Monday, February 26, 2024

Compass Mining CFO And CEO Resign Due To “Setbacks”

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Compass Mining CFO and CEO resigned while the mining firm tries to achieve the “next level of growth” so let’s read more today in our latest cryptocurrency news.

Bitcoin hardware mining company Compass Mining announced that their Chief Finance Officer Jodie Fisher and Chief Executive Officer Withney Gibbs will be resigning. The company added:

“Compass Mining was created to make mining easy and accessible. We recognize that there have been multiple setbacks and disappointments that have detracted from that objective.”

The Compass Mining CFO and CEO resigned after allegations emerged that the company failed to pay the utility bills at a facility in Maine that Is owned by Dynamics Mining. The latter addressed Compass Mining claiming that the company failed to pay the utility bills and the monthly hosting fees and that the two facilities failed to make payments:

“All you had to [do] was pay $250k for 3 months of power consumption. Since you don’t give your clients their Serial Numbers I couldn’t even help them. Twitter is the voice of your customer base, not the courtroom.”

Launched in 2020 by Gibbs, Thomas Heller, and Paul Gosker, Compass Mining sells BTC hardware and hosting services with offices in Canada, Iceland, United States last year, it partnered with the California-based startup Oklto to enter into the alternative energy sources for the mining operations. Compass said it is focused on regaining the goodwill of the stakeholders and the community via restructuring. The Mining Board of Directors noted in the resignation announcement that it appointed Chief Technology Officer Paul Gosker and Heller as Interim Co-Presidents. The board said it will immediately start a search for a permanent president, CFO, and a CEO:

“These changes are being implemented to achieve the next level of growth for Compass Mining.”

As recently reported, BTC mining company Compass Mining lost one of its Maine-based facilities after owner Dynamics Mining ended the hosting agreement between them due to being unable to pay the required bills. Dynamics noted in a letter that it sent to Compass Mining that the hosting contract between the two was terminated and Dynamics alleged that Compass has six late payments and there were three non-payments related to the utility bills and hosting fees.

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