Compass Mining CEO, CFO Step Down Amid Allegations of Failing to Pay Bills in Maine Hub

The company has appointed Chief Technology Officer Paul Gosker and Chief Mining Officer Thomas Heller as temporary co-presidents and CEOs of the firm.

Compass Mining CEO, CFO Step Down Amid Allegations of Failing to Pay Bills in Maine Hub

Photo Credit: Unsplash/ Kanchanara

Compass Mining has begun scouting for its new CEO and CFO

Highlights
  • Compass Mining are serving as co-presidents and CEOs
  • The firm is aiming to build ‘goodwill’ in the market
  • Compass Mining is facing allegations of non-payment of bills in Maine
Advertisement

Compass Mining, a Bitcoin hardware mining company, is in the process of restructuring its corporate functioning in the face of the ongoing crypto slump. Whitney Gibbs and Jodie Fisher, the respective chief executive officer (CEO) and chief financial officer (CFO) of Compass Mining have submitted resignations from their posts. The development comes at a time when the company is facing allegations of not clearing utility bills at a facility in Maine, US. That facility is owned by Dynamics Mining.

With immediate effect, the company has appointed Chief Technology Officer Paul Gosker and Chief Mining Officer Thomas Heller as temporary co-presidents and CEOs to head Compass Mining for the time being.

The Board of the company will begin seeking permanent hirings for the high-profile CEO and CFO positions.

“We recognise 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 our stakeholders and the community. These changes are being implemented to achieve the next level of growth for Compass Mining,” the company wrote in a blog post.

Launched two years ago in 2020, Compass Mining provides Bitcoin-first, proof-of-work (PoW) mining hardware and hosting services.

The company also offers procurement, deployment of mining machines, and resale for institutional as well as retail clients.

Earlier this month, Dynamics Mining posted a tweet accusing Compass Mining of not paying power consumption charges in the Maine facilities. PoW mining is infamous for using boat-loads of electricity.

"All you had to [do] was pay $250,000 (roughly Rs. 2 crore) for three months of power consumption," the Dynamics team added.

For now, a statement from Compass Mining remains awaited in the matter.


Is Poco F4 5G a new best-of contender under Rs. 30,000? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More
Harmony's Horizon Bridge Hacker Begins Laundering Stolen $100 Million Using Mixer
Facebook Gadgets360 Twitter Share Tweet Snapchat LinkedIn Reddit Comment google-newsGoogle News

Advertisement

Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »