The mining company Compass Mining announced the reduction of staff

Posted 11 July, 2022

Compass Mining has announced the dismissal of 15% of its employees as part of the restructuring. The firm also reduced remuneration to the company's executives by 50%, according to a statement from Compass interim managers Thomas Heller and Paul Gosker.

The company admitted that it could not provide the necessary level of trust and service due to an ambitious focus on growth. Taking into account the downturn in the market, Compass adjusts its expenses, and plans to revise its marketing strategy.

Founded in January 2021, the mining company has sold more than 500 million USD worth of cryptocurrency mining equipment during its operation. More than 30 thousand devices belonging to thousands of customers are currently working in Compass data centers. In June, the firm faced difficulties due to a drop in mining profitability.

Earlier, the Dynamics Mining hosting provider announced the termination of the contract with Compass Mining, accusing it of non-payment of electricity bills. Two weeks later, CEO Whit Gibbs and CFO Jodie Fisher promptly vacated their positions, and Paul Gosker and Thomas Heller were appointed interim managers.

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