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 pic.twitter.com/cSfnWMmqTY

— 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 Gibbs, Thomas 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.