Compass BTC Mining Company To Cut Staff By 15%

Compass BTC mining company will cut staff by 15% and the downsizing is a sign that the company fails to pay its bills so let’s read more today in our latest Bitcoin news.

The downsizing and the pay cuts came after high-level resignations and claims that the company is unable to pay its bills. Compass BTC mining announced that it will reduce staff by 15% and will reduce the compensation of the executives by up to 50%. The co-founders Thomas Heller and Paul Gosker wrote:

“Today, we have made the difficult decision to reduce the size of the Compass team by 15% and to implement significant compensation and spend reductions across the rest of the business.”

Changes at Compass Mining: A Message from co-CEOs @thomasheller_ and @TerminalCipher https://t.co/gag55POurJ

— Compass Mining 🧭 (@compass_mining) July 7, 2022

The pair said the changes will enable the company to stay agile and in a good position in the evolving market. They wrote:

“Given recent market downturn and anticipated future market conditions, we had to take a hard look at our [spending] and recalibrate for the future of the business.”

Compass will provide financial and nonfinancial assistance to those affected by the downsizing. The interim CEO wrote:

“The changes we need to make don’t only impact our departing team members,Our s. nior employees and executive team have taken significant pay cuts of up to 50% as part of this process.”

The company cited fast growth and ensuing operational and financial bottlenecks as the source for the issues that led to today’s announcement:

“We made significant leadership changes last week to reorient the company. We publicly addressed an issue with a service provider to improve transparency and stop unfounded rumors about the health of our business.”

The service provider Dynamics Mining announced on Twitter to blast Compass for failing to pay the power bill in Maine which the company said was a factor to terminate the contract however Compass denied the allegations. The company announced the resignation of Chief Executive Officer Whitney Whit Gibbs as well as CFO Jodie Fisher. Heller and Gouker said they are committed to implementing the changes and went on to apologize and thank the departing employees for their commitment:

“Of all the decisions we have had to make as new CEOs, this will be far the hardest, and we take full responsibility for all of the changes that have been, and will be made, under our leadership.”