Compass Mining Cuts 15% of Staff, Lowers Executive Compensation

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.

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Michael Bellusci

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

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