Compass Mining CEO & CFO Resign Amid Setbacks from Failed Payments: Effective Immediately

Compass Mining , a Bitcoin BTC/USD mining hardware company, revealed today that its CEO and co-founder Whitney "Whit" Gibbs and Chief Financial Officer Jodie Fisher have resigned from their posts, effective immediately. 

Chief Technology Officer Paul Gosker and Chief Mining Officer Thomas Heller will be appointed interim co-presidents and CEOs until the board finds permanent replacements, said the company. 

An e-mail statement read:

"Compass Mining was created to make mining easy and accessible"

and continued: 

"The company recognizes that there have been multiple setbacks and disappointments that have detracted from that objective. Through this restructuring, the company is wholly focused on regaining the goodwill of the company's stakeholders and the community, as well as delivering on the company's mission of providing best-in-class service for miners of all sizes."

Compass Mining provides managed hosting and mining services to Bitcoin miners. Customers can purchase application-specific integrated circuit (ASIC) miners from the company and use them at several host facilities. 

Dynamics Mining, a hosting firm that owned one such facility, announced last week that it had terminated its agreement with Compass Mining because of the latter's failure to pay power bills worth over $600,000. Employees of Compass Mining were also accused of breaking into the office premises in Maine in an attempt to steal the machines.

Effective June 14th @compass_mining facility hosting agreement in Maine was terminated by @dynamics2k for failure to pay power consumption charges. 6 late payment and 3 non payments. @MiningScandals

— DynamicsMining (@DynamicsMining) June 27, 2022

Amidst bear market and that fact that Bitcoin’s energy consumption has declined more than 25% since April we're seeing more and more companies fail to reconcile funds to stay afloat. 

Compass Mining was started in 2020 by GibbsThomas Heller, and Paul Gosker with hosting services in the United States, Canada, and Iceland. It partnered with California-based Oklo last year to switch to sustainable energy sources for its operations. 

However, over the past few months, customers have accused Compass Mining of delays in handing over buildouts across several U.S. states. On June 24, the company shut down its discord channel after a day's notice. Many agitated customers criticized the move as they could no longer share and register complaints over discord. 

Posted In: contributorsCryptocurrencySmall CapMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.