Tuesday, October 4, 2022

Top Executives Resign From Compass Mining Amid Multiple Setback Claims

Following recent allegations that Bitcoin mining firm Compass Mining failed to pay the utility bills of a Maine facility, the firm has now announced the exit of two of its top officials.  

According to the announcement, Whitney Gibbs, who is the CEO and co-founder of the firm, and Chief Finance Officer Jodie Fisher have both resigned. And almost immediately, the board of directors has promoted Chief Technology Officer Paul Gosker and Chief Mining Officer Thomas Heller to act as interim co-CEOs.

Compass Mining Expresses Disappointment, Vows To Regain The Trust of Stakeholders 

In the company’s blogpost, Compass Mining expressed its disappointment in how the firm might have deviated from its set-out goals and objectives. The firm wrote:

“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.”

Meanwhile, the firm is now moving on from the resignation with its double appointment. And has said that the focus will be on nothing other than regaining the goodwill of stakeholders and its community. To achieve this, the board will immediately begin looking to fill the positions of a permanent president, CEO, and CFO.

Did The Unpaid Utility Bills Cause The Resignations?

Probably not. Till now, it remains unclear whether there is a connection between the resignations and allegations levied against the mining operator.

Dynamics Mining — owner of the Maine facility, claimed that Compass Mining failed to pay its utility bills on several occasions. However, the mining firm is yet to address the allegations.

Launched two years ago, Compass Mining is in the business of selling Bitcoin hardware and hosting services. It has branches in the United States, as well as some parts of Canada, and Iceland. But sometime in 2021, the Bitcoin mining firm partnered with California-based startup Oklo. And that partnership was focused on exploring alternative energy sources to carry out its mining operations.

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