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Shining bitcoins

Bosses of Compass Mining Bow Out, Alleging Frustrations

In an emailed statement from Compass Mining, a bitcoin mining hosting and brokerage services firm, the CEO Whit Gibbs and CFO Jodie Fisher have quit the corporation with immediate effect.  

Consequently, the board has appointed Thomas Heller and Paul Gosker as interim co-presidents and CEOs. 

The board has also initiated a search for permanent replacements.

The statement went on to say that the organization is aware there have been numerous obstacles and disappointments that have hindered achieving that goal. 

The company is entirely focused on restoring the trust of its stakeholders and the community through this restructure, as well as fulfilling its purpose to offer best-in-class service to miners of all sizes.”

According to unsubstantiated reports, the staff of Compass Mining attempted to steal back the equipment from hosting company Dynamics Mining’s facility in Maine. 

Dynamics Mining claims on Twitter that Compass Mining owes $600,000 in unpaid electricity costs.

The company shut down its information-sharing Discord channel on June 24 after giving a day’s notice. 

Unhappy customers claimed on Twitter that the action was taken to prevent them from sharing their grievances. 

CEO Gibbs said that the company was really using Discord for maintenance in order to streamline customer support and communication.

After the Biden administration placed sanctions on Russian miner BitRiver, the company earlier in the year faced a setback and lost access to around $30 million in equipment.

Customers of Compass Mining have been griping for a year about construction holdups in Nebraska, Ontario, and South Carolina. 

The services provider runs bitcoin mines all over the world and offers hashrate for sale to regular consumers on its website.

An insider who didn’t want to be named mentioned inadequate management and execution of the situation. 

This gives the impression that management practices are dubious.


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