Compass Mining Cuts 15% of Staff, Lowers Executive Compensation

The bitcoin mining company said it's reassessing its priorities after growing too quickly.

AccessTimeIconJul 7, 2022 at 9:59 p.m. UTC
Updated Jul 8, 2022 at 2:11 p.m. UTC

Michael Bellusci is CoinDesk's crypto payments reporter.

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 is CoinDesk's crypto payments reporter.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto payments reporter.

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