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Compass Mining CEO and CFO Resign, Company Cites 'Setbacks and Disappointments'

29 Jun, 20223 min readMining
Compass Mining CEO and CFO Resign, Company Cites 'Setbacks and Disappointments'

Bitcoin hardware mining company Compass Mining announced today the resignation of Chief Executive Officer and co-founder Whitney "Whit" Gibbs and Chief Finance Officer Jodie Fisher.

"Through this restructuring, the company is wholly focused on regaining the goodwill of our stakeholders and the community, as well as delivering on our mission of providing best-in-class service for miners of all sizes."— Compass Mining 🧭 (@compass_mining) June 28, 2022

"Compass Mining was created to make mining easy and accessible," the company said. "We recognize that there have been multiple setbacks and disappointments that have detracted from that objective."

The resignations come shortly after allegations emerged that Compass Mining failed to pay the utility bills at a facility in Maine, owned by Dynamics Mining.

On Sunday, the Twitter account for Dynamics Mining posted a letter dated June 10th addressed to Compass Mining claiming that the company failed to pay utility bills and monthly hosting fees and that two Dynamics facilities, Oxford and Lewiston, failed to make payments.

Effective June 14th @compass_mining facility hosting agreement in Maine was terminated by @dynamics2k for failure to pay power consumption charges. 6 late payment and 3 non payments. @MiningScandals — DynamicsMining (@DynamicsMining) June 27, 2022

"All you had to [do] was pay $250k for 3 months of power consumption," Dynamics Mining tweeted on Monday. "Since you don't give your clients their Serial Numbers I couldn't even help them. Twitter is the voice of your customer base, not the courtroom."

@compass_mining all you had to was pay $250k for 3 months of power consumption. Since you don't give your clients their Serial Numbers I couldn't even help them. Twitter is the voice of your customer base, not the courtroom. ✌🏾 — DynamicsMining (@DynamicsMining) June 27, 2022

Decrypt has been unable to verify Dynamics Minings' claims, and Compass Mining has declined to comment on the allegations. It is unclear whether the dispute is a factor in the restructuring.

Launched in 2020 by Gibbs, Paul Gosker, and Thomas Heller, Compass Mining sells Bitcoin hardware and hosting services with locations in the United States, Canada, and Iceland. Last year, Compass Mining partnered with California-based startup Oklo to tap alternative energy sources for its mining operations.

Dynamics Mining offers 100% renewable energy mining facilities.

Compass now says that it is focused on regaining the goodwill of stakeholders and its community through restructuring.

The Compass Mining Board of Directors also noted in the resignation announcement that it has appointed Chief Technology Officer Paul Gosker and Chief Mining Officer Thomas Heller as interim Co-Presidents and CEOs, effective immediately.

The Compass Board says it will immediately begin a search for a permanent president, CEO, and CFO.

"These changes are being implemented to achieve the next level of growth for Compass Mining," the company said.

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