US-based bitcoin mining hosting service Compass Mining has become the latest company to lay off its workforce in order to survive and operate amid the ongoing cryptocurrency market downturn.
- In a letter to employees and investors on Thursday (July 7, 2022), Thomas Heller and Paul Gosker, co-founders and interim CEOs of Compass Mining, said the firm “grown too quickly” and was unable to deliver that level of trust and service. Was. Initially led the company to success.
- Heller and Gosker also noted that the company has decided to adopt cost-cutting measures based on current market conditions for the future of the business.
- As a result, Compass Mining is reducing its team by 15% and reducing executives’ compensation by 50%. According to an excerpt from the letter:
“While painful, these changes will enable Compass to remain agile and well positioned in this evolving market that has challenged many of our industry peers. This will be one of the most difficult decisions we’ve ever had to make as the new CEO, and we take full responsibility for all the changes we’ve made and will make under our leadership.”
- As previously reported by Cryptopotato, at the end of June, Compass Mining CEO Whit Gibbs and Chief Finance Officer Jody Fischer resigned from their positions.
- As the company looks for a permanent solution, Chief Mining Officer (CMO) Thomas Heller and CTO Paul Gosker are temporarily taking over the reins of leadership.
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