Compass Mining (CMP), a provider of bitcoin mining hosting and trading services, has announced the immediate resignations of CEO Whit Gibbs and CFO Jodie Fisher.
The board of directors has appointed interim co-presidents and CEOs: Paul Gosker as Chief Technology Officer and Thomas Heller as Chief Mining Officer.
The statement said Compass Mining was developed to make mining accessible and straightforward. The corporation acknowledges that several obstacles and disappointments have weakened this goal.
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The firm’s stakeholders and the community are the primary beneficiaries of this reorganisation. The purpose of providing best-in-class service to miners of all sizes is also a primary emphasis of the firm’s new management team.
Dynamic mining, a hosting company, said last week on Twitter that it had cancelled its relationship with Compass Mining because the latter owed them over $600,000 in bills. Employees from Compass Mining allegedly tried to break into Dynamics’ Maine plant and take back some of the machines. Neither CoinCulture nor Compass Mining has been able to verify these claims independently.
On June 24, the firm abruptly shut down its Discord channel, prompting several customers to go to Twitter to express their displeasure with the action. CEO Gibbs said that the company had communication challenges with its customers and that the Discord move was to improve their customer care workflow.
we all like the @discord channel @compass_mining. leave it alone! #Bitcoin pic.twitter.com/rTYDJZpXpG
— Eddie (@eomar2828) June 24, 2022
A former Compass Mining employee said many things were poorly managed and performed. This gives people the impression that they’re shady. For fear of legal action, the employee refused to be identified.
Customers in South Carolina, Nebraska, and Ontario have complained about delays in construction during the last year.
Retail consumers purchase hash rates from Compass Mining to run bitcoin mines all across the globe. The Biden administration placed sanctions on Russian miner BitRiver earlier this year, resulting in the company’s inability to access $30 million in equipment.