information is anecdotal, Compass Mining and Dynamics2legal K’s disputes and claims have been confirmed by the business. The administration of their company is being reorganised, and Compass appears to be struggling with the loss of hosting and equipment in Russia.
It is crucial to note that Bitcoin is a merit-based system, and if you have a low time preference there should always be a method to recover from setbacks. I kindly request that all parties involved conduct themselves honourably, speak the truth in good faith, and seek long-term agreements that will be advantageous to both sides.