Compass Mining, a provider of crypto mining equipment, has announced that two of its key executives have resigned amid “multiple setbacks and disappointments” in the cryptocurrency sector.
The US-based company said it had accepted the resignations of chief executive Whit Gibbs and chief finance officer Jodie Fisher, effective immediately.
“Compass Mining was created to make mining easy and accessible,” the company said in a statement. “We recognise that there have been multiple setbacks and disappointments that have detracted from that objective.”
The company has been hit hard by the crypto crash and said it would restructure its operations to cut costs.
“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.”
Company Claims 12,000 Customers
The company operates 35 crypto mining facilities in the US, Canada and Iceland and claims about 12,000 customers.
Compass said it would dispose of its crypto mining facilities in Russia over sanctions related to Moscow’s invasion of Ukraine.
The company also disputed a claim by coin miner Dynamics that it owes $600,000.
“Dynamics operates approximately 1% of Compass Mining’s contracted capacity, and each one of these valued customers is vitally important to Compass,” Compass said.
“We take this matter very seriously, as our priority is always with our customers’ success. Many of Dynamics’s statements on social media are completely incorrect, lack any factual support and create further damage to Compass.”