The equipment and services provider for Bitcoin mining Compass Mining announced the resignation of CEO Witt Gibbs and CFO Jodi Fischer.
“Through this restructuring, the company is wholly focused on regaining the goodwill of our stakeholders and the community, as well as delivering on our mission of providing best-in-class service for miners of all sizes.”https://t.co/wWcTcz8m9y
— Compass Mining 🧭 (@compass_mining) June 28, 2022
“Compass Mining was created to make mining simple and accessible. We recognise that there have been numerous missteps and disappointments that distracted from this goal,” the statement said.
Representatives of the supplier emphasised that the restructuring will allow Compass Mining to “fully focus” on fulfilling the “mission to provide best-in-class services for miners.”
The board of directors appointed CTO Paul Gosker and Thomas Heller, the head of the mining division, as interim co-presidents and chief executive officers.
Earlier the hosting provider Dynamics Mining terminated the agreement with Compass Mining due to unpaid invoices for a facility in Maine.
According to CoinDesk, on June 24 the provider closed its Discord channel. Some users believed that Compass Mining took this step to hinder them from sharing information and complaints.
we all like the @discord channel @compass_mining. leave it alone! #Bitcoin pic.twitter.com/rTYDJZpXpG
— Eddie (@eomar2828) June 24, 2022
The then-CEO Gibbs told the publication that the company had problems communicating with its clientele, and the Discord move was aimed at improving workflow.
“Many things are very poorly managed and executed, which leads people to believe that they are dubious,” said a former Compass Mining employee who asked to remain anonymous in an interview with CoinDesk.
In 2021 Gibbs said that JPMorgan Chase closed the company’s accounts. He said this did not affect operations going forward.
In September the provider launched a home mining of the first cryptocurrency at home solution.
As reported in April 2022, Compass Mining began seeking buyers for equipment located in Russia following the sanctions imposed on BitRiver.
Read ForkLog’s bitcoin news in our Telegram — news, rates and analysis.