Plug pulled, text saying DYNAMICS MINING PULLS THE PLUG ON COMPASS MINING

Compass Mining forced to close facility due to unpaid electricity bills

By Patch | Things of note and other interesting stuff | 29 Jun 2022

The crypto mining sector has been hit hard in the last couple of months, both by the current state of the market and the increasing electric costs. And it is looking like it has started to claim some victims.

Dynamics Mining terminate its contract with Compass Mining

Dynamics Mining has tweeted a letter they have sent to Compass Mining in which they terminate the contract where they were hosting one of Compass Mining´s facilities. They cite failure to pay the power bill as the official reason for the termination and points to 6 late payment and 3 nonpayments.

Dynamics alleged the power consumption bills totaled $1.2 million, and Compass has according to them only paid just over half of that. Due to the fact that Dynamics choice to make things public Compass Mining CEO Whit Gibbs tweeted it would “fight this battle in court, not on Twitter.”, the tweet has sins been deleted.

Compass Mining was created to make mining easy and accessible. We recognize that there have been multiple setbacks and disappointments that have detracted from that objective. Through this restructuring, the company is wholly focused on regaining the goodwill of our stakeholders and the community.

Compass Mining announced on Jun 28th that CEO White Gibbs and Chief Finance Officer Jodie Fisher had resigned “effective immediately”. Looking like there have been some bad things going on indeed. But the positive news I guess is that the company acted swiftly and cut out the bad parties by the looks of things.

What are your thoughts on this, is there some foul play going on behind the scenes here or is it just unfortunate circumstances? Please share your thoughts in the comment section down below.

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