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Compass Mining Cuts 15% of Staff, Lowers Executive Compensation
The bitcoin mining company said it's reassessing its priorities after growing too quickly.
Compass Mining has let go of 15% of its employees, and has cut executive compensation to ride out the crypto downturn.
- Compass also said it grew too quickly, and needed to readdress its strategy moving forward.
- “Given recent market downturn and anticipated future market conditions, we had to take a hard look at our spend and recalibrate for the future of the business,” co-founders and interim CEOs Thomas Heller and Paul Gosker said in a statement Thursday.
- The bitcoin (BTC) mining hosting company had just over 80 employees, according to its LinkedIn profile as of late Thursday.
- In June, Compass’s CEO and chief financial officer resigned amid “setbacks and disappointments” at the company.
Michael Bellusci
Michael Bellusci is a former CoinDesk crypto reporter. Previously he covered stocks for Bloomberg. He has no significant crypto holdings.
