Bitcoin hosting company Compass announces CEO, CFO resigns

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Bitcoin hosting company Compass announces CEO, CFO resigns

Compass Mining, a hosting company that provides managed mining services to Bitcoin BTC miners, announced that both its CEO and CFO have resigned.

The company has gone through a number of setbacks and dissapointments that have detracted from its mission. Compass said in an announcement that the ongoing restructuring will help it regain the trust of its shareholders and users.

The company has appointed its CTO Paul Gosker and Chief Mining Officer Thomas Heller as interim CEOs to lead Compass through the transitional period.

A day after announcing its resignations, Compass publicly denied allegations that it didn't pay a $1.2 million electricity bill to Dynamics Mining, a subcontractor operating its mining facility in Maine. In a notice issued earlier this week, Dynamics Mining said that it had terminated the two facility hosting agreement in Maine for failing to pay power consumption charges. The accusations sparked a community-wide debate about Compass ability to pay and led many to question whether miners who had their ASIC machines hosted at Dynamics would be able to get back their money.

Compass denied the allegations, calling the company's statements on social media completely incorrect, saying:

Compass said Dynamics misunderstood its obligations in the contract, noting that the company had performed all of its obligations towards Dynamics.

Compass is trying to resolve the matter privately with Dynamics, but it has already filed a lawsuit against the subcontractor and requested expedited relief to protect its customers and their interests.